Profits slump at Close Bros on bad debts September 29, 2009 MERCHANT bank Close Brothers has reported a 25 per cent drop in its pre-tax annual operating profits, although the fall was less severe than expected. The firm said a strong performance from its Winterflood brokerage helped ease its losses, which were largely caused by bad debts in the financial crisis. It said profits fell to [...]
Hester: Cost savings and asset sales are going well September 29, 2009 ROYAL Bank of Scotland (RBS) chief executive Stephen Hester’s mission to sell off non-core assets is going well, he said yesterday, confirming that the bank’s aircraft leasing operation was for sale. “We will sell all the things in non-core or wind them down, and the things in core will stay in the bank unless someone [...]
Petra discovers massive diamond September 29, 2009 Mining group Petra Diamonds has discovered a 507 carat stone, which could be worth over $20m (£12.5m), the group announced yesterday. It was found with three other large diamonds at the famous Cullinan mine. Last year, a 480 carat diamond made the firm $18m. Yesterday’s discovery is one of the 20 biggest diamond finds in [...]
Imperial Wharf station opens September 29, 2009 Mayor Boris Johnson opened a new £7.8m Imperial Wharf station yesterday, which will serve Fulham, Chelsea, and West Brompton. The station plan was in limbo for more than 15 years before Hammersmith and Fulham and Kensington and Chelsea councils agreed funding with developers St George and Transport for London last year. Boris says the new [...]
Barclays buys Citi unit September 29, 2009 Barclays yesterday announced that it had reached agreement with Wall Street bank Citigroup to buy the US firm’s Portuguese credit card business, as it prepares for a Western European spending spree. The transaction, believed to be worth around £50m, will see Barclays take on around 400,000 credit card accounts, with gross assets of approximately €644m [...]
Fund assets in UK decline by 12pc in 2008 September 29, 2009 THE LEVEL of assets being managed in the UK fell by 12 per cent last year to £3.7 trillion as the financial crisis took its toll. The annual fund management report from International Financial Services London (IFSL) said asset levels declined due to rocky stock markets and a surge in the number of clients withdrawing [...]
Kroes repeats need for Lloyds to sell divisions September 29, 2009 LLOYDS Banking Group will need to dispose of assets in areas where it is currently dominant as a condition of EU approval of state aid, the European Commission’s top competition watchdog warned yesterday. Competition commissioner Neelie Kroes, who has repeatedly warned that part-nationalised banks Lloyds and Royal Bank of Scotland will be forced to shrink, [...]
Gordon fights on but his time is ticking away September 29, 2009 BEFORE stepping out to address what seems destined to be his last party conference as leader, Gordon Brown had been urged to make the “speech of his life” by the woman some are tipping to be his successor, Harriet Harman. The embattled Prime Minister certainly came out swinging, using the word “fight” no less than [...]
CITY VIEWS: SHOULD THE CONSERVATIVES TRY TO POACH PETER MANDELSON FROM LABOUR? September 29, 2009 PAUL GROARKE HANOVER FINANCIAL“Mandelson has a business brain, but not a political brain. He doesn’t have that warmth you need. The Conservatives need more Mandelson brains but not more Mandelsons. I would suggest you need more people in government who are business minded.” STEVE SMITH BNP PARIBAS“I don’t believe that you can trust anybody who [...]
LABOUR CONFERENCE NEWS September 29, 2009 • Prime Minister Gordon Brown’s wife, Sarah, introduced him as “my husband, my hero” in a personal speech designed to show his human side. • Brown urged Labour Party members to “never stop believing” that they can win the next election. • The PM confirmed that there will be a new law to curb bonuses [...]
