Profit boost from Fortis puts BNP chief in buoyant mood August 4, 2009 BNP PARIBAS posted higher second-quarter profit yesterday thanks in part to its purchase of Fortis assets, and expressed some optimism over prospects for financial markets. Net profit rose 6.6 per cent from a year earlier to €1.6bn (£1.36bn), while gross operating profit rose 44.7 per cent to €4.06bn, beating an average analysts’ forecast of €3.67bn. [...]
SEC moots a ban of flash trades August 4, 2009 THE US Securities and Exchange Commission (SEC) is to launch a crackdown on so-called “flash” trades, extremely fast transactions made on electronic trading systems, due to concerns that the practice disadvantages some investors. SEC chairman Mary Schapiro said yesterday that she had told staff to find a way to “eliminate the inequity that results from [...]
PENSIONS CRISIS AS DEFICITS SOAR August 4, 2009 FTSE 100 companies are running a combined pension deficit of £96bn, the largest ever recorded, a leading firm of consulting actuaries will reveal today. The collapse in stock markets means that the shortfall is more than twice the £41bn recorded a year ago, Lane Clark & Peacock’s (LCP) will say. The financial crisis has also [...]
CITY MOVES WHO’S SWITCHING JOBS August 4, 2009 Ernst & YoungErnst & Young is expanding its London and Bermuda business with the promotion of three staff. The insurance practice has admitted Richard Battersby and Jeff Soar as partners and promoted Andy Worth to director. Battersby will become the transactions advisory partner, Soar (pictured) will be providing tax services to Lloyd’s and London market [...]
NEW YORK REPORT August 4, 2009 US stocks edged higher yesterday, led by the financial sector as economic data pointed to a sustained if slow recovery from the recession, taking the Dow and the S&P 500 to nine-month highs. The Nasdaq achieved its highest close since early October. US consumers spent more in June, though partly because of rising gasoline prices, [...]
JD Sports tackles Canterbury August 4, 2009 Rugby shirt maker Canterbury has been sold to sportswear retailer JD Sports Fashion in a £6.5m deal, brokered by KPMG. JD sports has bought the key trading assets and global rights to the brand, which sponsors the London Wasps rugby union team.
GSK gets bumper vaccine orders August 4, 2009 Pharmaceutical giant GlaxoSmithKline yesterday announced it has received government contracts for a further 96m doses of its swine flu vaccine. Earlier this year the group said it had government-signed contracts for the vaccine and a $250m (£148m) deal with the US government to provide swine flu products. Analysts have said they expect GSK to reap [...]
Supermarket regulation urged August 4, 2009 The Competition Commission yesterday urged the government to establish an ombudsman to rule on any disputes involving supermarkets and suppliers, following a two year investigation. The new code of practice will regulate every contract between supermarkets with a turnover of more than £1bn and their suppliers. An ombudsman will cost £5m annually, but the British [...]
Timms set for Digital Britain role August 4, 2009 Treasury minister and MP for East Ham, Stephen Timms, is understood to be Labour’s choice to replace Lord Carter as communications minister. Timms, a former e-commerce minister and technology analyst, would be brought in to continue Carter’s work on Digital Britain. Carter plans to return to the private sector.
NO YOU CAN’T August 4, 2009 DISAGREEMENT within the Obama administration over reshaping US financial regulation flared yesterday, with top bank regulators defending their turf. Obama plans to create a national bank supervisor by merging the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). But John Bowman, acting director of the OTS, refused to [...]
