Microsoft sales dip hits profits October 18, 2012 MICROSOFT, the world’s largest software company, last night posted a greater-than-expected quarterly profit fall of 22 per cent, as sales of computers running its Windows operating system dipped. The sharp decline surprised investors, who had underestimated the effect of weak personal computer sales, sending Microsoft’s shares down more than two per cent in after hours [...]
Rosneft to buy BP’s TNK stake in $26bn deal October 18, 2012 BP HAS received a cash and shares bid for its 50 per cent stake in TNK-BP from Russian state-controlled oil producer Rosneft, it is understood, putting Rosneft close to dominating Russia’s oil industry. Sources said that Rosneft earlier this week agreed a bid for Russian consortium AAR’s 50 per cent stake in TNK-BP, the country’s [...]
Morgan Stanley swings into red after downgrade costs it $2.3bn October 18, 2012 US INVESTMENT bank Morgan Stanley reported a loss in the third quarter due to a multi-billion dollar accounting charge. However underlying profits improved, with bond trading revenues particularly strong. The bank lost $1.03bn in the three-month period, largely because of the $2.3bn charge which hit the bank after a downgrade. That represents a swing into [...]
Man Group sees fifth quarter of fund outflows October 18, 2012 ONE of the world’s biggest hedge funds, Man Group, shed client money for the fifth consecutive quarter this summer, as investors continued to turn their back on alternative strategies, according to results published yesterday. Shares in the group crashed nearly ten per cent yesterday to close down 83.4p on the results, as Man continues its [...]
Jupiter hits share price high as attracts £579m in fresh inflows October 18, 2012 SHARES in asset manager Jupiter Fund Management hit a 16 month high yesterday after it reported £579m of net new money over the past quarter. The investment house, which runs 79 per cent of its assets in equities, saw £795m of new money invested into its mutual funds despite the current trend for retail investors [...]
Arbuthnot still expanding at a steady pace October 18, 2012 PRIVATE BANK Arbuthnot Latham expanded loans and deposits in a “controlled manner” in the third quarter, according to its trading update published yesterday, allowing it to take on more staff including a new head of private banking. The group prides itself on keeping traditional banking standards, allowing it to avoid the excesses of the boom [...]
Tax gap shrinks but higher VAT limits revenues October 18, 2012 THE TAX gap narrowed as a proportion of total tax liabilities in the 2010-11 tax year, Her Majesty’s Revenue and Customs (HRMC) said yesterday (see graph, below), despite widening in absolute terms. The proportion of total estimated tax liabilities the taxman missed slipped from 7.1 per cent to 6.7 per cent, which HMRC touts as impressive compared to [...]
BP weighs the risks of contamination from Russian oil October 18, 2012 MONEY isn’t everything. As the elaborate negotiations over TNK-BP’s ownership continue, BP finds itself in a sticky strategic position, despite a generous offer for its stake. The apparent $28bn bid from Rosneft for BP’s 50 per cent TNK-BP stake looks attractively priced and would enable the UK oil major to extricate itself from a less-than-ideal [...]
City Views | Do you think Spain should ask for a bailout? October 18, 2012 DARIN BURROWS RULLION BUILD There must be some help given to countries like Spain. Countries need to get together and see how everyone can come out of a bad situation with minimal losses. JAMES GRIBBON MONTAGu EVANS Yes. I don’t think they have a choice. I have properties in Spain. I have witnessed the decline [...]
Firms forced to state number of female workers October 18, 2012 COMPANIES will be required to publish the number of women and men they employ in an attempt to weed out sexism and ensure women are not excluded for top jobs, the government announced yesterday. The rule change – due to be introduced in October 2013 – is part of a wide-ranging set of reforms to [...]
