LinkedIn bucks social network revenue trend August 2, 2012 SOCIAL network LinkedIn posted an 89 per cent jump in revenues in its quarterly profits last night, fuelled by a year on year increase in its Hiring Solutions products. The network, which is used by 175m professionals globally, announced it had increased revenues for the quarter to $228.2m (£147m), up from $121m in the second [...]
RBS expected to announce costs for IT blunder August 2, 2012 ROYAL Bank of Scotland is expected to announce plans to set aside millions of pounds today to pay for costs related to its computer blunder in June, which left it unable to process customer transactions. The bank, which is 82 per cent owned by the taxpayer, will reveal its first interim results since the meltdown [...]
Olympic slump as ghost town effect worsens August 2, 2012 NEW DATA released yesterday shows just how hard central London has been hit by the Olympics’ focus on the east of the City, with fewer visitor numbers and a significant drop in traffic in the area. Figures from retail specialist Springboard shows that shops and restaurants were much quieter than expected over the first weekend [...]
Vodafone and Barclays check in to Tech City August 2, 2012 A HOST of technology firms have announced new ventures in London today, with companies including Barclays and Vodafone investing in the government’s Tech City project. The companies are plunging money into accelerator programmes, designed to provide startups with funds and expertise, in the East London hub. Vodafone said yesterday it plans to have its operation [...]
Bank of England holds rates despite darkening economy August 2, 2012 THE Bank of England held fire on new policy yesterday, despite the darkening outlook for the UK economy. Its Monetary Policy Committee decided not to increase quantitative easing (QE) and kept rates on hold again, an approach analysts have put down to a concern to see how funding for lending (FLS) and the most recent [...]
US warned over fiscal cliff as IMF says recovery will be slow August 2, 2012 THE US will continue to recover through this year and the next, at a mild pace but well ahead of Europe and the UK, according to a report released yesterday by the IMF. Growth will be two per cent this year, and two and a quarter per cent next year, says the international body. But [...]
BoA in dispute with Fannie Mae August 2, 2012 BANK of America is in talks with Fannie Mae to resolve a dispute over bad mortgages that the government-controlled entity wants the bank to buy back. In a filing yesterday, Bank of America said it is in dialogue with Fannie Mae to “address our ongoing differences.” At issue are billions of dollars of mortgages that [...]
Schroders nets fresh funds in spite of turmoil August 2, 2012 SCHRODERS shares rose 0.8 per cent yesterday as its four per cent rise in assets under management in the half year outshone a 17.7 per cent slide in pre-tax profits compared to a year ago. The asset manager said it had £194.6bn on its books at the end of June, due to £2.7bn in net [...]
HMV chief executive Simon Fox quits after six years in charge August 2, 2012 SIMON FOX yesterday said he was “proud” to be leaving HMV with a “profitable future” as he resigned as chief executive after six years at the helm of the embattled retailer. Fox, who is credited with keeping HMV afloat during a tough period for the group, will step down on 3 September. He will be [...]
3i takes on debt management business in the United States August 2, 2012 PRIVATE equity group 3i yesterday established a debt management business in the United States, taking its fast-growing debt arm past £6.5bn in assets under management. The firm has teamed up with US firm WCAS Fraser Sullivan to establish the business, which will manage or advise 25 funds with exposure to the country’s credit market. London-listed [...]
