Growth slow as StanChart is hit by weak dollar June 27, 2012 STANDARD Chartered said yesterday it expects pre-tax profit in the first half of this year to grow by less than 10 per cent, slowing from previous years as growth in Asia eases and local currencies weaken against the dollar. Income growth in January to June was also expected to slow to below 10 per cent, [...]
WHAT DO YOU THINK OF STANCHART’S UPDATE? June 27, 2012 CORMAC LEECH LIBERUM CAPITAL Relatively upbeat pre-close statement given recently weakening macro environment, re-iterating guidance for full year growth in revenue and earnings per share of over 10 per cent with good revenues and cost control offsetting some minor increase in loan loss provisions. GARETH HUNT CANACCORD GENUITY Standard Chartered remains a very strong bank [...]
INSURANCE BODY HIRES MAN FROM THE PRU June 27, 2012 PRUDENTIAL chief executive Tidjane Thiam will become chairman of the Association of British Insurers next month, taking over from Legal & General boss Tim Breedon. Thiam, who has led Prudential for almost three years, yesterday said the industry needs to support its customers “in a time of unprecedented austerity”.
Fund platforms hit by FSA plan to ban rebates June 27, 2012 PLANS to make investment platforms more transparent are set to cost investment firms millions, though companies said yesterday they are prepared for the upheaval. The Financial Services Authority (FSA) wants to ban providers from paying to have their products included on platforms, meaning investors would pay fees directly. The rules would mean the end of [...]
Quick guide to the platform crackdown June 27, 2012 Q What’s an investment platform? A It’s a “one stop shop” for an individual to hold their pension, shares and other investments in one place. Customers can invest through advised or execution-only platforms. Q Sounds straightforward enough. What’s the FSA’s problem? A The watchdog wants platforms to stop taking money from product providers, in exchange [...]
Schools need business help, says charity June 27, 2012 MORE businesses must support head teachers to develop staff leadership skills if they are to produce the workforce of the future, the business charity Business in the Community told a conference hosted by Goldman Sachs yesterday. Goldman Sachs International co-CEO Michael Sherwood said his bank was pleased to offer its support as a national champion [...]
Commerzbank exits shipping finance and property lending June 27, 2012 COMMERZBANK, Germany’s second largest lender, is to pull out of shipping finance and commercial property lending as stricter liquidity requirements force it to cut back on capital intensive activities, it has revealed. The bank, which has twice been bailed out by German taxpayers, said the decision marks the first step in a “rigorous” review of [...]
Virgin Money profits rose ahead of its Northern Rock acquisition June 27, 2012 VIRGIN Money made a £44.16m underlying pre-tax profit in the year leading up to its purchase of Northern Rock – while the bailed-out building society lost £110.9m. Virgin, which spent £747m buying Northern Rock from the government in November, said profits rose 41 per cent in 2011, with its credit card venture with Bank of [...]
FinnCap ups market share June 27, 2012 FINANCIAL adviser and broker FinnCap said yesterday it had increased market share in the past 12 months, but saw profits before tax (PBT) fall from last year. The firm’s PBT, excluding a share-based payment charge, fell to £0.2m from £1.7m in 2011, on revenues of £9.1m. FinnCap also said it is now the fifth largest [...]
Niall Ferguson warns on London’s possible fall June 27, 2012 The historian who wrote a book entitled The Ascent of Money yesterday warned that London faces a fairly rapid descent from its platform as the world’s leading financial centre unless it quickly improves its infrastructure. Niall Ferguson, the well-known history professor at Harvard University, said that infrastructure improvements, such as public transport, and in particular [...]
