BERNANKE: BANKING SYSTEM ON THE UP May 10, 2012 THE US banking system has made substantial progress toward becoming healthier since the financial crisis, Fed boss Ben Bernanke said yesterday. However, he warned there were still problems in some areas, noting “many factors suggest that this situation will be difficult to turn around quickly, including the slow recovery of the housing market.”
Boris in race to boost London’s growth by 2020 May 10, 2012 BORIS Johnson yesterday issued a rallying cry to his staff, demanding they do everything possible “to create jobs and growth” in the capital, in a speech seen exclusively by City A.M. Addressing employees of the Greater London Authority (GLA) at City Hall, the mayor asked them to produce a “2020 vision” for London that will [...]
Profits chug downwards at train and plane maker Bombardier May 10, 2012 BOMBARDIER reported a sharp drop in first-quarter sales and profit yesterday, as aircraft deliveries declined and the company completed some big train orders, sending its stock lower. The Montreal-based plane and train maker, which warned in March that aircraft deliveries would dip in 2012, said revenue fell 25 per cent as it introduced new aircraft [...]
Funds increase at Rathbones May 10, 2012 BRITISH wealth manager Rathbone Brothers yesterday reported 6.1 per cent growth in its funds under management for the first three months of the year, beating a small rise in financial markets as its affluent clients invested more money in its products. Rathbones said funds under management rose to £16.81m at the end of March. The [...]
Property debt gap to double May 10, 2012 TOUGH new capital rules in Europe are set to cause the funding gap in property-backed debt to double over the next two years, according to research out today. DTZ estimated that Europe’s debt funding gap will widen to $182bn by 2013 as banks, under pressure to increase their capital ratios, shy further away from exposing [...]
ARMY CHOPPERS HOVER OVER DOCKLANDS May 10, 2012 BRITISH military helicopters circled around Canary Wharf’s famous skyscrapers yesterday, as the armed forces made preparations ahead of this summer’s Olympic Games in London’s east end. Just 78 days before the start of the Games, people in the docklands were treated to the dramatic site during yesterday’s working hours.
Sony is hopeful of recovery yet bottom line hit May 10, 2012 SONY plunged to a record loss of ¥ 457bn (£3.53bn) in the last financial year, as its TV arm and a strong yen hammered its bottom line. But the firm yesterday forecast a net profit of ¥ 30m for the coming financial year, hopeful that its cost cutting plans and a turnaround in its TV [...]
Barratt homes enjoys its best spring sales season in five years May 10, 2012 BARRATT yesterday hailed its best spring selling season in five years, as it focused on more buoyant sections of Britain’s weak property market and government initiatives helped to prop it up. The company, one of Britain’s largest housebuilders, said while the economic outlook remains uncertain, it expects “the various government initiatives to continue to provide [...]
AMERICAN APPAREL BULLISH ON THE FUTURE May 10, 2012 US CLOTHING chain American Apparel last night reported a lower quarterly loss and forecast strong full-year sales. The company, known for its racy advertising and bright “Made-In-America” clothes, said it expects full-year sales between $552m and $559m. Fourth-quarter net loss was $11.2m, or 11 cents a share, compared with a loss of $19.3m, or 27 [...]
Olympus posts an annual loss May 10, 2012 OLYMPUS plunged to a £379m net loss yesterday as operating profits fell 7.5 per cent, and reported lower than expected capital levels that leave the door open for a possible fund-raising drive. The embattled camera company said operating profit dropped to ¥ 35.5bn (£274.8m) in the year to the end of March. It posted a [...]
