BNP has €5bn exposure to Greek plight May 6, 2010 BNP Paribas yesterday revealed a €5bn (£4.2bn) exposure to Greece, the largest among major French banks, as worries over contagion from the debt crisis kept lenders under pressure. The revelation came as BNP posted first-quarter net profit that beat analyst forecasts, thanks to improved market conditions and the integration of Fortis, and said the economic [...]
Clydesdale, Yorkshire profits rise May 6, 2010 CLYDESDALE and Yorkshire Banks yesterday posted an 11 per cent surge in underlying first-half profits to £264m and said they had lured more customer deposits despite intense competition from rivals. The high street lenders, which are owned by parent company National Australia Bank, said they were focused on maintaining a strong capital position with retail [...]
Commerzbank first-quarter earnings fall short of its financial services rivals May 6, 2010 COMMERZBANK posted better than expected first-quarter results yesterday thanks to strong trading and lower risk provisions but still lagged the stellar earnings of investment banking peers. Germany’s second-biggest lender has only a small-scale investment banking business, leaving it unable to benefit from some of the stimulus measures that pushed Deutsche Bank, Goldman Sachs and Morgan [...]
Obama warns against payday loan amendments May 6, 2010 US PRESIDENT Barack Obama said yesterday he would not support amendments made by the Republicans to the Financial Reform Bill that would “gut” and “weaken” consumer protection. During a Congressional debate on financial regulatory reform, Obama said amendments proposed by the Republicans would gut consumer protections and include “dangerous carve outs for payday lenders”. He [...]
S&N revenue beats market expectations May 6, 2010 HIP and knee replacement specialists Smith & Nephew (S&N) saw income for the first quarter of the year climb to $995m (£660m), putting the group’s financial performance ahead of the group’s outlook. The growth in revenue represents a nine per cent boost on the same period last year when revenue came to $865m, with further [...]
Lloyds wins bonus showdown May 6, 2010 LLOYDS Banking Group managed to get approval for controversial plans to award executives bonuses yesterday, despite expectations of a shareholder rebellion. Nearly 91.5 per cent of the government-owned bank’s shareholders voted through its remuneration programme. Although chief executive Eric Daniels will waive his £2m bonus, directors Tim Tookey, Helen Weir and Truett Tate will take [...]
Former RBS banker faces ban on top jobs from FSA May 6, 2010 JOHNNY Cameron, the executive who presided over Royal Bank of Scotland’s global banking and markets division at the height of its hubristic boom, faces a possible ban on holding key City roles. The Financial Services Authority is understood to be thrashing out an agreement with Cameron’s lawyers that would see him barred from taking senior [...]
BA to face fresh walk out threats May 6, 2010 BRITISH Airways (BA) could face more disruptions to its services as cabin crew finish voting today on whether or not to reject a peace offering from the airline and launch another strike action. Unite, the union representing the crew, had earlier urged staff not to accept the deal proposed by BA on the grounds that [...]
Schroders gorges itself on clients’ cash as inflows point to industry recovery May 6, 2010 HOPES of a recovery in the fund management industry were sustained as Schroders reported record inflows of £9.7bn for the first quarter yesterday. Following in the footsteps of Aberdeen and F&C, the 206-year-old institution said high street customers and corporate clients clambered aboard rising equity markets in the three months to 31 March. Total assets under management [...]
Rexam beats forecasts but is cool on World Cup May 6, 2010 REXAM, the world’s biggest drinks can maker, said its first quarter figures had beaten City expectations thanks to increased demand from South America and Europe. However, the British packaging company played down any potential boost to drinks can volumes from the soccer World Cup this summer. Chief executive, Graham Chipchase said: “We only have about [...]
