Bad loans dent Erste Bank profit July 30, 2009 Austrian lender Erste Bank saw second-quarter pre-tax profit fall by 12 per cent, down from ¤447m (£381m) in the same period last year to ¤391.7m. The bank was hit by rising rates of bad loans in Eastern Europe but predicted that it would remain in the black. “We don’t expect that, for us, the crisis [...]
Commerzbank to sell Swiss arm July 30, 2009 Germany’s Commerzbank has announced the sale of its Swiss private banking subsidiary to Vontobel for an undisclosed price. The sale of Zurich-based Commerzbank (Switzerland), which had assets under management of Sfr4.5bn (£2.53bn) as of the end of last year, follows its sale of the Swiss private banking arm of Dresdner Bank to Liechteinstein’s LGT. The [...]
Microsoft takes on BBC iPlayer July 30, 2009 Microsoft yesterday announced a free service that will stream full-length television shows online, in a bid to cash in on the huge success of the BBC’s iPlayer. The MSN Video Player will be available from next week and will start streaming 300 hours of shows, although the technology giant hopes to secure more content as [...]
BAT strikes it lucky as new chair sought July 30, 2009 BRITISH American Tobacco (BAT) reported first-half pre-tax profits of £2.12bn, up 16 per cent from £1.84bn in the same period last year, as acquisitions boosted revenue. The maker of cigarette brands such as Lucky Strike and Dunhill enjoyed a 24 per cent surge in revenues from £5.5bn to £6.8bn, thanks in part to the purchases [...]
Yahoo and Microsoft’s marriage will be loveless July 30, 2009 AFTER 19 months of will-they, won’t-they courtship, Microsoft has finally tied a knot of sorts with Yahoo. Microsoft will merge Yahoo’s search technology into its own platform, Bing, while Yahoo will handle search ad sales. For Yahoo, however, this isn’t “happy ever after”. It has been forced into a loveless, arranged marriage because of money [...]
UK consumer confidence unchanged due to uncertain economic situation July 30, 2009 UK consumers were no more positive in July than in the previous month as they wait to see what happens to the economic situation over the next 12 months, according to GfK NOP figures released today. Overall UK consumer confidence remained at -25 – a very low level historically – but is nonetheless 14 points [...]
Travelodge aims to be biggest hotelier in capital ahead of 2012 Olympic games July 30, 2009 TRAVELODGE yesterday announced an £84m expansion plan that will create 200 jobs and make it the biggest hotel chain in London. It has snapped up six new hotels in a bid to cash in when the 2012 olympics comes to the capital. Once the new properties open, the hotel chain will operate 45 London hotels, [...]
Bread goodies give sales a boost at Finsbury Food July 30, 2009 CAKE and bread goodies maker Finsbury Food, which ended takeover talks with an unnamed third party just two weeks ago, yesterday said revenue grew over the past year despite poor trading conditions. Group revenue for the year to June was up eight per cent, boosted by acquisitions in the previous year, Finsbury said in a [...]
BACK ON TRACK July 30, 2009 MODEL train and racing car group Hornby yesterday said demand for its products had held up well across its international businesses over the first quarter and said the worst of the downturn is over. The firm didn’t pay a final dividend in June as the recession caused profits to tumble, but said “supply chain issues [...]
NYSE owner posts loss as costs mount July 30, 2009 TRANSATLANTIC exchange operator NYSE Euronext yesterday reported a second-quarter net loss of $182m (£110m), largely due to one-time charges, but beat expectations. The New York Stock Exchange parent recorded a $355m charge related to the termination of its European clearing contract with London-based LCH.Clearnet. It also absorbed a $87m charge from about 290 job cuts [...]
