Slowly but surely, signs that the law is opening up July 28, 2009 IQUALIFIED – against all odds – to become a lawyer,” recalled Constance Briscoe, barrister, part-time judge and author of the bestselling misery memoir Ugly. She was talking on Radio 4’s PM programme last week following the report by an all-party panel chaired by former cabinet minister Alan Milburn on social mobility and the professions. “I’ve [...]
BBVA profits jump due to rise in interest on loans July 28, 2009 SPANISH bank BBVA reported a 35 per cent jump in second-quarter profits yesterday, thanks to increased income from loans. Net profit for the three months to the end of June was €1.56bn (£1.35bn), up from €1.16bn in the second quarter of 2008 and ahead of an analysts’ consensus of €1.3bn. The bank was boosted by [...]
Socit Gnrale rogue trader insists bank bosses knew what he was doing July 28, 2009 THE ROGUE trader who accumulated trading positions that caused a €4.9bn (£4.2bn) loss for French bank Société Générale (SocGen) yesterday told a French court his bosses at the bank were aware of his activities. Jerome Kerviel’s lawyers said he never tried to hide the trades from superiors. They added that 300 of his colleagues at [...]
LVMH loses fizz as wine sales drop July 28, 2009 LVMH, the biggest player in the luxury goods market, yesterday reported a 23 per cent slump in first half profits as the downturn hit discretionary spending. The group, which owns the Dom Perignon brand, was dragged down by its wines and spirits division which suffered a record 41 per cent drop in profits as champagne [...]
CITY VIEWS: DO YOU THINK DEMAND FOR LUXURY GOODS WILL DECLINE IN THE CURRENT ECONOMIC DOWNTURN? July 28, 2009 DAN BUNTING BANKER“I think that people who can afford them in the first place will continue to buy luxury items. On the other hand, maybe those who are sensible will save. I suppose it is also wage dependent, just as many expenditures are.” MEL DIXON AZTEC“No, I don’t think so. The market can’t withstand luxuries [...]
Airbus owner hit by drop in plane orders July 28, 2009 AIRBUS parent company EADS yesterday said its first half profits had tumbled as orders for its aircraft slumped. The firm said profits in the period were down 23 per cent to €888m (£766m) and warned it might have to pay penalties because of delays to its A400M military aircraft. The company said its net cash [...]
Vodafone: T-Mobile UK sale is not imminent July 28, 2009 A Sale of Deutsche Telekom’s T-Mobile UK subsidiary to Vodafone is not imminent, Vodafone said yesterday. At a gloomy annual meeting, overshadowed by economic and performance concerns, Vodafone chairman Sir John Bond said he could not comment further on T-Mobile UK. But he said he did not think the sale of Britain’s second-smallest mobile operator [...]
Charles Stanley revenues up July 28, 2009 CHARLES Stanley delivered a strong performance in its first quarter, the stockbroker said yesterday, reporting revenues up 2.4 per cent and a 10 per cent increase in funds under management. In a trading statement, the bank said income across its private clients, financial services and securities operations was resilient. Funds under management in the firm’s [...]
Google sells AOL stake at a loss July 28, 2009 Google has sold its five per cent stake in AOL back to Time Warner for $283m – a fraction of the $1bn it was worth at the time of purchase, less than four years ago. Time Warner bought back the stake on 8 July, according to a filing by AOL with the US Securities and [...]
Whitbread dumps more pubs July 28, 2009 Leisure operator Whitbread yesterday placed four more high-quality pubs on the market as part of plans to restructure its estate. The company, which owns the Premier Inn and Brewers Fayre brands, is disposing of the pubs as part of plans to focus on properties where a Premier Inn can be built on the same site. [...]
