Barclays profits up as bad debt costs fall October 31, 2011 Barclays reported a five per cent rise in underlying quarterly profit as lower charges for bad debt at the bank offset a third consecutive sharp fall in investment banking revenues as the euro zone financial crisis deepened. Barclays said it did not intend to raise any equity capital. It said pre-tax profit in the three [...]
These vague plans won’t save Europe October 26, 2011 FORGET about all the nonsense, the acronyms, the double-speak and the details of last night’s communiqués from Europe’s leaders. The reality is this. A country that has too much debt and cannot repay it by raising taxes or selling assets faces three choices: it can default; try and inflate or depreciate the debt away by [...]
Radical thinking on tax from the US October 25, 2011 WHILE the Eurozone moves ever closer to the brink, the US presidential elections have suddenly become more interesting. Two of the Republican candidates – former Godfather’s Pizza CEO Herman Cain and Texas governor Rick Perry – have kick-started a major debate on tax reform and economic growth. It all started with Cain’s fascinating 9-9-9 plan: [...]
Accounting tweak hides bank wipeout October 24, 2011 ACCOUNTING technicalities have disguised the true extent of the wipeout for Wall Street’s investment banks this quarter, according to data compiled by Financial News. A run of US bank results for the third quarter of this year exceeded analysts’ expectations last week, but a closer look at the numbers shows that their investment banking businesses [...]
Savers are being hit by brutal forces October 20, 2011 IF you want to feel the full effects of inflation, try buying a bar of chocolate at your local newsagent, a sandwich near your office or even a shirt for work. It’s incredibly depressing. Prices have shot up. For savers and investors, the name of the game remains wealth preservation: how do you prevent inflation [...]
Accounting gains prop up BoA earnings October 18, 2011 BANK of America/Merrill Lynch (BoA/ML) reported a dramatic rise in profits yesterday, with earnings rising from a $5.9bn (£3.75bn) loss last year to $7.4bn in pre-tax profit for the third quarter of this year. However, $1.7bn of the profit figure was due to an accounting gain that has also affected the results of other US [...]
Merrill falls to loss despite £3.9bn BofA profit October 18, 2011 Bank of America has posted a net $6.2bn (£3.9bn) third-quarter profit after selling assets and re-valuing assets and liabilities, but its investment bank, the former Merrill Lynch, made a loss as dealmaking suffered. BofA’s revenues rose six per cent year on year to $28.7bn, while the net profit signalled a huge turnaround from the $7.3bn [...]
All three parties are failing UK business: Digby Jones lays out his policy challenge October 9, 2011 NOW that all the nonsense of party conference season is over, as Westminster heads back to work and the rest of us continue to try and earn an honest living, what did we hear from the mouths of our political masters? Did any of the three main parties show the UK business community that they [...]
Mistakes to avoid if you move abroad October 5, 2011 MANY people choose to leave the UK to escape, temporarily or permanently, the gloomy weather and the even gloomier tax regime. Sadly, there is a mountain of bureaucracy to wade through before setting sail for warmer climes. “It is important to differentiate between moving overseas for a short period of time and expatriating indefinitely,” says [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2011 FINANCIAL TIMES M&S ASKS SUPPLIERS TO AID STORE REVAMPS Marks and Spencer has asked its top clothing suppliers for a multimillion-pound contribution to its store revamp plans and a step-up in advertising. At a gathering on Friday of M&S’s top 60 clothing and homewares suppliers, Marc Bolland, chief executive, asked them for a one-off contribution [...]