BP sees profit despite $40bn Gulf spill costs November 2, 2010 BP revealed the enormous full cost of the Gulf of Mexico spill yesterday, as it posted a 63 per cent drop in profit that still managed to beat forecasts. The UK-listed oil giant said the disaster in April has cost $39.9bn to date, including a $20bn fund set aside for compensation claims. The company booked [...]
AIB kicks off search for chief executive November 1, 2010 Allied Irish Banks (AIB) has put the sale of its British businesses on hold after failing to get any decent bids, its new chairman said yesterday, meaning the government may have to take an even larger share in the lender. Dublin is already set to take a stake of over 90 per cent in AIB [...]
The housebuilder who is ready to take the long road back to recovery October 31, 2010 DESPITE the generally depressed state of the housebuilding and residential property market, Taylor Wimpey’s chief executive Peter Redfern says he is pretty pleased with business. But sitting in the boardroom of his London office, his mood appears more reflective than upbeat. “Prices are very stable at the moment,” says Redfern. “Stable is good for us. [...]
PERSONAL FINANCE NEWS October 28, 2010 THE BANK OF FRIENDS LENDS The actual banks might not be lending, but Brits have borrowed £7bn from their friends over the last year, according to research from the Post Office. Despite those figures, however, some 19 per cent claim not to remember how much they lent, while the most popular form of repayment is [...]
Microsoft sees its profits double as Xbox sales rise October 28, 2010 MICROSOFT reported a higher-than-expected jump in first quarter profits of 51 per cent yesterday, helped by increased sales of its flagship Windows and Office software and the launch of the latest blockbuster Halo video game. The world’s largest software company posted profits of $5.41bn (£3.4bn), or 62 cents per share, in the three months to [...]
Blackstone’s earnings soar as slump ends October 28, 2010 PRIVATE equity firm Blackstone Group yesterday posted quarterly earnings that beat market forecasts, and said the value of its private equity and real estate portfolios rose, although the amount invested in new deals was steady. The firm, which has investments in companies including Hilton Hotels and casino operator Harrah’s Entertainment, said third-quarter economic net income, [...]
France Telecom beats hopes October 28, 2010 FRANCE Telecom posted forecast-beating third-quarter results after a marked turnaround in its all-important home market. Its results were fuelled by new bundles of mobile, fixed-line, broadband and TV and a boom in smartphones. Europe’s third-largest telecom operator by revenue also tweaked its outlook for 2010 revenue, saying it would be “slightly up” on a comparable [...]
Lazard posts surprise gains October 27, 2010 LAZARD posted better-than-expected quarterly results yesterday, as the New York-based firm enjoyed a boom in its asset management unit but slower gains in advisory revenue. Net profit for the third quarter jumped 18 per cent on last year to $62.2m (£39.5m), or 46 cents a share, while revenue rose 11 per cent to $462.4m. Analysts [...]
Post Offices to get £1.3bn of new funding October 27, 2010 The government yesterday unveiled a £1.3bn funding package for the UK’s post office network. The Department for Business, Innovation & Skills said the 11,500 post offices would receive more than £330m a year for four years to maintain and modernise the network. Business secretary Vince Cable said the cash would allow post offices to extend [...]
Royal Mail managers may strike October 24, 2010 Managers at Royal Mail Group will be balloted on industrial action for the first time since 1979 over job losses, the Unite union said this morning. Unite is preparing a ballot for the start of November for 8,535 members working across Royal Mail, Parcelforce and Post Office Limited over the threat of compulsory redundancies. The [...]