UBS profits better than forecast despite scandal October 25, 2011 Swiss bank UBS reported a better-than-expected third-quarter net profits but warned the tough trading conditions that hit its investment banking income looked set to continue unless the global economy improved. The bank said its core wealth management business had held up well despite a trading scandal which had lost the bank 1.8bn Swiss francs (£708m) [...]
ROTHSCHILD GIVES STAFF ITS TURKEY OF A BONUS October 23, 2011 EVERY little helps, as the Tesco slogan goes. So the price-conscious supermarket giant will be pleased to learn that the competitively remunerated London employees of Rothschild receive daily luncheon vouchers for the sum of £3 that can be refunded in any of its stores. But Rothschild’s solicitous attempts to ensure its workforce is well fed [...]
Earnings rise at Microsoft October 20, 2011 MICROSOFT matched market expectations for its first-quarter earnings yesterday, turning a solid performance despite weakness in the PC market that hit sales of its flagship Windows software. The software giant’s strong foothold in the business market helped insulate it from the slowdown in consumer spending, and it said it had set a new record for [...]
Inquiry call amid Dexia asset sales October 20, 2011 BELGIAN politicians have demanded an investigation after documents emerged showing crippled bank Dexia was warned last year over its “fragility”. The Green Party called for a parliamentary inquiry after letters emerged showing Autorité de contrôle prudentiel (ACP), the French regulator, wrote to French arm Dexia Crédit Local (DCL) in August and September last year to [...]
CITY MOVES | WHO’S SWITCHING JOBS October 20, 2011 Sovereign Capital The UK private equity buy and build specialist has appointed Rob King as investment manager to execute its buy and build growth strategy. Prior to joining Sovereign, King spent four years in the investment banking division of Rothschild, working on private equity-backed and plc mid-market deals across sectors including business services and healthcare. [...]
Debenhams in buy-back October 20, 2011 DEBENHAMS is to launch a share buy-back after yesterday posting a rise in profits. The department store chain saw pre-tax profits lift by 10 per cent to £166m in the year to 3 September. Revenues rose 4.2 per cent to £2.2bn over the year. However, like-for-like sales, excluding VAT, fell by 0.3 per cent, while [...]
Rise in retail sales fails to lift outlook for struggling high street, analysts say October 20, 2011 SALES of laptops and video games gave a surprise lift to British retail sales in September, supporting hopes that the economy posted at least some growth in the third quarter, without changing an overall dire outlook. The Bank of England has warned of a tough winter ahead, predicting that growth will be close to zero [...]
C&C chief Dunsmore to leave as profits lift October 20, 2011 C&C SAID yesterday chief executive John Dunsmore would leave at the end of the year after leading a turnaround of the Irish drinks group, and reaffirmed full-year profit guidance when posting first-half results that met forecasts. Dunsmore will be succeeded at the Magners brewer by finance director and chief operating officer Stephen Glancey. Glancey said: [...]
Retail sales up with gadgets boost October 20, 2011 Retail sales grew more than expected in September after a surprise increase in sales of laptops and video games, the Office for National Statistics said. The ONS said sales volumes including automotive fuel rose by 0.6 per cent on the month after a fall of 0.4 per cent in August, giving an annual rise of [...]
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 [...]