Bank of America back in the black April 16, 2010 BANK of America has posted better than expected net earnings of $2.8bn (£1.8bn) in the first quarter of 2010. The largest US bank returned to profit after losing $194m in the fourth quarter. However, the profit is 24 per cent lower than for the same period a year ago. The bank said record sales and [...]
Vintage year beckons for recruitment market April 14, 2010 WHISPER it quietly or you may be beaten to the chase, but the City is suffering a shortage of candidates for good jobs – a situation not seen since the economic downturn began. Now that those bonuses that have been paid out are safely stashed in the bank, the traditional spring job hunting can begin [...]
Euro zone industrial output jumps April 14, 2010 INDUSTRIAL output rose more sharply than expected in February – posting its fastest rise in almost two years. Production across the 16-country currency organisation increased by 0.9 per cent from January, according to European official data office Eurostat. The figure jumped 4.1 percent year-on-year – the biggest increase since April 2008. The euro zone economy [...]
BAILOUT CHIEFS FACE HOLLYWOOD PARADE April 8, 2010 HERE’S betting that the key players in the downfall and rescue of the US banking system never believed they’d have it so good. After countless sleepless nights and stress-soaked days, it’s probably fair to say that policymakers and bank bosses weren’t looking their best when they emerged, battered and bruised, on the other side of [...]
GM hints at moving to profit in 2010 April 7, 2010 CARMAKER General Motors posted a net loss for 2009, but said it was possible to make a profit this year and that it was laying the foundation to return to public ownership. GM reported a $4.3bn (£2.82bn) 2009 net loss covering the period from its emergence from bankruptcy in July through to the end of [...]
Kazakhmys’ revenues and earnings take a tumble on heavy writedowns March 30, 2010 KAZAKHMYS, the Kazakh miner, recorded lower full year profits on the back of heavy writedowns. Revenue fell 27 per cent to $2.4bn and net profit was down 39 per cent in 2009 from $909m (£808) to $554m, the miner said yesterday. It posted a 50 per cent fall in consolidated annual earnings per share (EPS), [...]
BAE Systems severs its links with former chairman Evans March 29, 2010 DEFENCE giant BAE Systems and its former chairman Sir Richard Evans have parted company permanently, according to the firm’s annual report. Evans, who retired from the post of chairman in 2004, continued to sit as a member of the Saudi Arabia advisory board until the end of last month. He was paid £246,954 last year. He [...]
Mandelson to create a Post Office bank March 28, 2010 LORD Mandelson will turn the Post Office into a “People’s Bank” if Labour wins the general election. Key to the initiative is a potential deal with RBS and Santander to allow the banks’ customers to access the new Post Office accounts, and its subsidised offers. Negotiations are underway as the government seeks to ensure at [...]
The fund manager who swallowed New Star and is looking for more March 28, 2010 We are at the beginning of the end of the financial crisis, according to the chief executive of Henderson Global Investors. “It will be a very slow recovery throughout 2010,” says Andrew Formica, the 38-year-old boss of the UK’s third-largest listed fund manager, which boasts assets under management of £58.1bn. The confident Australian is sat [...]
Starbucks set to pay its first dividend as its overhaul succeeds March 24, 2010 STARBUCKS announced its first dividend yesterday joining companies like McDonald’s and Coca-Cola in making payouts to shareholders. Starbucks set a quarterly dividend of 10 cents per share to be paid on 23 April to shareholders at the close of business on 7 April. The payout is part of a new plan to return 35 to [...]