US banking failures top 120 for the year November 8, 2009 United Commercial Bank, a big San Francisco bank with branches in China, was closed by state regulators this weekend and its operations were acquired by East West Bancorp, also active in both nations. East West said the transaction made it the second-largest independent bank in California. Based in Pasadena, East West has 137 US branches, [...]
Berlin is still emerging from the shadows of the past November 8, 2009 WHEN you walk across the joint expanse of Potsdamer Platz and Leipziger Platz in central Berlin, you’re surrounded by futuristic architecture, vast advertising hoardings, neon-lit brand names and thundering traffic. It makes it easy to forget you’re crossing what was once known here as the “Death Strip”. A cobbled line marking the old route of [...]
Stocks jump based on economic data November 5, 2009 US stocks jumped yesterday, pushing the S&P 500 up for a fourth day, as economic data boosted confidence in the recovery and strong results from Cisco Systems suggested a rebound in technology spending. The market’s advance was broad-based, and the Dow ended above 10,000 for the first time in two weeks. Shares of Cisco, which [...]
Zurich shares tumble after poor earnings November 5, 2009 SHARES in Zurich Financial Services tumbled yesterday after Switzerland’s biggest insurer disappointed with its third quarter profits. Zurich posted a third quarter net profit of $909m (£548m) that was five times higher than the same period a year earlier. The market had expected a result around $1.15bn but the overall result was pulled down by [...]
The City lawyer who argues that banking has become even riskier November 4, 2009 T o David Morley, the phrase “it is better to travel than to arrive” must sound pretty strange, an expression invented only for those unfortunate souls who have not learnt to move at speed. For Morley, who joined top law firm Allen & Overy in 1980 and has led it as senior partner since last [...]
Huge loss of 1bn fuels bailout fears at Bank of Ireland November 4, 2009 BANK of Ireland reported pre-tax losses of almost €1bn (£895m) yesterday and warned it may need another state bailout. The bank, which has 44 branches in Northern Ireland and runs a financial services joint venture with the UK Post Office, said the past six months had been difficult as it gave a cautious appraisal of [...]
SocGen posts near doubling of earnings November 4, 2009 FRENCH bank Societe Generale (SocGen) has more than doubled its profits thanks to a good investment banking performance, although the numbers failed to hit market hopes, sparking takeover talk. SocGen posted a 133 per cent rise in net profit to €426m (£381m) from €183m a year earlier, mainly due to the fact that the bank’s [...]
Postal union in legal fight over temps November 2, 2009 THE Communication Workers Union (CWU) will on?Friday ask the High Court to issue an injunction against Royal Mail to stop it from taking on 30,000 agency workers. The CWU believes that Royal Mail is breaking the law because it is illegal to take on staff to cover workers involved in a lawful industrial dispute, according [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 29, 2009 FINANCIAL TIMES ASIAN SHIPPING LINES SUFFER FURTHER LOSSESTwo of Asia’s biggest shipping lines announced major losses for the June-September quarter in a further sign of the unprecedented severity of the crisis battering the industry. Singapore’s Neptune Orient Lines said that it would lose money at least for the first half of 2010 as it announced [...]
Cineworld profits on the up despite the downturn October 27, 2009 CINEWORLD revealed a solid third-quarter trading performance yesterday, despite the economic downturn and decline in screen advertising. The group posted healthy trading with total revenues up 6.5 per cent in the 43-week period to 22 October. This was largely due to the 10.9 per cent growth in box office sales and five per cent growth [...]