News

Your daily news update straight from the City PM newsroom in London

Recovery in UK house prices continues to gain momentum

October 28, 2009

THE rebound in UK house prices gathered pace in September according to the Land Registry’s latest monthly report, which revealed that house prices rose 0.9 per cent on August cutting the annual decline to just 5.6 per cent. The Land Registry’s figures are the latest evidence suggesting that UK house prices are firmly on an [...]
US and Asia retail sales buoy the Pru

October 28, 2009

INSURANCE giant Prudential yesterday reported a 10 per cent year-on-year rise in third-quarter retail sales, reflecting its focus on its profitable US and Asian operations. Chief executive Tidjane Thiam, in his first statement as head of the group, said that total retail sales grew to £699m in the period. Retail sales for the first nine [...]
Lazard posts a lift in profits but its share price still drops

October 28, 2009

INVESTMENT bank Lazard, facing questions about succession after the death of chief executive Bruce Wasserstein, reported higher-than-expected quarterly profit yesterday on strong restructuring revenue from a wave of bankruptcies. The restructuring unit produced record quarterly revenue of $119.1m, up from $23.9m a year ago, and is likely to continue its strong performance, interim chief executive [...]
Abbey banks on double digit growth

October 28, 2009

ABBEY, the UK arm of Spain’s Santander, posted a 37 per cent rise in nine-month profit yesterday, leaving it well on track to meet its target of double digit profit growth in 2009. The group – which includes the brands Abbey National, Bradford & Bingley and Alliance & Leicester – said profits totalled £1.16bn in [...]
Madoff swindle costs $21.2bn

October 28, 2009

THE total amount lost in Bernard Madoff’s fraudulent Ponzi scam has now climbed to $21.2bn (£12.9bn) – a stark rise from the $13bn the government estimated in June. Court appointed trustee Irving Picard yesterday said that after examining accounts dating back to 1983 the losses were deeper than previously thought and said “there definitely will [...]
Mediobanca is back in black

October 28, 2009

Mediobanca, Italy’s leading investment bank, yesterday made a first-quarter pre-tax profit of €200.6m (£180.2m), after three quarters of losses, lifted by stronger financial markets and higher commission income. The group reported net fees and commissions rose 30 per cent to €145m from €111m in the quarter, and trading profit was €266m. In the last quarter [...]
NAB caution dents hopes of cash return for its investors

October 28, 2009

NATIONAL AUSTRALIA BANK (NAB), which owns Clydesdale and Yorkshire banks, dampened hopes that the nation’s lenders will return surplus capital to investors anytime soon yesterday. It said it needed a cash buffer to protect it against economic headwinds and bad debt charges. The cautious outlook from Australia’s largest bank showed it will be a while [...]
Nomura stays in black over its first half

October 28, 2009

JAPANESE bank Nomura yesterday said it had remained in the black for a second successive quarter, boosted by strong trading volumes and robust sales of investment trusts. Though the bank’s investment banking division posted a pre-tax loss of 9.7bn yen (£64.3m), echoing weak performances from rival divisions across the Wall Street banking giants over the [...]
GMAC seeks third bailout from US Treasury after stress test

October 28, 2009

CAR financing company GMAC is in talks with the US Treasury Department about a third bailout of around $5.6bn (£3.4bn). GMAC, which has already received $12.5bn of taxpayer funds, will issue preferred stock, boosting the government’s 35.4 per cent stake if existing shares are converted into common equity. GMAC is the only one of the [...]
New round of post strikes starts today

October 28, 2009

ANOTHER round of postal strikes kicked off in the early hours of this morning, after talks between Royal Mail bosses and the Communication Workers Union (CWU) failed to reach an agreement. The three days of industrial action come hot on the heels of last week’s 48-hour walk out by staff at Royal Mail. Around 43,700 [...]