Intel results offer hope to tech sector October 13, 2009 INTEL, the chipmaker and tech sector bellwether, yesterday gave an upbeat outlook as it announced third quarter results that shattered expectations, boosting its shares six percent and fueling hopes of a tech sector recovery in the run up to Christmas Analysts said Intel’s rosy forecasts for revenue and margins, both of which exceeded expectations, and [...]
Posties to deliver a strike by next week October 13, 2009 POSTAL strikes will hit the UK next week, after a last-ditch ultimatum from the Communications Workers Union (CWU) failed to get backing from Royal Mail. CWU issued an eleventh hour “peace deal” to Royal Mail over modernisation at the company, threatening to strike as early as next week if demands on pay and working conditions [...]
NYSE boss:high freq trading safe October 13, 2009 THE head of the New York Stock Exchange said that it was not necessary to bring more oversight to high frequency trading, a split-second stock trading strategy that has come under increasing scrutiny. The US Securities and Exchange Commission recently said it was reviewing high frequency trading. “I frankly hope the SEC does not do [...]
Banker convicted of wife’s killing October 13, 2009 A CITY banker who killed his unfaithful wife following a violent row was yesterday found guilty of manslaughter. Former HSBC banker Neil Ellerbeck, 46, attacked his wife Kate during an argument at their £600,000 home in Enfield last November. Ellerbeck, who had secretly been bugging his wife’s phone calls, was remanded in custody and will [...]
WHITNEY DOWNGRADES GOLDMAN October 13, 2009 BANKING analyst Meredith Whitney downgraded Goldman Sachs to “neutral” from “buy” yesterday. She cited the recent rise in the bank’s share price, but said it still had strong fundamentals. Whitney said the stock had exceeded her price target of $186 (£117), and that the upside could be limited over the medium term.
Inflation at a five-year low in September October 13, 2009 CONSUMER price inflation plummeted in September to a five-year low, though economists warned inflation was more likely to overshoot than undershoot the target of two per cent in the next few quarters. Consumer Price Index (CPI) annual inflation fell to 1.1 per cent in September, down from 1.6 per cent in August and falling short [...]
Bloomberg buys BusinessWeek October 13, 2009 FINANCIAL news and data company Bloomberg is buying BusinessWeek magazine from McGraw-Hill, it said yesterday, for an undisclosed sum. The announcement comes after several rounds of bids by various parties from private equity and media publishing. Bloomberg was long seen as the best buyer for BusinessWeek because it could capitalise on the marriage of two [...]
Cargill ploughs on as profit falls October 13, 2009 CARGILL, the US farming group, said yesterday its pre-tax profit for the quarter had slumped by 65 per cent, as it was hit by plunging earnings at fertiliser maker Mosaic – where it is a majority shareholder. Cargill, one of the world’s largest private corporations, said it earned $525m (£286m) for the first quarter, down [...]
WHAT THE FALL MEANS October 13, 2009 PENSIONS – pegged to September RPIBut not affected, due to a prior government pledge that the basic state pension will increase by at least 2.5 per cent per year. RAIL FARES – pegged to July RPIFares should fall from January after July RPI fell to -1.4 per cent. BENEFITS – pegged in part to RPIBut [...]
Bear Sterns judge rejects two jurors in hedgie trial October 13, 2009 TWO jurors serving in the trial of two former Bear Sterns hedge fund managers were yesterday rejected by the judge after they made critical comments about WallStreet. Lawyers for Ralph Cioffi and Matthew Tannin opposed the jurors on the grounds that their bias towards people working in the financial services industry was unfair. In a [...]