Growth slow as StanChart is hit by weak dollar June 27, 2012 STANDARD Chartered said yesterday it expects pre-tax profit in the first half of this year to grow by less than 10 per cent, slowing from previous years as growth in Asia eases and local currencies weaken against the dollar. Income growth in January to June was also expected to slow to below 10 per cent, [...]
WHAT DO YOU THINK OF STANCHART’S UPDATE? June 27, 2012 CORMAC LEECH LIBERUM CAPITAL Relatively upbeat pre-close statement given recently weakening macro environment, re-iterating guidance for full year growth in revenue and earnings per share of over 10 per cent with good revenues and cost control offsetting some minor increase in loan loss provisions. GARETH HUNT CANACCORD GENUITY Standard Chartered remains a very strong bank [...]
WHO’S SWITCHING JOBS June 27, 2012 LDC The private equity house has announced that Keith Holdt has been appointed as investor director in its value enhancement group. He joins from Swiss Post Solutions, where he was head of global business development and sales. Holdt previously spent eight years with IBM. Lloyds Banking Group Andrew Bester has been appointed chief executive, wholesale [...]
Boosted by bank and commodity stocks, FTSE breaks its losing run June 27, 2012 BRITAIN’S leading shares bounced back yesterday, snapping a four-session losing streak, with commodity and banking stocks squeezed higher as worries over the global growth outlook were eased by some upbeat US data. Volumes were again low, however, as most investors preferred to remain on the sidelines ahead of a crucial European summit. The FTSE 100 [...]
Banks fuel FTSE gains but Eurozone picture darkens June 27, 2012 Banks fuelled modest gains on the FTSE 100 in early trading but investor confidence remained weak overall as the Eurozone’s leaders failed to offer any evidence of a path to recovery for the bloc. Disagreements between the region’s policymakers over how to deal with the turmoil are weighing on investors’ confidence ahead of a European [...]
StanChart profit growth to slow June 27, 2012 Standard Chartered said on Wednesday it expects pretax profit in the first half of this year to grow by less than 10 per cent, slowing from previous years as growth in Asia eases and local currencies weaken against the dollar. Income growth in January-June was also expected to slow to below 10 per cent, it [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 25, 2012 FINANCIAL TIMES EU plan to rewrite budgets The European Union would gain far-reaching powers to rewrite national budgets for Eurozone countries that breach debt and deficit rules under proposals likely to be discussed at a summit this week, according to a draft report seen by the Financial Times. State-backed cyber attack cost UK company £800m, [...]
RUN FOR A REASON June 25, 2012 JAMES FATTAL, 25 MEDIA AND COMMS WORKER When the astronaut Neil Armstrong emerged from his spaceship following the historic moon landing, he was asked what he hoped would be the ultimate outcome of his epic journey. He flipped open the visor on his helmet, looked at the reporter and said: “It’s my dream that one [...]
BEST of the BROKERS June 24, 2012 STANDARD CHARTERED Canaccord Genuity rates the bank “sell” with a target price of £13.25. The broker expects to see evidence of double-digit asset and earnings growth in StanChart’s interim management statement on Wednesday, but thinks this growth is already factored into the share price. INVENSYS UBS rates the software maker a “buy” with a target [...]
LONDON REPORT June 24, 2012 UK GDP and a two-day EU summit aimed at containing the Eurozone debt crisis will dominate economic news, while investors await trading reports from Debenhams and Carpetright. The Office for National Statistics is expected to confirm that Britain is in a double-dip recession when it publishes its third estimate of GDP in the first quarter. [...]