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Archive for April, 2015

TSB boss Paul Pester says he wants to ‘take on the big guys’

April 30, 2015

TSB would consider buying some of the UK’s smaller banks, its boss has told the BBC. Speaking to Radio 5 live, Paul Pester said he wanted to make TSB strong enough “to take on the big guys” and “break the stranglehold in the market”. The bank, spun off from Lloyds last June, has agreed to […]


BA owner IAG reports first-quarter profit

IAG, the airline group that includes British Airways and Iberia, has reported a profit in the first quarter of the year for the first time. The company posted an operating profit of €25m (£18m; $27.8m) for the January-to-March period, compared with a loss of €150m a year earlier. Its results were helped by lower costs, […]


Sony expects profit to quadruple and restores dividend

Japanese consumer electronics giant Sony expects operating profit to more than quadruple because of higher gadget sales and cost-cutting measures. The firm forecasts operating income of 320bn yen ($2.7bn; £1.7bn) for the year ending in March 2016, which was below analyst estimates for 401.6bn yen. It also plans to restore a shareholder dividend after scrapping […]


Apple to return more cash to investors as profits soar

April 28, 2015

Technology giant Apple sold 61.1 million iPhones in the first three months of 2015, driving profit up 33% from a year earlier. The firm reported a $13.6bn (£8.9bn) profit, with revenue up 27% to $58bn. Sales in greater China leapt 71% to $16.8bn, outpacing those in the US for the first time, and helping to […]


Tories ‘to fund apprenticeships with bank fines’

A Conservative government would use fines imposed on Deutsche Bank for its involvement in rigging interest rates to fund 50,000 apprenticeships, David Cameron has announced. The Conservative leader said the scheme would “train young people and get them off the dole and in to work”. It comes on top of three million apprenticeships the party […]


Lloyds share sale cuts government stake to 21%

April 24, 2015

The government has sold more shares in Lloyds, raising about £586m and taking its stake in the bank to below 21%. The government originally owned a 41% stake after ploughing £20bn into the bank during the 2008 financial crisis. It started selling Lloyds shares in 2013, and the latest sale means it has now raised […]


Nasdaq bests record high set in 2000 during dot-com boom

The tech-heavy Nasdaq index has closed at a record high, surpassing a level it last reached in 2000 at the height of the dot-com bubble. The index gained 20.89 points to close at 5,056.06, besting the high of 5,048.62 it hit on 10 March 2000. The S&P 500 index gained 4.97 to 2,112.93 and the […]


Rolls-Royce appoints new chief executive

April 22, 2015

Rolls-Royce has said that John Rishton will retire as chief executive on 2 July and be replaced by Warren East. Mr Rishton, who has been at the firm since 2011, said it was “time for a change in lifestyle”. Mr East was head of UK chipmaker Arm Holdings between 2001 and 2013 and has been […]


Credit Suisse profit lifted by trading turnaround

April 21, 2015

Credit Suisse has reported a 23% rise in first quarter profits, helped by gains in its securities trading and wealth management divisions. Switzerland’s second-largest bank said net profit rose to 1.054bn Swiss francs ($1.1bn; £739m) from 859m francs, beating market estimates. The results are the last under long-serving chief executive Brady Dougan. He will be […]


Item Club predicts UK economic growth of 2.8% this year

April 20, 2015

Low inflation and stronger eurozone growth should help the UK economy expand 2.8% this year despite political uncertainty ahead of the election, according to an EY Item Club report. It said low inflation was adding to the benefits of higher employment and the positive effects of lower oil prices. Item Club chief economic adviser Peter […]


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