StanChart Chief Steps up Attack on Proposed Banking Reforms
Standard Chartered chief executive—Peter Sands, has stepped up his attack on proposed regulatory reform for the global banking industry, dismissing some key ideas for changes.
He supported measures to make banks hold more high-quality captital and improve their liquidity, but felt other aspects of proposed reform, including the prospect of banks pre-funding compensation schemes, were bad ideas.
Revalued Land Returns Persimmon to Profit
Housebulder Persimmon will start work on 90 new sites after a dramatic swing back into profit was largeloy aided by a revaluation of the land holdings.
UK’s thrid-biggest housebuilder reported 2009 pre-tax profits of £77.8 million, boosted by a £74.8 million writeback in the value of its land assets. It suffered losses of £780 million in the year of 2008.
GM to Invest £1.7bn in European Operation
The US giant—General Motors is to investment £1.7bn in its European car-making operations, including Vauxhall in the UK.
the US company unveiled the package that more than trebles a previous investment pledge. GM will fund new models and products manufacuring for the future five years and it aims to break even within two years.
Drop in Toyota Sales
Toyota’s sales in the US fell to 86240 vehicles in February, down by 11% on the same month in 2009. analysts had expected sales to fall by 26% after several vehicles recalls in recent weeks.
Last month, Ford edged ahead of GM for the very first time ever since 1998 to become the top-selling auto maker in the US . its sales rose up by 43% from the same period last year.
GM posted an 11.5% increase in sales on last year.
Persimmon Recovers
Persimmon has swung back into the black, recording a £78 million profit last year after making a £780 million loss in 2008. The housebuilder indicated that the rebounds in demand and in prices in the second half of 2009 were responsible for the improvement to its full-year figures.
Forward sales of homes were equal to £900 million, which was a 29% increase on its 2008 value. It added that sales and prices had continued to rise in the first eight weeks of 2008.
Lloyds Cuts Anger Union
The United union has criticized Lloyds Banking Group after it announced another 370 job cut in wealth and international, group operations and group executive operations. The bank wants to cut 15000 jobs in 2010.
According to the union, it is said that it had also been told that Capita had confirmed plans to cut 390 jobs in Bristol.
BP Aims to Cut Costs
BP chief executive—Tony Hayward, has warned the shareholders that he is preparing the company for years of weak demand and depressed refining margins.
The BP group, which has already cut 7500 employees in two years, indicated that it intended to reduce costs to 2004 levels to improve profitability by more than £2 billion over the next three years.
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