News

UK taxpayer moves into black on bank stakes

British taxpayers are sitting on a 3.5 billion pound ($5.6 billion) paper profit on its stakes in Royal Bank of Scotland and Lloyds after both swung back to profit, driving their shares higher.  Britain’s profit could be more than five times that amount — potentially bringing in much needed income for the cash-strapped UK government….

Hungary to struggle without IMF

Hungary hopes to emulate the few countries that have spurned IMF aid and emerge from crisis on their own, but it is much more likely to follow the example of other crisis-hit EU states and be forced back to austerity. It is no Malaysia or Turkey, the first of which rejected the International Monetary Fund’s…

How to get started with Forex

Foreign Exchange Trading – what is that? In fact the procedure is quite easy to understand: You change one currency against another, and profit from the exchange rate.Forex Trading is exiting as the market is always in move and the rates are always changing. You trade currency pairs, and a slight difference in the exchange…

Versace to get 2010 China sales boost

Italian fashion house Versace expects to post higher sales in 2010 on the back of its restructuring and China’s growing appetite for luxury goods, its chief executive said.  In an interview with Reuters, Gian Giacomo Ferraris said he remained confident about a return to profitability in 2011, thanks to a more efficient distribution network and…

Next says consumer slowdown will be modest

Consumer spending in Britain is likely to remain constrained for the foreseeable future, but any slowdown in demand is likely to be modest, the chief executive of fashion retailer Next told reporters. Simon Wolfson also said in a telephone interview that the group was stepping up spending on standalone homewares stores, where new shops are…

Romania meets IMF, EU conditions for bailout deal

Romania has met IMF and EU conditions for continuing its €20bn bailout programme, offering some reassurance to investors concerned about the country’s deep and prolonged recession. IMF mission chief Jeffrey Franks has said no major policy changes were needed after the latest review of Romania, which has slashed public spending including wages and raised value…

Profits beat view after bad debts tumble

The two banks showed a dip in investment banking income in the latest quarter, but more than made up for that with lower losses on personal and corporate loans as broad economic conditions improved. Half-year profits for HSBC, Europe’s biggest bank, hit $11.1bn, more than double the $5bn of a year ago and above the…