Banking group HSBC saw pre-tax profits halve to $5bn

Published in August 4th, 2009

Posted by webmaster in Bank News, Company Results, US Markets

Banking group HSBC saw pre-tax profits halve to $5bn (£2.98bn) in the first six months of 2009. Rising bad debts in the US, Europe and Asia forced it to write-off $13.9bn – 39% more than the same period in 2008. Earlier Barclays also announced pre-tax half-year profits of £2.98bn boosted by its investment banking arm.

Berkshire Hathaway Shares Hit $100,000 For First Time Since January

Published in August 4th, 2009

Posted by webmaster in US Markets, World Economy

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Shares of Warren Buffett’s Berkshire Hathaway rallied above $100,000 today for the first time since early January. The stock has been mostly trading in five digits since last November, when it closed below $100,000 for the first time in just over two years. Berkshire traded as high as $100,501 in today’s session before closing at [...]

UBS Reports $1.31 billion Q2 Loss

Published in August 4th, 2009

Posted by webmaster in Bank News, Company Results, World Economy

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UBS Reports $1.31 billion Q2 Loss UBS posted a net loss of 1.4 billion Swiss francs ($1.31 billion), and suffered 39.4 billion francs of outflows at its wealth and asset management divisions. The bottom line was affected by one-off charges. The loss came in contrast with forecast-beating results at Swiss rival Credit Suisse and U.S. [...]

GM cuts hourly workforce by 6,000

Published in August 4th, 2009

Posted by webmaster in Market News, US Markets

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Some 6,000 hourly workers at General Motors have left the firm as it seeks to cut costs and streamline operations. Most of those leaving – around 65% – took early retirement while some 30% accepted buyouts from the firm. The latest round of departures leaves GM with 48,000 US factory workers. It aims to have [...]

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