M&A activity up 79pc year on year Financial services summit convenes Desmond bank has 44pc of Latvia profit Boeing profits swing 6.35pc to $837m Morgan Stanley slashes bonuses
The number of mergers and acquisitions involving Irish companies jumped 79pc year-on-year during the third quarter of 2010. NCB stockbrokers said 50 deals were done compared with 28 over the same period of 2009. Some 55 deals were done in the second quarter of this year. In euro-terms, the third quarter was one of the most valuable in record, with €5.53bn worth of mergers being completed -- albeit inflated by the €3.1bn sale of AIB's Zachodni WBK stake.
Financial services summit convenes
THIS year's International Financial Services Summit will take place on November 10 at the Four Seasons Hotel in Dublin. The IFSS plans to bring together a range of global economic experts and renowned financial services industry commentators to discuss regulation and the future of the financial services industry under three topics: Financial regulation -- risk & reward; New opportunities, new geographies; and The future of financial services.
Desmond bank has 44pc of Latvia profit
RIETUMU Banka, the Latvian bank in which financier Dermot Desmond has a one-third stake, accounted for 44pc of all the profits generated within the country's domestic banking sector in the first half of 2010, the institution has said. Pre-tax profit at Rietumu fell 66pc to Lat2.85m (€4.02m) in the six months to July, but it expects to post "more substantial profits" in 2011.
Boeing profits swing 6.35pc to $837m
Boeing has posted a third-quarter profit of $837m (€600m). It had reported a sharp 21pc profit drop in the second quarter, to $787m. The third-quarter performance marked a major swing compared with the same period in 2009, when the Chicago-based company posted a loss of $1.56bn amid difficulties with its new 787 Dreamliner programme.
Morgan Stanley slashes bonuses
WALL Street giant Morgan Stanley plunged into the red in the third quarter, slashing pay and bonuses at the US investment bank. The shock loss of $91m (€65m) suggested to some analysts the bank is losing hard-won ground in the battle against Goldman Sachs for Wall Street supremacy. Goldman reported a comparable profit of $1.9bn.