Friday 24 March 2017

Goldman Sachs sparks jealousy

BANKING

Goldman Sachs, the most profitable securities firm in Wall Street history, is unpopular because some people envy its performance, former chairman and chief executive Jon Corzine said yesterday.

"When you're successful it brings envy," Mr Corzine said. "People are broadly frustrated with the financial institutions, and since it is the leader of the industry and has shown great success over a long period of time, I think it's more vulnerable."

Travis Perkins falls on weather

DIY

Shares in Travis Perkins dropped the most since October yesterday after the owner of the Wickes home-improvement chain said it would not be setting a date for resuming dividends and that the market remained "fragile". Shares plunged as much as 7.7pc after sales at stores open at least a year retreated 2.7pc in the seven weeks ended February 20. Retail sales had been hit by bad weather and a dampened consumer mood, he said.

RBS gets green light to give perks

BANK BONUSES

Ulster Bank parent Royal Bank of Scotland will set aside about £1.3bn (€1.5bn) for bonuses at its investment bank for 2009, sources said. Britain's biggest government-controlled lender received approval from the Treasury and UK Financial Investments, which manages the government's stakes in RBS, to make the payments, sources added.

New home sales at US record low

HOUSING

Sales of new homes in the US fell unexpectedly in January to the lowest level on record -- a sign that an extension of a government tax credit may not be enough to rekindle demand. Purchases declined 11pc to an annual pace of 309,000, the US Commerce Department said yesterday. The median sales price dropped 2.4pc from January 2009 and the supply of unsold homes increased.

Poland keeps rate reduced to 3.5pc

INTEREST RATES

Poland's central bank left its benchmark interest rate at a record low of 3.5pc for an eighth month as inflation pressures remain benign. Some policymakers have signalled the time to raise rates may be drawing closer, according to minutes from the central bank's last meeting.

Irish Independent

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