US BANKING giant Citigroup has recorded a strong rise in second-quarter profit, as falling credit losses offset a drop in revenues. Net profit increased to $3.3bn in the April-June period, a 24pc jump from $2.7bn in the same period last year, and an 11pc increase from the first quarter of 2011. Earnings per share were $1.09, beating analysts' consensus estimate of 97 cents. Revenues came in at $20.6bn, 7pc lower than in the same period last year.
Tax probe targets Credit Suisse
SWISS banking giant Credit Suisse says it is being investigated by the US Department of Justice over private banking services provided to US taxpayers. The bank said it would co-operate with the US authorities, subject to its Swiss legal obligations. The US indicted four Credit Suisse bankers in February on charges of helping US taxpayers hide money in secret Swiss accounts to avoid US taxes. At the time of that indictment, the bank said it was itself not part of the investigation.
Quake costs Sony Ericsson €50m
SONY Ericsson has blamed the Japanese earthquake for a €50m loss during the three months to June. The mobile phone maker said the quake last March had caused "supply chain constraints", which meant about 1.5 million phones were not ready for sale.
Taiwan's TSMC in trial for Apple chips
TAIWAN'S TSMC has begun trial manufacturing of next generation chips for Apple Inc's mobile devices. It's a sign the iPad maker is shifting from its traditional chip supplier, Samsung Electronics. The two are in a legal dispute over patents, and Samsung has also emerged as Apple's toughest competitor in the smartphone market.
Greencore to trade shares in Uniq deal
THE new shares which are being issued by Greencore to finance its purchase of the UK sandwich maker Uniq, will start trading on August 24, the company said yesterday. The prospectus for the rights issue was posted to shareholders yesterday.