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- American Express Delivers Solid Second Quarter Results
Second quarter profits at credit card company American Express nearly triples, and came in well ahead of analyst estimates, as spending by card holders vaulted 16 per cent. American Express also benefited from having to put away less than half as much money to cover losses as it did in the previous year.
“While spending among affluent consumers and businesses remains strong, today’s card members are borrowing less and paying down more of their outstanding debt. We remain cautious about the economy and the challenging regulatory environment.” chairman and chief Executive Kenneth Chenault said.
- E*Trade Posts Second Quarter Profit
E*Trade Financial the online brokerage company has returned to profitability after posting second quarter profits for the first time in three years.
The company has not faired well after its business was negatively impacted by bad loans made by its banking division, which reported its seventh consecutive drop in loan loss provisions.
- War of Words Erupts Between CBA and NAB
A war of words has erupted between two of the big four lenders, with Ralph Norris chief executive of CBA, lashing out at NAB’s claims that the lender is making super profits in mortgage lending.
The banking oligopoly in Australia is normally a cozy affair, and Mr. Norris criticizing a rival is indeed surprising.
- Macquarie Looking To Sell Stake In Sprint Finance Corp
Australian investment banking major Macquarie is seeking offers valued at approximately US$3.5 billion for Real Estate Investment Trust (REIT) Sprint Finance Corp. If a deal is successful, it would be the largest sale of a U.S. based REIT in over three years.
The Bloomberg news service which cited unnamed sources close to the negotiations saying three publicly traded REIT’s including Lexington Realty Trust, National Retail Properties and Realty Income Corp have been approached recently. According to the sources several Private Equity firms have also expressed their interest in Sprint.
- EBay Has Good Second Quarter But Sees Currency Headwinds Affecting Future Performance
EBay, the online auction site and owner of PayPal has reported second quarter profits which were better than expected, but threw a note of caution saying it expects adverse currency movements to have a negative impact on overseas sales.
According to the Bloomberg news service, Ebay’s Second-quarter net income rose 26 percent to $412.2 million, or 31 cents a share, from $327.3 million, or 25 cents a share. The company delivered earnings of 40 cents a share, with the average estimate of analysts polled by Bloomberg predicting the company would earn 38 cents a share.
