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| January 31, 2008 | Thursday | Muharram 21, 1429 |
Company news
PARIS, Jan 30: Societe Generale chairman Daniel Bouton will stay at the helm of the scandal-marred bank, a bank official said on Wednesday.
The board of directors “unanimously reaffirmed its confidence” in Bouton during a meeting called to tackle the crisis over the loss of 4.82bn euros in a trading scandal, said the source.
In a statement, Societe Generale announced the creation of a three-person task force to address the fallout from the massive losses that it has blamed on rogue trader Jerome Kerviel.—AFP
WASHINGTON, Jan 30: US aerospace giant Boeing said on Wednesday full-year net profit soared 84 per cent to a record $4.07bn, beating market expectations, despite flat sales in the fourth quarter.
However, the company warned that delays in its new 787 Dreamliner programme would weigh on its earnings in 2008.
For the full year 2007, adjusted earnings per share (EPS) were $5.28 on higher commercial aircraft deliveries, strong growth in defence earnings, productivity gains and other factors, Boeing said.
That compared with 2006 net profit of $2.2bn and $2.85 earnings per share. Boeing said that fourth-quarter net profit rose 4pc to $1.03bn from the same period in 2006.—AFP
GENEVA, Jan 30: Swiss banking giant UBS on Wednesday posted its first-ever full-year loss after losing billions in the US mortgage crisis and turning to Asian investors for a bail-out, sparking shareholder discontent.
UBS said it would post a full-year loss of 4.4bn Swiss francs ($3.5bn) for 2007 owing to its exposure to the US subprime crisis.
In the fourth quarter alone, UBS posted a net loss of 12.5 billion Swiss francs, the bank said in a statement.
Subprime losses amount to about $12bn, with the loss of a further $2.0bn attributable to other aspects of the US housing market, the bank said.—AFP
ISLAMABAD, Jan 30: Pakistan Telecommunication Company Limited (PTCL), Huawei Technologies Pakistan and Hewlett Packard (HP) have signed an agreement to jointly launch their ‘Network Operation Centre’ project which has state-of-the art fault detection and resolution technology.
Once in place, the network operating centres will enable automated fault detection and correction in any location in Pakistan for the convenience of PTCL subscribers.— Our reporter
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