Finance Watch -- WSJ
August 04 2016 - 3:02AM
Dow Jones News
EARNINGS
French Banks Benefit From Visa Share Sale
French banks Crédit Agricole SA and Société Générale SA reported
bigger-than-expected jumps in second-quarter net profit, as the
sale of their Visa Europe shares helped offset pressure from
volatile markets and low interest rates.
Crédit Agricole's net profit rose 26% to EUR1.16 billion ($1.30
billion), while Société Générale's increased 8% to EUR1.46 billion.
Revenue rose 2% at both banks, to EUR4.74 billion at Crédit
Agricole and to EUR6.98 billion at Société Générale.
The Visa Europe stake sale gave Crédit Agricole a gain of EUR328
million and Société Générale EUR725 million.
--Noemie Bisserbe
M&A ACTION
SGX to Make Offer for Storied Exchange
Singapore Exchange Ltd. will make a formal offer for Baltic
Exchange Ltd. by the middle of this month in a move that could see
another historic London marketplace end up in foreign hands, people
involved in the matter said.
The 272-year-old Baltic Exchange is credited with helping expand
British trade during the country's imperial heyday.
SGX was a late entrant in the race. Other suitors included
Platts, a division of S&P Global Inc.; CME Group Inc., which
operates the Chicago Mercantile Exchange; and state-run
conglomerate China Merchants Group, the people said. SGX and Baltic
began exclusive talks May 25.
The transaction, if completed, would represent the second sale
in recent years of a storied London exchange to an Asian operator.
In 2012, Hong Kong Exchanges & Clearing Ltd. bought the London
Metal Exchange.
--Costas Paris
EXCHANGES
ICE Gets Boost From Recent Deals
Exchange operator Intercontinental Exchange Inc. logged
bigger-than-expected increases in profit and revenue for the second
quarter, as the company continues to reap the benefits of recent
acquisitions and as trading volume picked up.
In the latest quarter, Interactive Data Corp., which ICE bought
last year, continued to drive results. Revenue from data services
more than doubled from a year earlier to $497 million, thanks to
the addition of $265 million from IDC and London-based
Trayport.
ICE reported a profit of $357 million, or $2.98 a share, up from
$283 million, or $2.54 a share, a year earlier. Revenue increased
37% to $1.5 billion.
--Lisa Beilfuss, Bradley Hope
GAM HOLDING
Drop in Fees Causes Profit to Decline 46%
Swiss money manager GAM Holding AG said a slump in performance
fees led to a sharp fall in first-half profit, causing its shares
to drop 15% Wednesday.
GAM, which issued a profit warning in June, said performance
fees for the first half were 1.2 million Swiss francs ($1.24
million), compared with 44.1 million francs a year earlier. That
pushed underlying profit before taxes down 46% to 55 million
francs.
Clients pulled a net 5.6 billion francs from GAM's main unit.
Almost half of that came from absolute-return funds, which aim to
profit in all market conditions.
--Laurence Fletcher
(END) Dow Jones Newswires
August 04, 2016 02:47 ET (06:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Credit Agricole (PK) (USOTC:CRARY)
Historical Stock Chart
From Jul 2024 to Jul 2024
Credit Agricole (PK) (USOTC:CRARY)
Historical Stock Chart
From Jul 2023 to Jul 2024