Credit Suisse Q3 profit more than doubles

CREDIT Suisse's profits more than doubled in the third quarter as Switzerland's second-largest bank benefited from cost cutting, brisk business in emerging markets and the services it provides for wealthy clients.

NET profit rose to 1.025 billion Swiss francs ($A1.16 billion) in the July-September period from 454 million francs a year earlier, the bank said on Thursday.

"We delivered a good performance," said chief executive Brady Dougan of both the investment banking and wealth management divisions.Dougan said wealth management profits were aided by the cost cutting, but margins remain subdued and revenue was hurt by low interest rates. The investment banking, he said, showed "robust client activity across many of our businesses", particularly with fixed income trading and equity underwriting.The results are a significant improvement from the second quarter, when it booked a net loss of 700 million francs after paying the largest penalty ever imposed in a US criminal tax case.The Zurich-based bank pleaded guilty in May to aiding US tax evaders and agreed to pay about $US2.6 billion ($A2.81 billion) to the US government and regulators. That allowed it to put to rest the US government's case against it for helping wealthy Americans avoid paying taxes through secret offshore accounts.Credit Suisse's balance sheet showed it had added 400 employees since the last quarter. But compared with a year ago, when it had 46,400 worldwide staff, the bank reported keeping 45,500 people employed. It has trimmed costs by 3.6 billion francs out of a total 4.5 billion francs in targeted cost reductions that it said it is "on track" to deliver by the end of next year.Shares of Credit Suisse were trading slightly higher, up 0.4 per cent at 25.15 francs, on Thursday morning on the Zurich exchange.

22.24 | 0 komentar | Read More

Malaysian official to be extradited to NZ

A MALAYSIAN military official accused of attempting to sexually assault a woman in New Zealand will be extradited to Wellington to face trial, the Malaysian foreign ministry says.

MUHAMMAD Rizalman Ismail will fly from Malaysia on Friday accompanied by two New Zealand police officers and two Malaysian military officers based on an extradition request New Zealand made on October 3, the ministry said in a statement on Thursday.

Muhammad Rizalman was working at the Malaysian Embassy in Wellington when he was arrested on May 9 for allegedly following a 21-year-old woman home and assaulting her.The 35-year-old was charged with burglary and attempted rape.But a blunder by New Zealand's Ministry of Foreign Affairs meant he was allowed to leave the country two weeks later.The New Zealand government had asked for diplomatic immunity to be waived so he could face the charges in New Zealand, but ministry officials gave the Malaysian government the impression it was acceptable for Rizalman to go home."Rizalman's return to New Zealand is a testimony of the close cooperation between the various government agencies of both Malaysia and New Zealand and in keeping with the rule of law of both countries," the Malaysian ministry statement said."Malaysia is confident that Mr Rizalman will be accorded a fair trial by the New Zealand court."His return came after months of delay as Malaysia's government said Muhammad Rizalman had to undergo physical and mental examination to ensure he is fit for trial.Malaysian officials have also expressed concerns after the accuser spoke out publicly. They said anybody involved in a case should not be speaking publicly in way which could prejudice a defendant's right to a fair trial.

22.24 | 0 komentar | Read More

Tax settlement boosts Comcast Q3 results

COMCAST Corp's third-quarter net income jumped 50 per cent in the third quarter, helped by a one-time tax settlement, growth in internet subscribers and fewer defectors from its cable service.

COMCAST is in the midst of a $US45 billion ($A48.69 billion) takeover of Time Warner Cable, a deal that is under regulatory review.

Cable providers have been consolidating as more viewers shift to watching video on mobile tablets, computers and smartphones rather than through traditional cable TV stations.AT&T is planning to buy satellite service DirecTV for $US48.5 billion in a merger also under review. Meanwhile, channels like HBO and CBS have announced standalone streaming services, signalling the industry is undergoing a sea change.The nation's largest cable provider says its net income rose to $US2.59 billion, or 99 US cents per share. That compares with net income of $US1.73 billion, or 65 US cents per share last year. Excluding a hefty one-time tax settlement, net income totalled 73 US cents per share, beating analyst expectations of 71 US cents per share, according to FactSet.Revenue rose 4 per cent to $US16.79 billion from $US16.15 billion last year. Analysts expected $US16.8 billion.Cable hookup revenue, up 5 per cent to $US11.04 billion, nearly matched the $US11.09 billion expected. NBCUniversal revenue rose 1 per cent to $US5.92 billion, also nearly matching the $US5.94 billion analysts expected.The company added a net 315,000 high-speed internet customers since the last quarter, bringing the number to 21.6 million. That's 6 per cent more than it added in the same quarter a year ago.It lost 81,000 video subscribers, ending with 22.4 million. But that's the lowest third-quarter decline in seven years. In the prior-year quarter the company lost 127,000 subscribers. Comcast said the loss was due to tough competition in the sector from other cable and satellite providers.The average customer bill edged up 4 per cent to $US137.24 per month after a 2 per cent price hike at the beginning of the year. Customers added more services and business client revenue rose.At NBCUniversal, advertising revenue rose 4 per cent to $US1.15 billion, helped by high ratings for NBC shows like The Voice, The Blacklist, Sunday Night Football and news programming.Film revenue fell 15 per cent to $US1.19 billion due to tough comparisons with last year, when the popular animated movie Despicable Me 2 was released.

22.24 | 0 komentar | Read More

Dancing priests become internet sensation

A VIDEO of a pair of duelling, dancing American priests studying in Rome has gone viral, following in the footsteps of a now-famous Italian nun whose Alicia Keyes-esque voice won her a singing contest and a record contract.

THE Reverend David Rider, 29, of Hyde Park, New York, and the Reverend John Gibson, 28, of Milwaukee, first shot to internet fame when they were filmed in April during a fundraiser at the North American College, the elite American seminary up the hill from the Vatican.

Rider warmed up the crowd with a lively tap-dance routine, only to be pushed aside by Gibson's fast-footed Irish dance. Soon they were battling it out, trying to impress the crowd.At the back of the room, journalist Joan Lewis recorded the event and later posted it on YouTube."All of a sudden the numbers started rising and rising," Lewis said. The video has nearly 260,000 views.Their internet success has drawn comparisons to Sister Cristina Scuccia, who won the Italian edition of The Voice in June with a series of unadorned pop song performances, in full habit. Her first album features a cover of Madonna's Like a Virgin.As with Scuccia, the priests' online popularity was tinged with criticism. Some commentators wrote that the priests shouldn't have been dancing under a crucifix and a painting of Pope Francis, calling it "disrespectful.""We would just refer them to the Bible," Rider says, "where the Lord tells us to live with joy."

22.24 | 0 komentar | Read More

Ukraine rebels vow to take back cities

PRO-RUSSIAN separatists in eastern Ukraine say they intend to retake key cities from government troops in the region, according to Russian news agencies.

"KRAMATORSK, Mariupol, Sloviansk will be ours. We are ready to capture them. Heavy battles are not excluded," Alexander Zakharchenko, the leader of the self-declared Donetsk People's Republic, was quoted as saying on Thursday.

The three cities returned to government control in the summer, after separatist militias gave them up. The takeover in Kramatorsk and Sloviansk occurred after heavy artillery battles between both sides.Zakharchenko also accused the government of violating the ceasefire in the region.Both sides have regularly accused each other of breaking the ceasefire since it was reached on September 5.The Ukrainian National Security Council said in Kiev on Thursday that one soldier was killed and two injured in fighting over the past 24 hours.Fighting has centred on Donetsk airport in recent weeks. Donetsk authorities said Thursday that shelling could be heard widely through the city.More than 3600 people have been killed in the conflict since it started in April, according to United Nations figures.Ukraine is holding snap parliamentary elections this Sunday. The party of President Petro Poroshenko is leading in polls with up to a third of the votes.Poroshenko discussed the conflict and the ongoing gas talks with Russia with German Chancellor Angela Merkel, his office said Thursday. The leaders spoke over the telephone late Wednesday.Also on Wednesday, Poroshenko discussed financial assistance from the European Union with outgoing EU Commission President Jose Manuel Barroso.The EU's aid for the cash-strapped country will reach 760 million euros ($A1.14 billion), Barroso told Poroshenko, according to the Ukrainian leader's office.

22.24 | 0 komentar | Read More