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Barclays chief points to emerging markets
Published: 16 February, 2010, 17:49
Edited: 18 February, 2010, 12:24
TAGS: Investment, Crisis, Russia and the global economy, Economy
The head of British bank Barclays PLC, which has announced a doubling of net profit in its 2009 to $14.71 billion, says emerging markets like Russia have played a key part in the turnaround.
The bottom line was driven sharply higher from its $7.35 billion net result in 2008 with the sale of its asset management arm, Barclays Global Investor, to BlackRock, despite the economic downturn hitting retail and commercial operations in Western Europe.
CEO Robert Diamond says further expansion into key new markets has helped the bank stay profitable, and added that Barclays is looking to increase its investment in Russia.
“One of our biggest initiatives going forward is to continue to invest into our businesses, not just in Asia and in places like China, India and Korea, Russia is a key part of that as well. We had a good start last year with the acquisition of a small bank, we have a very strong ‘commodities and investment banking’ business and we will continue to invest into that business.”
16.02.2010, 17:45
Tax service could put payment terminals out of actionStarting in April, automatic payment terminals in Russia could be halted as the Federal Tax Service will refuse to register them unless specific data is given by their owners, reports Vedomosti. |
16.02.2010, 20:42
Ikea managers exit puts Russian business corruption in focusIKEA’s sacking of two managers over bribe payments has put Russian corruption back in the spotlight. Fighting it is a government priority, but all too often businessmen are under pressure to pay. |
So all the big banks that gutted America and turned them into an economic wasteland are now setting their eyes on Russia. Great...