Friday PM January 14th, 2011

JP Morgan Chase fourth quarter outlook…Changes in store for Deloitte…Loss reported for Centaurus Energy…Global pension funding levels ended 2010 up slightly…Midsize companies plan to boost IT budgets…

JP Morgan Chase reports fourth quarter net income for 2010 of $4.8 billion. That represents a 47% increase year-over-year, stronger than expected. It brings the firm’s 2010 net income to $17.4 billion, a 48% increase. J-P Morgan Chase employs 5000 people in the Houston area.

Deloitte is purchasing control of MarketPoint, maker of energy price forecasting software. The Houston-based Deloitte Center for Energy Solutions will manage the newly acquired subsidiary. Deloitte is also buying control of energy consultancy Altos Management, a sister company of MarketPoint.

Reuters reports Houston-based natural gas hedge fund Centaurus Energy suffered a 4% loss in 2010, its first annual deficit. The fall comes in the wake of a crackdown on commodity speculation by exchanges and federal regulators’ proposals for trading limits. CME Group recently fined Centaurus $15,000 for violating natural gas position limits on the New York Mercantile Exchange.

A report by Aon Hewitt says global pension funding levels ended 2010 up slightly from 2009, despite a volatile year for markets. U.S. pension funding levels ended at 88%, the same as a year earlier. Aon Hewitt’s Joe McDonald says pension funds will use improved funding to cut their risk exposure in the year ahead.

A study by IBM says more than half of midsize companies plan to boost their information technology budgets over the next year to 18 months. It says that two-thirds of such firms either use or plan to adopt cloud computing to improve IT systems efficiency while cutting costs. The study defines a midsize company as having 100 to 1000 employees.

That’s KUHF Business News. I’m Andrew Schneider.


Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined News 88.7 in January 2011. Since arriving in Houston, he has reported on the many changes wrought on the region’s economy by the revolution in domestic oil and gas production. His non-energy reporting runs the gamut from white-collar crime to cattle ranching. His work has aired on...

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