Weir Group pumps out record result thanks to strong commodity market August 3, 2010 PUMP maker Weir Group yesterday posted a 58 per cent rise in first half pre-tax profit and said a positive trend in equipment orders underpinned its confidence that the second half would be significantly ahead of last year. Weir, which makes valves and pumps for the oil, mining and power industries, reported first half pre-tax [...]
CITY VIEWS: WHAT IS THE FUTURE FOR PENSIONS? August 3, 2010 KEVIN HUGHES | AXA “Working in insurance I’m pretty well looked after. I’ve heard people talk about concerns but from a personal perspective I’m not that worried about the future of pensions.” JONATHAN WEITZMANN | APPLEBY GLOBAL “Ultimately the future depends on how the government splits up the funds. Raising the retirement age could be [...]
Metal prices buoy Fresnillo August 3, 2010 Mexican precious metals miner Fresnillo, the world’s largest primary silver producer, said yesterday its first half profit had jumped on higher gold and silver production and stronger metal prices. The FTSE 100-listed group said earnings before interest, tax, depreciation and amortisation surged 93 per cent to $392m (£245.8m), while revenue grew 60 per cent. Shares [...]
Mouchel hit by austerity cuts August 3, 2010 Outsourcer Mouchel yesterday blamed public spending cuts as it warned full-year results will be at the lower end of its expectations. Mouchel secured £650m of new contracts over the past year, but said a lack of clarity over the government’s austerity measures is weighing on the outlook for this year. But analysts said Mouchel’s order [...]
Rio Tinto ups Aussie investment August 3, 2010 Mining giant Rio Tinto has announced plans to invest a further $790m (£495.6m) to expand the annual capacity of iron ore operations in the Pilbara, Western Australia, to 330m tonnes a year. The expansion centres on increasing Rio Tinto’s port at Cape Lambert from its current capacity of 80m tonnes to 180m tonnes by 2016. [...]
MasterCard is lifted by rise in card spend August 3, 2010 MASTERCARD, the world’s second-largest credit and debit card processing network, said its second quarter profit rose 31 per cent yesterday, beating expectations as the company reined in expenses and consumers slowly resumed spending and travelling abroad. The New York-based company reported net income of $458m (£287.4m) or $3.49 per share yesterday, compared with $349m or [...]
Pfizer results pop after $68bn Wyeth buyout and forex benefits boost profits August 3, 2010 US DRUGS giant Pfizer has posted a bumper set of financial results, bolstered by its mammoth 2009 acquisition of rival Wyeth. The $68bn (£42.6bn) transformational deal last October helped Pfizer’s revenues grow 58 per cent during the first six months of the year. The company raked in $34.1bn (£21.4bn) over the period, compared to just [...]
CITY MOVES | WHO’S SWITCHING JOBS August 3, 2010 PricewaterhouseCoopers The financial services firm has made a number of changes to its UK insurance group. Tim Edwards has joined as director, with immediate effect, after previously working for the Financial Services Authority. He will be responsible for assisting clients with the requirements of Solvency II. In addition, Paul Clarke has replaced Mark Batten as [...]
BMW profits rise on higher China demand August 3, 2010 BMW, the world’s top maker of luxury cars, reported forecast-beating profit for the second quarter yesterday, driven by sales of its popular 5 Series model and rising demand from brand-conscious China. The German group saw earnings before interest and tax (EBIT) as a percentage of revenue grow to 9.6 per cent in the three months [...]
Car industry boosts GKN profitability August 3, 2010 CAR parts and engineering firm GKN yesterday surged back into the black, bolstered by an increasing demand from the car industry. Pre-tax profits during the first half of the year rose to £175m compared to the £6m loss the group posted in the same period last year. GKN said its business was boosted by upward [...]