Telefonica looks to new buy Vivo after positive results July 29, 2010 O2 OWNER Telefonica posted a robust 9.4 per cent rise in first-half profit as strength abroad offset a weak, but improving, performance in its native Spain. The results were released just hours after the firm announced it had completed the long-mooted buyout of its joint venture partner in Brazilian telecoms firm Vivo for €7.5bn (£6.3bn). [...]
BT profit climbs by 17pc despite tough trading July 29, 2010 BT shrugged off difficult trading conditions in the wake of government cuts to match expectations in its first quarter. The telecoms giant, which last month declared war on Sky with its entry into the lucrative Premier League subscription market, reported first quarter revenue of £5bn, down four per cent on the year before. However, rigorous [...]
Sky TV July 29, 2010 BACK in 1989, if you had predicted that Sky TV would become more successful than BT, you’d have been laughed out of the room. Rupert Murdoch’s Australian chutzpah was considered no match for the state monopoly that BT was handed on a plate, and which it squandered away over the following years. You’d have been [...]
Shell trumps BP by posting strong profits July 29, 2010 ROYAL DUTCH SHELL eclipsed rival BP yesterday after posting second quarter profits of $4.5bn (£2.9bn) almost doubling last year’s numbers. The rise from $2.3bn a year ago came after the Anglo-Dutch oil giant underwent a radical year-long restructuring, which delivered $3.5bn in savings, and axed around 7,000 jobs. Profits were helped by higher refining margins [...]
Exxon Mobil tops Wall St as output rises eight per cent July 29, 2010 EXXON MOBIL reported a better-than-expected second-quarter profit, with oil prices and margins to process crude into fuel rebounding and production rising. Profits for the US-based group came to $7.56bn (£4.83bn) in the quarter excluding items, compared with $4.09bn a year ago. Oil and gas output in the quarter rose eight per cent, boosted by the [...]
Breathing space for Connaught after it secures £15m overdraft July 29, 2010 SOCIAL HOUSING maintenance firm Connaught soothed investors yesterday with the news it has secured an additional £15m overdraft facility and delayed repayments on other loans. The company said earlier this week it was in urgent need of funds to avoid breaching banking covenants. Connaught said it will continue negotiations with banks to secure long-term financing. [...]
NEW METRO BANK LURES IN CANDY BROTHERS July 29, 2010 OFF to the preview party for Metro Bank’s new Holborn store on Wednesday evening, where anyone who was anyone gathered to drink champagne under the gaudy red-and-blue rafters and gush about the wonders of sugar-coated customer service. Attendees included Meredith Whitney, the glamorous US banking analyst; Jamie Reuben, son of property magnate David; US investor [...]
AstraZeneca profits rise July 29, 2010 ASTRAZENECA, the UK’s second-largest drugs company, doubled its 2010 share buyback plan to $2bn (£1.3bn) yesterday after posting strong results and clearing several regulatory hurdles in the US. Pre-tax profit in the second quarter rose to $6.4bn (£4.1bn) from $5.6bn in the same period a year ago, on sales up three per cent at $8.18bn, [...]
Sanofi-Aventis promises more takeovers after upbeat results July 29, 2010 FRENCH pharmaceutical firm Sanofi -Aventis pledged discipline in pursuing growth through acquisitions yesterday, as the drugmaker posted better-than-expected results and remained tight-lipped on its expected bid for US biotech company Genzyme. Sanofi’s second-quarter earnings exceeded forecasts, thanks to tightened spending and demand for its diabetes drugs, growth in emerging markets and a weaker euro. Business [...]
House price fall fuels fear of double-dip July 29, 2010 FEARS of a sustained double-dip in Britain’s property market intensified yesterday after mortgage lender Nationwide reported that house prices fell this month for the first time since February and the Bank of England revealed that mortgage approvals dropped to a four-month low in June. The latest figures from Nationwide showed that house prices fell by [...]