BEST OF THE BROKERS August 31, 2010 CARREFOUR Execution Noble issues a “sell” rating on the French grocer following its first-half results yesterday. The broker says some of Carrefour’s key markets are deteriorating, for example in Brazil, and that the firm’s new strategy in France will be critical to any recovery. Shares are trading at a six per cent premium to the [...]
Rusal swings back into the black again August 31, 2010 Russia’s Rusal, the world’s largest aluminium producer, said yesterday it swung back to the black in the second quarter as sales increased, and added it plans to launch depositary receipts in Russia later this year. In total, for the six months to the end of June Rusal produced a net profit of $1.27bn (£825m), compared [...]
Omega counts cost of disaster August 31, 2010 LONDON-listed property and casualty insurer Omega Insurance sank into the red in the first half of the year, weighed down by a string of costly natural disasters including the Chilean earthquake. “These catastrophe losses, together with the lag that currently exists in 2010 premium earnings, have had a major effect on our half-year results,” chief [...]
Medusa Mining reports a record first-half profit August 31, 2010 MINE operator Medusa Mining has reported a record first-half net profit of $65.8m (£42.9m). The figure, for the year to 30 June, is up 131 per cent, boosted by increased gold production and higher prices. Revenue was also up 121 per cent to £94.6m, the company said. Medusa, which said it remained debt-free, received an [...]
Hermes lifted by new surge in handbag sales August 31, 2010 FRENCH luxury goods group Hermes posted a 55 per cent rise in first-half pre-tax profit, boosted by leather goods, and slightly raised its financial targets for the full-year yesterday. Pre-tax profit rose to €194.6m (£160m) in the first six months of the year. Hermes, known for its printed silks and leather handbags, said it expected [...]
Boeing confident of 787 delivery August 31, 2010 Boeing is confident it can deliver the first 787 Dreamliner in the middle of the first quarter of 2011, the chief financial officer of the world’s largest aerospace and defence company said yesterday. Speaking at a conference hosted by Morgan Stanley, James Bell reiterated the updated delivery target for the long-delayed carbon-composite commercial aircraft. Last [...]
Visteon to exit bankruptcy August 31, 2010 Former Ford unit Visteon yesterday received court approval for its bankruptcy reorganisation, ending a 15-month fight among hedge funds, lenders and an industry giant for a piece of the revived auto parts maker. Visteon overcame objections about the treatment of retiree benefits and the way big-money shareholders, but not individual shareholders, were given the right [...]
Brazil government boosts bank August 31, 2010 Brazil’s federal government yesterday injected 1.4bn reais (£523m) into the capital base of state-controlled development bank BNDES, which is poised to lend a record amount this year. The government will cede shares in state-controlled electricity utility Eletrobras to Rio de Janeiro-based BNDES as part of the plan, according to a post in the official government [...]
BORIS OUT FOR A RIDE WITH KELLY BROOK TO LAUNCH BIKE SCHEME August 31, 2010 Boris Johnson’s love affair with two wheels continued yesterday with the launch of his driver-frustrating Sky Ride scheme, where roads are cleared throughout central London to allow cyclists to take in the sights. But The Capitalist can’t help but think bikes weren’t the only thing on the mind of the red-blooded Mayor. Accompanying him on [...]
Eurozone unemployment remains at record ten per cent August 31, 2010 Unemployment in the eurozone remained at ten per cent for a fifth month in a row, according to official figures. Almost 16m people remain unemployed in the 16 countries that use the euro, the EU’s statistics agency Eurostat said. The agency also reported a fall in the rate of inflation in the eurozone. In August, [...]