IMF chief hints at early exit February 4, 2010 Dominique Strauss-Kahn, the French politician who heads the International Monetary Fund (IMF), yesterday said he might cut short his tenure, stoking speculation he wants to run in France’s 2012 presidential election. His term as managing director of the IMF expires in October 2012, several months after the election, which means the Socialist veteran would have [...]
Shell sees its profits plunge February 4, 2010 ROYAL Dutch Shell posted a 75 percent fall in fourth-quarter profits to $1.18bn (£720m) yesterday as falling output and depressed refining and natural gas businesses took their toll. Oil prices recovered in the quarter but gas prices were much lower than in the same period a year earlier, while refining margins collapsed to their lowest [...]
BP sells French petrol outlets to Delek in £157m transaction February 4, 2010 BP has sold its French retail business for €180m (£157m) to Israeli conglomerate Delek Group, the latest move by a major oil company to reduce exposure to low-margin fuel retailing. BP said yesterday it had entered exclusive talks with Delek’s European unit, after receiving an offer for its 416 French petrol stations. The sale also [...]
Voser could still win long game February 4, 2010 IF investors were surprised by BP’s sub-par results earlier in the week, they should have been prepared for Royal Dutch Shell’s dismal numbers. Still, the near $1bn net loss at its refining business was eye watering. It is struggling against the worst downstream conditions in twenty years, as a slump in demand comes hot on [...]
Unilever falls on fears over competition February 4, 2010 FOOD and household goods giant Unilever reported forecast-beating sales growth for 2009 yesterday, but saw its shares slide on doubts over increased competition in Europe. The company, whose brands include Persil detergent and Lipton tea, increased full-year sales to 3.5 per cent – 10 basis points ahead of analyst expectations. Fourth quarter sales expanded 1.8 [...]
Tesco staff to cash in with share plan February 4, 2010 Thousands of Tesco employees who invested in the company’s saving scheme have each netted a share of £144m. After 12 months’ employment, the supermarket allows staff to invest between £5 and £50 a month in its Save As You Earn share scheme. Those who saved the maximum for the five-year scheme gained a 100 per [...]
Fuller’s tops expectations with record beer volumes February 4, 2010 London brewer and pub operator Fuller, Smith & Turner announced yesterday that it would exceed financial expectations for the year, having ridden out the recession well. The company reported a like-for-like sales boost over the festive period for its managed division, which covers directly owned pubs and hotels. The division’s sales rose 2.6 per cent [...]
Deutsche hit by €225m UK bonus tax bill February 4, 2010 DEUTSCHE Bank yesterday became the first major investment bank to reveal the impact of the UK government’s bank payroll tax on its finances, after it poured a total of €225m (£196.2m) into Treasury coffers. The disclosure came as Deutsche reported its fourth straight quarterly profit, taking full year pre-tax income to €5.2bn and more than [...]
UK gives Santander a boost February 4, 2010 The UK operations of Spanish banking giant Santander saw full-year profits leap 30 per cent in 2009 as the group grew its share of the mortgage market and signed up more than expected new customers to its bank accounts. Pre-tax profits hit £1.54bn for the year to 31 December with new acquisitions Bradford & Bingley [...]
Osmond vehicle blames poor markets as it raises £80m less than expected February 4, 2010 HUGH Osmond, the entreprenuer behind Pizza Express, the Punch pub group and Pearl insurance, has raised less than he hoped for his new acquisition vehicle Horizon. Osmond, who originally hoped to raise £500m from equity investors, revealed yesterday that the group had raised £417.7m from new shares at £10 a share. Advisers to the share [...]