BNP Paribas offloads Artemis February 1, 2010 Asset management boutique Artemis has been sold to 17 of its fund managers and US-based Affiliated Management Group for an undisclosed sum by owner BNP Paribas. The deal puts an end to nearly two years’ uncertainty after the firm was first put on the market by Fortis, the European bank that owned a majority stake, [...]
ExxonMobil beats profit expectations February 1, 2010 ExxonMobil yesterday reported a fourth-quarter profit that topped Wall Street expectations as natural gas projects boosted results at the largest US oil company’s exploration arm. Still, Exxon’s net income fell 23 per cent as weak demand for fuel in the global economic slowdown caused a loss in its refining business. Oil and gas production increased [...]
Ryanair ups annual profit forecast February 1, 2010 BUDGET airline Ryanair increased its profit forecast for the year after posting a smaller than expected third-quarter loss yesterday. Europe’s biggest low-cost airline said a drop in fuel prices had helped to improve the company’s figures. Ryanair’s loss of €10.9m (£9.5m) in the three months to the end of December compared with a €118.8m net [...]
Takeover talk pumps life into water company share prices February 1, 2010 INVESTOR interest in water companies was in full flow yesterday after it emerged that utility group Northumbrian Water could become the target of a £1.7bn takeover bid. Shares in Northumbrian and rivals United Utilities, Severn Trent and Pennon rose on speculation that Canadian pension fund Ontario Teachers Pension Plan, which owns about 27 per cent [...]
IS RYANAIR ON THE UP AND UP AFTER SLUMP ? February 1, 2010 JOSHUA RAYMOND | CITY INDEX The fact that they have increased their profit forecast at a time when many are remaining cautious for the year has pleased investors. The loss came in narrower than expected also and has boosted investor confidence in a sector that has had a fairly horrible time. GERT ZONNEVELD | PANMURE [...]
Gazprom third quarter profits up on joint ventures and currencies February 1, 2010 Russian state-run energy company Gazprom posted a forecast-beating 33 per cent rise in third-quarter net profit, thanks to successful investments in jointly controlled entities and a foreign exchange gain. Gazprom’s shares closed up 1.8 per cent at 189.85 roubles (£3.93) on Moscow’s MICEX, bucking a downward trend on the broader market, where the oil and [...]
Awful airline, great stock February 1, 2010 AWFUL airline, great stock. Ryanair might be the bête noire of the chattering classes, but Michael O’Leary’s low-cost carrier is attracting enough customers without them. Its passenger numbers were up 14 per cent to 16m in the third quarter, a traditionally dire time for airlines. Revenues lagged behind, edging up one per cent as yields [...]
Global factory output rises as slump ends February 1, 2010 MANUFACTURING activity expanded around the globe last month as economies emerged from recessions In the UK, factory activity expanded at its fastest pace in 15 years in January, according to a survey. The CIPS/Markit manufacturing purchasing managers’ index jumped to 56.7 last month from an upwardly revised 54.6 in December. It was the highest since [...]
Sherry and mince pies leave people £52m deeper in debt February 1, 2010 BRITISH consumers embarked on a festive spending splurge in December, running up credit card debts and using their overdrafts. Overall borrowing outstripped the amount being paid back for the first time since June, according to the Bank of England. Credit card use was the main force driving unsecured consumer leverage up by £52m over Christmas [...]
US consumers are still thrifty February 1, 2010 AMERICAN consumers kept a tight grip on their wallets in December with spending up by just 0.2 per cent, after increasing by an upwardly revised 0.7 per cent in November, according to a report. The Commerce Department report showed the third straight monthly rise in spending, which accounts for about two-thirds of the US economy, [...]