Expedia beats Wall Street expectations for quarter February 11, 2010 Expedia, the largest US online travel agency, yesterday posted a quarterly profit that topped expectations on a 26 per cent gain in travel bookings and said it would pay a seven-cent-per-share quarterly dividend. The results were generally positive for the company, but its shares tumbled 8.5 per cent to $20.35 (£12.98) on Nasdaq on concerns [...]
Marriott warns on outlook as profits rebound February 11, 2010 Marriott International posted a higher-than-expected quarterly profit yesterday but said it would be difficult to predict the pace of recovery for the hotel industry, which has been hurt by tepid business travel. Business travel is an important step to recovery for Marriott , which relies heavily on corporate demand to help set room rates. Although [...]
Rolls-Royce is upbeat as its profits return February 11, 2010 ROLLS-ROYCE bounced back into the black last year and ended 2009 with a record order book, enabling the company to raise its dividend. The engine maker made a net profit of £2.2bn, compared with a loss of £1.3bn in 2008. Revenues climbed 14.7 per cent to £10.4bn and its order book increased more than fourfold [...]
Incentive fees boost Och-Ziff February 11, 2010 HEDGE fund company Och-Ziff Capital Management Group yesterday reported higher-than-expected quarterly earnings because it collected more incentive fees as its portfolios delivered strong returns. The New York-based company, which participated in the Glazer family takeover of Manchester United in 2005, reported distributable earnings of $281.4m (£179m) or 69 cents per share. A year earlier, the [...]
De Beers secures backing of $1 billion rights issue from major shareholders February 11, 2010 DE BEERS yesterday won the backing of its shareholders, Anglo American, the Oppenheimer family and the Botswana government, to raise a $1bn (£637m) rights issue to refinance its debt. The Group is still in talks with its bankers over securing a $1.5bn credit facility from March and the money raised will be used to cut [...]
Air France-KLM dampens spirits in the markets as flies towards a £1.3bn loss February 11, 2010 SHARE prices dropped across the airline sector yesterday after Air France-KLM warned that it expected fourth quarter losses to be “of the same order” as its €535m (£466.4m) operating loss in the same period last year. The airline’s third quarter statement revealed an operating loss of €245m in the three months to 31 December. If [...]
Mouchel secures £550m in new highway contracts February 11, 2010 MOUCHEL, the British support services group, has sealed new highway contracts worth £550m and expects to return to growth in 2010/11. The Group also announced a £2bn order book for the six months ending 31 January 2010, up from £1.9bn in July last year. It said bidding opportunities had increased as local authorities look to [...]
Citigroup claims competitive pay February 11, 2010 Citigroup is at no disadvantage when it comes to paying employees, the bank’s chief financial officer said yesterday. The bank is subject to the same compensation oversight as its major competitors, John Gerspach said at a conference hosted by Credit Suisse. Analysts have said that the government’s remaining investment in the bank could prevent Citi [...]
MySpace chief steps down February 11, 2010 Owen Van Natta, hired only nine months ago to revitalise struggling online social network MySpace, has stepped down as chief executive, the company announced yesterday. Two MySpace executives, Mike Jones and Jason Hirschhorn, were immediately promoted to co-presidents, effectively replacing him. News Corporation, parent company of The Times, acquired MySpace in 2005 for $580m.
Alcatel-Lucent’s losses widen February 11, 2010 Alcatel-Lucent yesterday posted a wider-than-forecast loss, missed revenue expectations and cut its 2010 operating margin target, buffeted by a tough market for telecommunications gear. Alcatel posted 2009 revenue of €15.16bn (£13.22bn), an adjusted loss of €56m, and a net loss of €524m. Shares plunged at the French-American group that has struggled to compete with larger [...]