Rensburg sees assets rise July 30, 2009 Rensburg Sheppards, the wealth manager, said yesterday its funds under management rose 8.4 per cent in the second quarter to £10.85bn, amid improving investor sentiment. The group said in a trading update all of its divisions posted growth in the quarter, with retail funds under management rising by 14.3 per cent to £880m.
Kodak posts second-quarter loss July 30, 2009 Eastman Kodak posted poor second-quarter results yesterday as weak demand hurt its film and digital photography businesses. Kodak posted a second-quarter loss of $189m (£115m), or 70 cents a share, compared with a profit of $495m, or $1.72, a year earlier. Kodak said sales fell sharply as a global recession limited consumer spending on travel [...]
BASF sees a drop in profits July 30, 2009 BASF, the German chemicals firm, warned of a significant drop in sales and earnings this year and said its second-quarter net profit plummeted nearly 74 per cent to €343m (£318m). The recession cut into sales and its acquisition of speciality chemicals firm Ciba also hit profits. The world’s largest chemical company by revenues said yesterday [...]
Dow falls into red after charges July 30, 2009 US firm Dow Chemical posted a second-quarter loss yesterday, as sales slumped and the company took large charges to revamp its operations. The company reported a net loss of $435m (£264m), or 47 cents per share, compared with a profit of $24m, or 3 cents per share, in the year-ago period. Sales fell 31 per [...]
BAE’s pension deficit grows in first half July 30, 2009 DEFENCE giant BAE Systems said yesterday its pension deficit had ballooned by 30 per cent to more than £3bn in the first half due to bond and inflation volatility. The group saw a net loss of £70m for the six months to January, down from a profit of £599m in the same period last year. [...]
Engine orders see Rolls-Royce thrive despite the downturn July 30, 2009 ROLLS-ROYCE yesterday said its underlying first-half pre-tax profit was up nine per cent for the first half of 2009 on the back of engine plane orders, which peaked before the downturn. The company, which makes engines and turbines for passenger planes, fighter jets, ships and power stations, is on track to meet its full-year goals, [...]
Judge approves sale of Delphi to its lenders and the new GM July 30, 2009 A US judge ruled yesterday that car parts maker Delphi can sell itself to a group of lenders, paving the way for the company to end its near four-year trip through bankruptcy court. Earlier this week Delphi’s board accepted a bid from its debtor-in-possession lenders, including several hedge funds, to take over much of its [...]
BT posts loss but cost cuts boost shares July 30, 2009 BT GROUP posted a 45 per cent drop in first-quarter pre-tax profit yesterday, driven by its loss-making Global Services (GS) division, but said that it had made a good start on meeting its new cost-cutting targets. Shares rose after the group reported pre-tax profit of £272m, on better-than-expected revenues of £5.2m, which were down three [...]
O2’s iPhone deal nudges up profits at parent Telefonica July 30, 2009 SPANISH telecoms giant Telefonica said yesterday that it had seen a small increase in first-half profit, as a sharp downturn in its home market was offset by a strong performance in the UK and Latin America. Telefonica’s UK arm, O2, put in a solid performance over the period – posting year-on-year growth of 6.6 per [...]
Trinity Mirror shares boosted as advertising slump starts to slow July 30, 2009 SHARES in newspaper publisher Trinity Mirror lifted yesterday after it beat market expectations for first-half earnings thanks to a slower rate of decline in advertising sales and strict cost management. The group said that advertising revenues fell 23 per cent in July, after a 28 per cent decline between January and June, and the company [...]