Reed Elsevier falls on plunging profits and share placing July 30, 2009 ANGLO-DUTCH professional publisher Reed Elsevier last night said that it had raised £894m through an equity placing, which it plans to use to pay down its $8.4bn (£5.1bn) debt-pile. Reed unveiled its plans to launch the share placing of up to 9.9 per cent of its market capitalisation yesterday morning. It said its that its [...]
ANALYST VIEWS: HAS BSKYB IMPRESSED THE MARKET WITH ITS FULL-YEAR RESULTS? July 30, 2009 RICHARD HUNTER HARGREAVES LANSDOWNBSkyB has again confounded its doubters by posting numbers which belie the current environment. The spectres of fierce competition and rising unemployment both drag on prospects, but Sky continues to deliver in a marketplace in which it has pre-eminent experience, and the share price performance has reflected this. PAUL RICHARDS NUMIS SECURITIESWe [...]
Centrica sees profits slump in downturn July 30, 2009 CENTRICA said yesterday its first-half profits had dropped 5.6 per cent but that a good performance at British Gas had offset weak commodity prices. Operating profits at British Gas jumped 56 per cent to £476m on the back of low commodity prices and a cold snap in January and February. Centrica said its British Gas [...]
Brit misses profit expectations July 30, 2009 LLOYD’S of London insurer Brit said yesterday its pre-tax profits came in below analyst expectations at £64.9m in the first half of the year, excluding currency fluctuations. The figure was a 24.1 per cent rise on the £52.3m pre-tax profit booked in the first half of 2008, but fell short of analyst expectations of £70m. [...]
Antofagasta posts fall in first-half copper output July 30, 2009 CHILEAN copper miner Antofagasta yesterday posted a 6.6 per cent fall in first-half copper output, slightly better than its own expectations, and said costs remained sharply higher than last year. The London-listed firm said group cash costs in the second quarter stayed at the same level as the first quarter, up 35 per cent from [...]
Arcandor’s banks push for the sale of stake in UK travel group Thomas Cook July 30, 2009 THE leading banks of insolvent German retailer Arcandor are pushing for a sale of the group’s stake in travel operator Thomas Cook, of which they hold 43.9 per cent as collateral. Arcandor filed for insolvency in June after its request for state help failed. Chief executive Karl-Gerhard Eick has been keen to find ways to [...]
Japanese tech giants hit by Korean competition July 30, 2009 SONY and Sharp’s third straight quarters of losses underscore the challenges they face in flat-panel TV market as they struggle to compete with Samsung Electronics and other South Korean rivals benefiting from a weaker won. And Nintendo reported a sharp fall in quarterly profit as sales of its Wii game console lost some steam and [...]
CUTTING THE CLOTH July 30, 2009 GERMAN luxury fashion brand Hugo Boss saw sales for the first half of the year plunge five per cent to €788m due to consumers trading down to less expensive goods in the recession, though it expects to offset these effects this year with a strict cost-cutting drive. “The group can and will hold its ground [...]
Bad loans dent Erste Bank profit July 30, 2009 Austrian lender Erste Bank saw second-quarter pre-tax profit fall by 12 per cent, down from ¤447m (£381m) in the same period last year to ¤391.7m. The bank was hit by rising rates of bad loans in Eastern Europe but predicted that it would remain in the black. “We don’t expect that, for us, the crisis [...]
Commerzbank to sell Swiss arm July 30, 2009 Germany’s Commerzbank has announced the sale of its Swiss private banking subsidiary to Vontobel for an undisclosed price. The sale of Zurich-based Commerzbank (Switzerland), which had assets under management of Sfr4.5bn (£2.53bn) as of the end of last year, follows its sale of the Swiss private banking arm of Dresdner Bank to Liechteinstein’s LGT. The [...]