WPP buys Chinese advertising firm as it chases growth targets October 15, 2013 ADVERTISING giant WPP has bought Chinese media agency IM2.0, it announced yesterday, as the group pushes towards its target of 40 per cent gains in fast-growth markets. IM2.0, which was established in 2008 and counts Dell, Adidas and China Merchant Bank among its clients, had revenues last year of over 72m yuan (£7.4m). IM2.0 employs [...]
Mecom shares soar after it raises outlook and chief exec resigns October 15, 2013 EUROPEAN publishing company Mecom Group delighted investors yesterday by raising its full-year core profit forecast, as it announced that its chief executive would step down at the end of the month. Shares in the company, which have fallen 46 per cent since the beginning of the year, traded up as much as 50 per cent, [...]
North America sales add fizz to Coca-Cola profit October 15, 2013 COCA-COLA reported higher quarterly earnings and lower revenue yesterday as strong sales of its namesake products offset the effects of global economic pressures and the costs of restructuring bottling operations in Brazil and the Philippines. Net income rose six per cent to $2.45bn (£1.5bn), or 54 cents per share, in the third quarter from $2.31bn, [...]
Johnson & Johnson ups forecast after better than expected results October 15, 2013 JOHNSON & Johnson (J&J) reported better-than-expected third-quarter results yesterday, as strong growth for prescription drugs overshadowed weaker contributions from its medical device and consumer products businesses. Global drug revenue jumped almost 10 per cent to $7.04bn (£4.4bn), repeating the strong performance seen in the prior quarter, on soaring sales of its Simponi and Remicade treatments [...]
Grangemouth talks plough on October 15, 2013 Talks to avert a 48-hour strike at the Grangemouth refinery in Scotland resumed yesterday amid an atmosphere of hostility between operator Ineos and the Unite union, raising the chances of disruption to North Sea crude oil flows. The plant began to close on Monday ahead of industrial action. Meanwhile Conservative politicians Robert Halfon warned that [...]
Evraz sells off coal mine for £195 October 15, 2013 FTSE 250-listed Russian steelmaker Evraz yesterday confirmed it has agreed to sell the Gramoteinskaya thermal coal mine to Lehram Capital Investments for just 10,000 roubles (£194.50), as part of its strategy to divest non-performing assets. The mine posted pre-tax losses of $19m (£11.9m) last year. Evraz is focusing on developing coking coal mines and sees [...]
Oil rig safety could delay projects October 15, 2013 A shortage of skilled oil and gas safety engineers will cause delays to projects in the near future, a new study warns. Josh Finlay, consultant at Interim Partners, which undertook the research, told City A.M. that an ageing workforce qualified to do safety checks on oil rigs means that demand will outweigh supply in five [...]
Bellway expects strong demand as profits jump October 15, 2013 BRITISH housebuilder Bellway said easing mortgage lending and improved consumer confidence helped it deliver a 34 per cent rise in full year profit, and said the current year had started strongly. The Newcastle-based company said yesterday pre-tax profit for the year to 31 July rose to £140.9m, from £105.3m, on a 10.6 per cent increase [...]
Summer sales up 10 per cent on the Eurostar October 15, 2013 EUROSTAR has said the British economy is picking up speed, taking sales of its cross-Channel train tickets with it in the third quarter of 2013. The firm said yesterday that sales rose 10 per cent on last year to £207m, as 2.7m passengers took trips between the UK and the continent, up five per cent. [...]
H&M revenues catch a chill in September October 15, 2013 HIGH street clothing giant H&M yesterday said like-for-like sales fell by two per cent in September compared with the same month last year. This was in line with expectations but was a significant fall on the 11-month high of four per cent growth reported in August.