Smith & Nephew results fuelled by cost cutting February 2, 2012 SMITH & NEPHEW, Europe’s biggest artificial knee and hip maker, trimmed costs to shore up profit in the last three months of 2011, putting it back on track for what it expects to be a tough 2012 after a disappointing third quarter. The group’s trading margin bounced back to 25.2 per cent, from 19.8 percent [...]
AstraZeneca cuts jobs as takings dive February 2, 2012 ASTRAZENECA is cutting a further 7,300 jobs and expects earnings to fall 14-18 per cent this year as patents on key drugs expire and governments in Europe and the US squeeze prices. Britain’s second-biggest drugmaker said yesterday the latest phase of cuts, equivalent to 12 per cent of the workforce, would deliver an extra $1.6bn [...]
Sony to lurch further into red February 2, 2012 TROUBLED electronics company Sony is set to make its fourth consecutive annual loss – the worst run in its 54 years as a listed firm – as the group yesterday upped its loss forecast from ¥90bn (£750m) to ¥220bn. Sony also slashed its previous operating income forecast of ¥20bn to a ¥95bn loss. The third [...]
Electrolux earnings fall as it faces a tough year February 2, 2012 ELECTROLUX faces further headwinds in debt-ridden Europe this year while the US offers a glimmer of hope, the household appliances maker said yesterday as it reported a near 40 per cent fall in 2011 core earnings. Makers of fridges, washing machines and vacuum cleaners have been buffeted by weak consumer confidence on both sides of [...]
Merck profits impress Wall Street as research spending is trimmed in 2011 February 2, 2012 MERCK & Co yesterday reported better-than-expected fourth quarter earnings, helped by a decrease in research spending, and predicted relatively flat 2012 results as the second biggest US drugmaker girds for cheaper generic forms of its biggest product, asthma drug Singulair. Merck posted a fourth quarter net profit of $1.51bn (£955m), or 49 cents per share, [...]
Viacom shares drop after weaker advertising sales February 2, 2012 VIACOM posted a lower quarterly profit yesterday due to weaker than expected advertising sales at its stable of cable networks, including MTV and Nickelodeon. Viacom shares dropped initially by around four per cent in early trading before recovering as Viacom executives assured investors they had seen a recovery in the market during the current quarter. [...]
WATCHES SHINE AS SWISS EXPORTS DECLINE February 2, 2012 THE SWISS watch industry was the star performer among the country’s exporters last year, with shipments climbing 19.2 per cent in 2011 from a year earlier, the Federation of the Swiss Watch Industry said yesterday. Watch sales, including luxury brands such as Piaget, vastly outperformed other industries, where demand for Swiss goods fell. Total exports from Switzerland [...]
Botox maker’s earnings rise February 2, 2012 Allergan said yesterday its fourth-quarter earnings rose 6.4 per cent, as higher sales of its eye drugs Lumigan and Restasis offset lower-than-expected sales of wrinkle treatment Botox. The company’s forecast for the year was lower than anticipated, sending its shares down 1.8 per cent in mid-morning trading, although some analysts consider the outlook to be [...]
Statoil seeks Iraq sale consent February 2, 2012 Norway’s Statoil wants to sell its stake in a giant 12.9bn barrel oilfield in southern Iraq to Russia’s Lukoil, and the Iraqi oil ministry has no objection “in principle”, an Iraqi oil official said yesterday. Statoil holds 18.75 per cent of the West Qurna Phase-2 field, with Lukoil at 56.25 per cent and Iraq’s North [...]
International Paper beats Street February 2, 2012 International Paper, the packaging producer trying to buy rival Temple-Inland, posted a better-than-expected quarterly profit yesterday as it cut costs to offset tenuous demand. The weak economy has taken a bite out of packaging sales, especially in North America where 70 per cent of IP’s business is centered. The company posted fourth-quarter net income of [...]