Severn Trent on target for full year February 15, 2013 Utility Severn Trent this morning reiterated its full-year outlook, adding that trading in its regulated business had been largely as expected since October. Total revenue is expected to be in line with market expectations, Severn Trent said, although operating costs are expected to rise year on year. “We continue to forecast a bad debt level [...]
Profit leaps at LCH Clearnet February 15, 2013 Clearing house LCH Clearnet this morning posted an 89 per cent rise in full-year operating profit as revenue jumped 24 per cent. The London and Paris-based clearing house, which the London Stock Exchange (LSE) is due to take a majority stake in by the end of February, said annual operating profit came in at €127.5m [...]
Anglo American swings to loss on Minas Rio write-down February 15, 2013 Miner Anglo American this morning posted a sharp drop in 2012 earnings, hit by tumbling earnings from all core units and by the write-down on the Minas Rio project in Brazil. Underlying annual earnings plunged to $2.84bn (£1.83bn), a 54 per cent drop from the $6.12bn in 2011. The FTSE miner swung to a $1.5bn [...]
Warren Buffett and 3G in $28bn offer for Heinz February 14, 2013 Warren Buffett and 3G will buy iconic ketchup maker Heinz in a deal worth $28bn (£18bn). Buffett’s investment vehicle Berkshire Hathaway and 3G will pay $72.50 per share of the iconic company – famous for its ketchup and baked beans – marking a 19 per cent premium to the stock’s previous all-time high. Heinz hailed [...]
Amec weighs on FTSE February 14, 2013 The FTSE 100 edged down this morning as oil engineer Amec weighed heavily on the index. Shares in the engineer lost more than 5.5 per cent in early trading, despite it posting an 11 per cent hike in annual earnings this morning, enabling it to pledge a 20 per cent increase in its dividend. “In [...]
French and German economies contract in final quarter February 14, 2013 The French and German economies both shrank in the final quarter of 2012, preliminary data showed this morning. The German economy contracted more than at any time since the height of the financial crisis, shrinking 0.6 per cent on a seasonally-adjusted basis and worse than forecast. The Statistics Office said weaker foreign trade – exports [...]
Rio Tinto plunges to $3bn full-year loss February 14, 2013 Rio Tinto chief executive Sam Walsh promised to cut costs and spend capital more carefully, as the miner slumped to a full-year loss of $3bn (£1.9bn). Walsh, who was appointed chief executive as former boss Tom Albanese resigned on a $14.4bn write-down on failed acquisitions, said the company would have an “unrelenting focus” on pursuing [...]
Profit leaps at Rolls-Royce February 14, 2013 Pre-tax profit at engine maker Rolls-Royce jumped by almost a quarter last year to £1.4bn, it announced this morning. The 24 per cent leap in full-year profit was driven by growth its civil aerospace unit and a strong performance at Tognum, its marine and industrial engine joint venture with Daimler. Revenues came in eight per [...]
Firms going ex-dividend hit FTSE 100 February 13, 2013 The leading share index fell this morning, ending a three-session rally as it was weighed down by a number of blue chips going ex-dividend. Pharmaceutical giant AstraZeneca led the fallers, shedding more than three per cent as it went ex-dividend. Business software provider Sage and oil giant BP fell 1.63 per cent and 1.44 per [...]
CBI says UK will avoid triple-dip recession February 13, 2013 The UK will avoid a triple-dip recession in 2013, according to business lobby group the CBI, although growth will be lower. The business lobby said this morning that the economy would expand by 0.3 per cent in the first quarter of the year, and stay between 0.3 and 0.4 per cent for the rest of [...]
