ConocoPhillips lags forecasts as Kellogg’s cuts 2012 targets April 23, 2012 CONOCOPHILIPS, which is splitting into two stand-alone companies at the end of the month, reported a lower-than-expected quarterly profit, hurt by weak refining margins. Net profit for the first quarter was $2.9bn, or $2.27 per share, compared with $3bn, or $2.09 per share, a year earlier. Excluding $330m on net special gains, earnings were $2.02 [...]
GDF Suez benefits from gas as profits jump April 23, 2012 FRENCH utility GDF Suez yesterday posted a 5.7 per cent rise in first-quarter core earnings, thanks to growing demand for natural gas and contract wins in fast-growing emerging markets through British unit International Power. At its annual shareholder meeting yesterday, GDF Suez confirmed it would detail its nuclear review by mid-year, in the wake of [...]
Philips surprises with turnaround April 23, 2012 PHILIPS Electronics reported better-than-expected quarterly results yesterday, buoyed by one-off gains and a stronger performance at its consumer and healthcare businesses, in the first signs of a long-awaited turnaround under new management. Philips reported first-quarter net profit jumped 80 per cent to €249m as sales climbed seven per cent to €5.6bn. But the Dutch group [...]
BRITISH LAND SELLS VIRGIN ACTIVE SITES April 23, 2012 PROPERTY developer British Land has sold off five of the Virgin Active racquet sports clubs it bought last July. The clubs in Gloucester, Neath, Manchester, Oxford and Poole have been sold to three institutional buyers for a total of £33m, which the company said represents an average net initial yield of 6.5 per cent.
BP sues Argentinian firm Bridas April 23, 2012 ● BP yesterday sued Argentina’s Bridas Corp over a collapsed $7.06bn (£4.37bn) asset sale, saying it is willing to pay a $700m breakup fee so long as it will not face fraud claims arising from its conduct. The lawsuit stemmed from the November 2011 collapse of BP’s plan to sell its 60 per cent stake [...]
Borders dives despite gas find April 23, 2012 ● Oil explorer Borders & Southern yesterday said it made a significant discovery of gas condensate off the coast of the Falkland Islands. It said that a well drilled on the Darwin prospect off the south coast of the Falklands found the liquid, which often trades at a premium to crude oil. But shares in [...]
Gulf Keystone hails its best well April 23, 2012 ● Gulf Keystone, which focuses on oil projects in Kurdistan, said that its Shaikan-4 well was producing 24,000 barrels of crude a day on test, making it the company’s best performing well. The company’s shares surged by more than 11 per cent after the upbeat update.
SME borrowing down again as demand drops April 23, 2012 BUSINESS lending fell again in February, official data showed yesterday, while the level of mortgage loans is set to plummet after the end of the stamp duty holiday last month. Lending to firms was three per cent lower in February than in the same month of 2011, Bank of England figures revealed, as total corporate [...]
Factory output keep sliding as China struggles to find growth April 23, 2012 MANUFACTURING output in China fell for a second consecutive month, survey data showed yesterday, raising fears the economy will not recover as sharply as some analysts had hoped. Initial estimates of the manufacturing sectors’ purchasing managers’ index (PMI), compiled by Markit and HSBC, rose from 48.3 in March to 49.1 in April. That is below [...]
Government needs a clearer strategic plan, says committee April 23, 2012 THE GOVERNMENT was accused this morning of lacking a “coherent strategy” to back up its policies. The Public Administration Select Committee (PASC) cites “recent concerns about a strategic vacuum at the centre of government” and calls for the publication of a clear long term strategy in the run up to each year’s Budget. The committee [...]
