Cisco stock dips on sales warning November 14, 2013 Cisco Systems’ shares fell over 11 per cent yesterday after the network equipment maker forecast a steep drop in revenue for the current quarter, prompting at least 17 brokerages to cut price targets on its stock and two to downgrade their ratings. Cisco said on Wednesday it expected an eight to 10 per cent drop [...]
Spain’s bad bank offloads loans November 14, 2013 Spain’s so-called bad bank, which was set up to cleanse ailing banks of soured loans, has sold two portfolios of loans worth a total of €323m (£270m) to Deutsche Bank, the third sale of its kind. The government-backed vehicle, known by its Spanish acronym Sareb, put at least seven portfolios on the market in recent [...]
Lockheed Martin cuts US jobs November 14, 2013 Lockheed Martin, the world’s largest defence contractor, said last night that it plans to slash 4,000 jobs and shutter plants in several American states to reduce costs in the face of declining US military spending. The weapons-maker will close the affected facilities by mid-2015 to achieve job cuts that amount to more than three per [...]
Ophir surges on sale of stake in Tanzanian asset November 14, 2013 AFRICA-FOCUSED oil explorer Ophir Energy’s share price soared over 16 per cent yesterday morning, after the FTSE 250 firm agreed to sell half its stake in a Tanzanian project for $1.29bn (£800m). The firm, which is backed by billionaire Indian steel tycoon Lakshmi Mittal, sold a 20 per cent interest in three offshore Tanzanian liquefied [...]
Warm weather helps can firm Rexam despite tough economy November 14, 2013 DRINKS can maker Rexam said yesterday that third-quarter global beverage cans volume rose three per cent, helped by a hot summer in western Europe, but the gain was partially offset by weakness in Russia, Egypt and Turkey. Rexam, which counts Coca-Cola, Pepsi, Red Bull and Heineken among its customers, said it sees challenges in Europe, [...]
WS Atkins half-year profits rise 8.2 per cent on growth at home November 14, 2013 ENGINEERING consultancy WS Atkins yesterday posted an 8.2 per cent rise in underlying pre-tax profits for the first half of the year and a 12.2 per cent increase in revenue, boosted by a strong performance in the UK. The FTSE 250-listed firm has increased its dividend by five per cent and said its full-year outlook [...]
UK a weak link for sausage firm November 14, 2013 DEVRO, the sausage casings maker, yesterday warned that its performance in 2013 is set to be at the lower end of forecasts, sending its shares down one per cent. The FTSE 250-listed firm said that sales in new markets such as Latin America were growing, but developed markets including Britain had disappointed this year. Devro [...]
Strong turnover lifts Carphone November 14, 2013 CARPHONE Warehouse yesterday impressed investors with an 8.3 per cent rise in underlying half-year sales, lifting shares up 6.5 per cent. The mobile phone retailer said it had managed to attract sales despite the rollout of 4G, which has prompted some customers to wait before they upgrade their handsets. Headline pre-tax profits were £19m from [...]
Blockbuster to close 72 stores November 14, 2013 Blockbuster is to pull the shutters on 72 of its 264 stores next week and make almost a quarter of its workforce redundant as administrators to the collapsed film rental chain continue to look for a buyer. Joint administrator Nick O’Reilly, from Moorfields Corporate Recovery told City A.M. he had already been in contact with [...]
Savills buoyed by London market November 14, 2013 Savills said buoyant demand for prime London homes and a “quicker than expected pick-up in the regions” helped to offset tough conditions in Hong Kong and boost trading in the third quarter of the year. The property agent said yesterday that it nows expects full-year results to be at the upper end of previous forecasts. [...]
