Aer Lingus profits grow November 5, 2013 Irish airline Aer Lingus yesterday reported a 4.4 per cent rise in operating profit to €94.9m (£79.9m) for the three months to the end of September, as a 0.9 per cent drop in passengers was offset by tight cost control. The firm said tough competition on fares in Europe had kept a lid on growth, [...]
Profits slump at BMW car arm as tech costs climb November 5, 2013 GERMAN luxury carmaker BMW said yesterday its third-quarter operating profit at its key automotive division fell more than expected due to the cost of new technology and price discounts in core European markets. Munich-based BMW said the division’s earnings before interest and tax (Ebit) dropped six per cent to €1.55bn (£1.3bn), missing analysts’ expectations. That [...]
Strong appetite for luxury spurs bumper sales for Michael Kors November 5, 2013 MICHAEL Kors Holdings a better-than-expected 40 per cent jump in quarterly revenue yesterday, driven by strong demand for its trendy handbags and watches. Signs of economic recovery in the US and Europe have increased demand for affordable luxury items. Men are also spending more on luxury, encouraging companies to step up investments. Michael Kors Holdings, [...]
Encana boss Doug Suttles eyes spending cuts amid restructure November 5, 2013 ENCANA, the Canadian natural gas producer run by former BP executive Doug Suttles, said yesterday it will cut about 20 per cent of its workforce, slash its dividend and invest nearly three-quarters of its 2014 capital spending budget in more lucrative oil and liquid gas assets. The strategy is part of the new chief executive’s [...]
Vivendi to sell Maroc Telecom stake to Etisalat in €4.2bn deal November 5, 2013 VIVENDI has agreed terms to sell its 53 per cent stake in Maroc Telecom to the UAE’s Etisalat for €4.2bn (£3.5bn), the latest step in the French conglomerate’s drive to become more media focused. Looking to pay down its debts and revive its shares, Vivendi is selling assets such as Maroc Telecom and video games [...]
Acer revamps with new CEO November 5, 2013 Taiwan’s Acer announced a restructuring plan with a new chief executive and seven per cent job cuts yesterday following a worse-than-expected net loss of T$13.12bn (£278bn) in the electronics firm’s third quarter. Acer corporate president Jim Wong will succeed JT Wang as chief executive, while Wang will stay on as chairman until June. The net [...]
Ukraine signs Chevron deal November 5, 2013 Ukraine signed a $10bn (£6.2bn) shale gas production-sharing agreement with US Chevron yesterday, another step in a drive for more energy independence from Russia. The deal to develop its western Olesska field followed a similar shale gas agreement with Shell in January and boosts Ukraine at a time of fraught relations with Moscow over gas [...]
Cognizant beats expectations November 5, 2013 IT services firm Cognizant Technology Solutions reported a better-than-expected 22 per cent rise in quarterly revenue yesterday as businesses, especially financial firms and companies in Europe, outsourced more work and increased spending on consulting. The company, which also raised its full-year forecast for both profit and revenue, said third-quarter sales rose 22 per cent to [...]
City Moves for 06 November 2013 | Who’s switching jobs November 5, 2013 Freshfields The law firm has announced the appointment of David Broomhall as co-head of its antitrust, competition and trade practice. Broomhall has been a partner at the firm since 1998, and was competition practice group leader in Brussels for the past eight years. City Financial The fund management firm has hired Phillip Lee as a global [...]
Balfour to beat 2013 expectations despite weak Australian unit November 5, 2013 FTSE 250-listed infrastructure group Balfour Beatty’s share price slid 2.2 per cent yesterday, after the firm lifted its outlook for the year but said weakness in the Australian market will continue to dent the business. The company said that third-quarter trading had developed as expected, apart from the professional services division, which was affected by [...]
