Segro posts flat property values July 31, 2013 Industrial landlord Segro yesterday said its net asset value per share was flat at 294p in the first half of 2013 as the company continues to reshape its property portfolio to battle weak economic data in Europe. Segro has completed £437m worth of disposals so far this year and invested £126m in development projects, it [...]
Dignity sees big rise in funerals July 31, 2013 A surprise six per cent jump in the number of deaths gave Britain’s only listed funeral company better than expected first-half profits yesterday. Dignity carries out one in every eight funerals and owns one in 10 crematoria. The firm expects rates to return to normal before the end of the year, but was able to [...]
Peugeot works on turnaround July 31, 2013 PSA Peugeot Citroen impressed investors by improving its 2013 cash flow goal yesterday, saying spending cuts and an alliance with General Motors had already begun to pay off. The struggling French carmaker now aims to reduce closely watched cash consumption before restructuring costs “at least by half” from last year’s €3bn (£2.6bn) – potentially undercutting [...]
Bayer says trading is tough July 31, 2013 Bayer, Germany’s largest drug company, said its full-year profit outlook had become more challenging as difficult plastics and chemicals markets temper sales growth from new pharmaceuticals. Second-quarter adjusted earnings rose to €2.2bn (£1.9bn), broadly in line with analyst forecasts.
Nintendo’s Wii U sales fall short July 31, 2013 Nintendo has kept its Wii U game machine sales forecast for the year through March 2014 unchanged at 9m consoles, although sales during the April to June first quarter were a modest 160,000 machines. Nintendo, which began by making playing cards in the late 19th century, is counting on the new Wii U to revive [...]
Tullow Oil cuts output forecast as drilling success rate drops July 31, 2013 TULLOW Oil’s share price remained buoyant yesterday despite the FTSE 100-listed firm unveiling a lower drilling success rate, soaring net debt and cutting its full-year production guidance. The oil explorer said net debt had risen 149 per cent to £1.7bn over the first half of the year and that wells drilled had a 63 per [...]
Mine problems hurt Vedanta July 31, 2013 INDIA-FOCUSED miner Vedanta Resources yesterday reported a 23 per cent decline in first-quarter earnings, impacted by production delays at its copper and iron ore mines. Copper earnings fell 60 per cent, as a copper smelter was suspended due to environmental concerns. Iron ore earnings fell 107 per cent after mining bans in the states of [...]
Production up at Antofagasta July 31, 2013 CHILEAN miner Antofagasta yesterday posted a 19.7 per cent increase in first-half gold production and an 8.4 per cent increase in first-half copper output, as it maintained its production guidance for the year. However copper and gold output fell in the second quarter compared to the first quarter, the FTSE 100 firm said. “On our [...]
Taylor Wimpey order book hits record levels July 31, 2013 TAYLOR WIMPEY said “a much improved and healthier housing market” had helped it to deliver a 42 per cent jump in half year profits. The housebuilder yesterday revealed pre-tax profits of £109m on sales up 11 per cent to £1.01bn in the six months to 30 June. “There has been meaningful improvement in the housing [...]
City A.M. shadow MPC votes 8-1 against rise in QE July 31, 2013 ALLISTER HEATH | CITY A.M. “Given the expansion of GDP in the second quarter, there would be no benefit to extending QE or cutting rates. The MPC needs to privately work on a way to exit from our current monetary policy, which is now a net drag on the economy.” GRAEME LEACH | INSTITUTE OF [...]
