EDF to sell UK power network in £5.8bn deal July 30, 2010 BILLIONAIRE Li Ka-shing has offered to buy UK power grids from France’s EDF for £5.8bn, giving his companies a foothold in more lucrative overseas markets. Cheung Kong Infrastructure and Hongkong Electric said they won an auction for three power distribution grids and private power networks owned in Britain by EDF, the world’s second-largest utility. EDF’s [...]
Samsung in record quarterly profit July 30, 2010 SAMSUNG Electronics has reported record quarterly profits thanks to increased sales of smartphones and memory chips. The South Korean firm’s net profit in the three months to the end of June was 4.28 trillion won (£2.3bn). That reprsented an 83 per rise on the same period a year earlier. Revenue surged by 17 per cent, [...]
BA reports £164m loss as strikes and ash cloud take their toll July 30, 2010 BA has reported a £164m pre-tax loss for the three months to June. The figure was higher than the £148m loss it made in the same period last year. BA said that taking into account the impact of all disruptions – including the volcanic ash cloud and the strikes by cabin crew at the company [...]
Mortgage approvals dip July 29, 2010 MORTGAGE approvals fell more than expected in June and lending was also weaker than forecast, Bank of England figures showed. The Bank of England said mortgage approvals – a gauge of house prices in the future – numbered 47,643 in June, falling from a downwardly revised 49,461 in May and below forecasts for a reading [...]
BT earnings up 6pc July 29, 2010 BT posted a six per cent rise in first-quarter adjusted core earnings, generated strong cash flow and reiterated its outlook after taking further costs out of the business. Britain’s biggest fixed-line telecoms provider said its group revenues were down four per cent to £5bn in line with forecasts, while core earnings were up six per [...]
Santander trading “steady” July 29, 2010 THE euro zone’s largest bank, Santander reported first-half profits in line with forecasts with thriving business in Latin America setting off sluggish income in home market Spain. Santander, which emerged as one of the best capitalized banks in Europe following stress tests, said first half net profit fell 1.6 per cent to 4.445bn euros (£3.7bn). [...]
BSkyB profit jumps thanks to HD customers July 29, 2010 SATELLITE TV group BSkyB has reported a sharp jump in annual profits, fuelled by customers siging up for high definition (HD) services. Profit for the year to the end of June wass £878m, That was almost treble the £259m the broadcaster made in the previous 12 months. Revenue jumped to £5.9bn, up more than ten [...]
Shell reports £2.9bn profit July 29, 2010 ROYAL Dutch Shell has said the group’s net profits rose 15 per cent to £2.9bn in the past three months. “This is a good performance from Shell, despite today’s challenging macro-economic conditions. We are on track for growth,” Shell’s chief executive Peter Voser said. The figures follow a record £11bn loss at rival BP where [...]
Collins Stewart profit up July 29, 2010 BROKER and financial services group Collins Stewart said market uncertainty made it cautious on the outlook after its wealth management and corporate finance units contributed to higher interim profits. Pre-tax profit for the six months to 30 June rose 6.6 pervcent from last year to £6.5m, while operating profit rose 20 per cent to £7.3m. [...]
BAA halves losses July 28, 2010 AIRPORT operator BAA halved its first-half losses, helped by lower one-off charges, as passenger numbers fell 4.5 per cent on disruption caused by a volcanic ash cloud and strikes by British Airways staff. BAA, which is owned by Spain’s Ferrovial, said its pre-tax loss narrowed to £279.7m as revenues climbed 2.2 per cent to £957.6m. [...]
