Credit Suisse profit falls April 25, 2012 Credit Suisse’s first-quarter net profit shrank, as a 1.5bn Swiss franc (£1bn) loss on its own debt ate into profits. In a statement the Swiss bank didn’t add to ongoing job cuts of seven percent of its workforce, or roughly 3,500 staff, as some analysts had expected. Credit Suisse posted a net profit of 44m [...]
FTSE in modest rise as investors eye Fed April 24, 2012 The FTSE 100 saw a modest rally this morning led by banking and commodity stocks as investors looked for signs that the Federal Reserve will inject more liquidity into markets. London’s blue chip index was dented yesterday by uncertainty over who will be the next president of France, the collapse of the Dutch government and [...]
Public borrowing hits 2011/12 target April 24, 2012 The public sector budget deficit was higher than expected in March, but downward revisions in previous months enabled the government to meet its full-year target, the Office for National Statistics said. The Office for National Statistics said public sector net borrowing excluding financial sector interventions – the government’s preferred measure – rose last month to [...]
AB Foods buoyed by Primark April 24, 2012 Associated British Foods forecast a “substantial” rise in full-year earnings as under-pressure British shoppers turned to its Primark discount fashion stores and it benefited from high sugar prices in the first half of its financial year. The London-based food and retailing group said earnings per share rose five per cent to 34.4 pence in the [...]
Arm receives first quarter lift from licences April 24, 2012 ARM, the British company whose technology powers Apple’s iPad, met market expectations with a 22 per cent rise in first-quarter profit, helped by growth in chip-makers licensing its energy efficient designs. The company reported adjusted pretax profit of £61.9m on revenue 14 per cent higher at 132.5 million pounds, both in line with forecasts. Cambridge-based [...]
Shell to buy Cove energy for $1.8bn April 24, 2012 Royal Dutch Sheld said it agreed to buy oil explorer Cove Energy in a $1.8bn (£1.12bn) cash deal, after the major raised its previous offer to match a rival bid from Thailand’s PTT. Shell said it would pay 220 pence for each Cove share and that the deal was conditional upon approval from the government [...]
Facebook reveals income slip ahead of IPO April 24, 2012 Facebook Inc reported its first quarter-to-quarter revenue slide in at least two years, a sign that the social network’s sizzling growth may be cooling as it prepares to go public in the biggest ever Internet IPO. The company blamed the first-quarter decline, which surprised some on Wall Street, on seasonal advertising trends. Spending roughly doubled [...]
FTSE hit by Eurozone jitters April 23, 2012 The FTSE 100 slipped this morning as investors reacted badly to uncertainty in France as Nicolas Sarkozy lost the first round of the country’s presidential election. Sarkozy was narrowly beaten by socialist Francois Hollande who has said that he favours spending to boost growth rather than austerity. Meanwhile Spain’s economy probably contracted 0.4 per cent [...]
FTSE hit by Eurozone jitters April 23, 2012 The FTSE 100 slipped this morning as investors reacted badly to uncertainty in France as Nicolas Sarkozy lost the first round of the country’s presidential election. Sarkozy was narrowly beaten by socialist Francois Hollande who has said that he favours spending to boost growth rather than austerity. Meanwhile Spain’s economy probably contracted 0.4 per cent [...]
Astra agrees to buy Adrea for $1.2bn April 23, 2012 AstraZeneca has agreed to buy US company Ardea Biosciences for $1.26bn (£782.31m), giving it a new gout drug to bolster its weak pipeline in a deal that fuels a wave of M&A in the biotechnology sector. The $32-a-share acquisition – a 54 per cent premium to Ardea’s closing price – is worth $1bn after deducting [...]