Primark fuels AB Foods profits February 27, 2012 Primark-owner Associated British Foods expects growth in its half year profits to be driven by its discount fashion chain, which has gained as under-pressure British shoppers seek out bargain prices, and by a strong performance from sugar. Western European shoppers have cut back on spending as unemployment has risen and wage rises stagnate, but Primark [...]
Essar posts earnings drop February 27, 2012 India-focused refiner and power generator Essar Energy said core earnings fell 10 per cent in 2011, falling short of analyst forecasts due to weaker refining margins and depreciation of the Rupee in the second half of the year. The company posted full-year earnings before interest, tax, depreciation and amortisation (EBITDA) of $624.8m. That compared with [...]
HSBC profits up 15pc on Asia growth February 27, 2012 HSBC just missed analysts’ expectations with a near $22bn (£13bn) profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets. Profits at its investment bank were down 24 percent on 2010 at $7 billion, hurt as the euro zone debt crisis slowed capital markets [...]
Roche won’t up Illumina bid price February 27, 2012 Swiss drugmaker Roche extended its $5.7bn (£3.5bn) hostile bid for Illumina in a widely expected move as it seeks to boost its position in the gene sequencing market. But analysts say Roche, which has a history of success with such hostile deals, may ultimately have to raise its $44.50 per share bid to around $60 [...]
BP spill case postponed as it tries to cut deals February 27, 2012 The trial to decide who should pay for the 2010 Gulf of Mexico oil spill has been delayed by a week, to allow BP Plco try to cut a deal with tens of thousands of businesses and individuals affected by the disaster. Less than 24 hours before the case was set to start in a [...]
Italy bond yields fall February 24, 2012 Vulnerable debtor Italy sold the top planned amount of bonds at a 4.5bn euro (£3.8bn) auction on Friday and the yield on a two-year zero coupon bond fell to its lowest since May, boosting market sentiment ahead of a more demanding debt sale next week. Analysts said the prospect of the European Central Bank offering [...]
FTSE buoyed by energy stocks February 24, 2012 Upbeat economic data across the Atlantic and strong energy stocks helped to keep the FTSE 100 on track today despite relative weakness in Europe. US blue chips added 0.4 per cent overnight after weekly jobless data showed the US labour market remained on the mend, with the Dow approaching levels not seen since before the [...]
UK GDP drop confirmed February 24, 2012 Britain’s economy shrank in the fourth quarter of last year despite higher consumer spending and strong export growth as businesses slashed investment, official data showed on Friday. The Office for National Statistics confirmed earlier estimates that the economy shrank by 0.2 percent quarter-on-quarter, growing by 0.7 per cent on the year – a slight downward [...]
William Hill targets international expansion February 24, 2012 Britain’s biggest bookmaker William Hill said it would look to expand internationally to take advantage of countries legalising gambling as it reported full-year earnings which were marginally ahead of previous guidance. The company, which has over 2,370 betting shops and takes over one million bets a day, said operating profit for the year to December [...]
Lloyds reports £3.5bn loss February 24, 2012 Lloyds said 2012 revenue would fall and pushed back a key financial target as the part state-owned British bank joined rival Royal Bank of Scotland in posting a hefty loss for 2011. Lloyds reported an annual loss of £3.54bn, having made a profit of £281m in 2010. “We expect the external environment to remain challenging [...]
