News Corp results rocket despite hacking expenses February 8, 2012 NEWS Corp forked out $104m (£65.8m) in the second half of 2012 due to phone-hacking investigations, of which 15 per cent was paid out to victims with the remainder related to lawyer and adviser fees. The Murdoch-controlled company grew revenues two per cent to $8.98bn in the second fiscal quarter, with profits up 65 per [...]
General Motors considers UK factory closure February 8, 2012 GENERAL Motors is preparing for a clash with unions following reports that the carmaker is planning to shut down manufacturing plants in the UK and Germany. The firm is set to report a quarterly loss of more than $300m (£189m) at its troubled Opel unit next week. The division – branded as Vauxhall in the [...]
US makes a tax deal with banks February 8, 2012 THE US Treasury Department yesterday enlisted five EU nations to help crack down on offshore tax evasion by Americans and ease the burdens the effort has imposed on many banks and financial institutions. The new law, entitled FACTA, gives banks in the UK, France, Germany, Italy and Spain simpler data disclosure agreements starting in 2013, [...]
Harry Potter conjures up profits for Time Warner February 8, 2012 TIME Warner rounded off a better-than-expected year on the back of its growing cable networks and the lucrative final Harry Potter film. The New York-based media and entertainment company reported fourth quarter profits of $772m (£488m), up slightly on last year’s $766m, from a five per cent rise in quarterly revenue to $8.2bn. This contributed [...]
Canaccord says weak markets dented earnings February 8, 2012 CANACCORD Financial said yesterday its third-quarter profit plunged 94 per cent on a weak market and one-time charges, but the core result topped analysts’ estimates, prompting investors to push the Canadian brokerage’s shares higher. Canaccord, which agreed to buy London stockbroker Collins Stewart in December, said it earned C$2.5m (£1.59m) in the final quarter of [...]
London nets football cash capital title February 8, 2012 MANCHESTER clubs might currently be bullying their southern rivals in the Premier League, but London has been pronounced the undisputed football finance capital of the world. London boasts three teams – Arsenal, Chelsea and Tottenham – among Europe’s richest 11 clubs, with two more – West Ham and Fulham – inside the top 40, according [...]
Robust sales help Dunelm beat gloom February 8, 2012 SHARES in Dunelm rose almost four per cent yesterday, after the British homewares retailer said it grew like-for-like sales in the first half and gained market share despite a tough economic environment. The Leicester-based company reported a 1.1 per cent rise in like-for-like sales during the six months to 31 December compared with a 1.2 [...]
Mothercare aims for re-birth with Calver February 8, 2012 TROUBLED retailer Mothercare pinned its hopes of a domestic turnaround on the internet yesterday when it appointed the head of Lovefilm International as its new chief executive. Simon Calver will join the mother and baby chain in April. He replaces Ben Gordon, who quit in October after a profit warning. Calver (pictured), whose current employer [...]
Supergroup shocks with profit warning February 8, 2012 SUPERGROUP, the owner of fashion label Superdry, surprised the City yesterday after it warned that a slowdown in sales meant full-year profits would be at the bottom end of expectations. The retailer said that after a solid Christmas trading period, with like-for-like sales up 9.3 per cent in December, “there has been a slowdown in [...]
ANALYST VIEWS: HAS THE PROFIT WARNING AFFECTED YOUR OUTLOOK? February 8, 2012 JOHN STEVENSON | PEEL HUNT Retail sales were in line with forecasts and little changed from the Christmas interim management statement, with wholesale on track for second half expectations. Given the relative unimportance of January trading and weak fourth quarter comparatives ahead, we were therefore surprised management took the opportunity to cut profit-before-tax guidance to [...]
