Statoil seeks Iraq sale consent February 2, 2012 Norway’s Statoil wants to sell its stake in a giant 12.9bn barrel oilfield in southern Iraq to Russia’s Lukoil, and the Iraqi oil ministry has no objection “in principle”, an Iraqi oil official said yesterday. Statoil holds 18.75 per cent of the West Qurna Phase-2 field, with Lukoil at 56.25 per cent and Iraq’s North [...]
International Paper beats Street February 2, 2012 International Paper, the packaging producer trying to buy rival Temple-Inland, posted a better-than-expected quarterly profit yesterday as it cut costs to offset tenuous demand. The weak economy has taken a bite out of packaging sales, especially in North America where 70 per cent of IP’s business is centered. The company posted fourth-quarter net income of [...]
Outlook grim for Unilever as markets slow February 2, 2012 CONSUMER goods group Unilever said 2012 will be a difficult year as growth in emerging markets, which accounts for more than half its business, slows and demand in Europe and North America stays flat at best. The gloomy outlook sent shares in the Anglo-Dutch group sharply lower yesterday after it broadly matched 2011 sales growth [...]
Great Portland’s NAV jumps February 2, 2012 GREAT PORTLAND Estates, the London property developer, has seen its net asset value jump in the quarter after landing two major pre-lets with media firm UBM and property agency Savills. The group said the value of its portfolio rose 2.6 per cent in the three months to 31 December and gained 10.6 per cent to [...]
Mastercard’s results are hit by litigation charges February 2, 2012 MASTERCARD reported a higher quarterly profit yesterday as consumers around the world spent more money using credit and debit cards, but a litigation-related charge took a large bite out of its earnings. The world’s second-largest credit and debit card processing network said it incurred a $495m (£312m) after-tax charge related to merchant litigations in the [...]
Dow Chemicals shares slide after its revenues fail to impress the markets February 2, 2012 DOW CHEMICAL’S quarterly profit and revenue missed Wall Street’s expectations yesterday as demand for electronics, plastics and coatings plunged, causing the company to slash production and aggressively discount some products. The results sent shares of Dow, the largest US chemical maker by revenue, down 1.2 per cent. Dow’s operating rate, a reflection of its full [...]
Caterer Compass gets a boost from US business February 2, 2012 COMPASS Group, the world’s biggest caterer, said yesterday first-quarter sales rose more than eight per cent, as continued strength in North America and emerging markets offset weakness in Europe, putting it on track to achieve its full-year outlook. “We have seen good levels of new business wins and the improved level of retention we achieved [...]
MILK CUTS INTO DAIRY CREST’S GROWTH February 2, 2012 Dairy Crest unveiled a two per cent rise in sales in the first nine months of the year despite what it called a “challenging business environment”. The cheesemaker said its five key brands – Cathedral City, Country Life, St Hubert Omega 3, Clover and Frijj – were up eight per cent compared with the previous [...]
LVMH expects an excellent year February 2, 2012 LVMH, the world’s biggest luxury goods group, said yesterday the outlook for 2012 was “excellent” and hiked its dividend after rapid growth in Asia and at its Louis Vuitton brand helped it post a forecast-beating rise in full-year operating profit. The French group, which last year bought Italian jeweller Bulgari, shrugged off concerns about the [...]
Game Group gets loan lifeline February 2, 2012 Struggling retailer Game Group has won a lifeline from its lenders, after they agreed to revise the terms of the firm’s loan facilities. Game said last night it now has support from its stakeholders and lenders, and expects to meet its loan covenant tests at the end of the month having lowered the limits on [...]
