CITY VIEWS | CAN THE OLYMPICS LEAVE A LASTING LEGACY? August 8, 2012 GREG MURRAY LLOYDS It depends on how well the site is integrated and the transport links are maintained. If we continue to fund our sports well then further success is guaranteed in the future. MALCOLM BIRD RR DONNELLY I think that much of the Olympic buzz will fade after the Games. But the Olympic park [...]
Old Mutual coy over plans for Nedbank sale August 8, 2012 INSURER Old Mutual saw its share price hit a three-month high yesterday after revealing a 12 per cent rise in profits and plans to expand into sub-Saharan Africa. Chief executive Julian Roberts said that the firm would boost its footprint in East and West Africa to combat, “sustained low growth. The firm, based in South [...]
Eurozone debt damages profit at bailed-out bancassurer ING August 8, 2012 BAILED-OUT banking and insurance group ING yesterday posted a 22 per cent fall in quarterly net profit to €1.17bn (£923m) yesterday, missing forecasts as the cost of restructuring and the Eurozone financial crisis took their toll. The Dutch firm has cut its exposure to Spanish debt from €41.4bn to €34.9bn since the start of the [...]
Fannie Mae makes $5.2bn profit August 8, 2012 FANNIE Mae yesterday reported a quarterly profit due in part to stronger home prices and said the mortgage financier did not need additional taxpayer funds to stay solvent, the second consecutive quarter the company did not request help since it was seized by federal authorities during the financial crisis. Fannie Mae said net income for [...]
Bupa hurt by rising cost of UK healthcare August 8, 2012 HEALTHCARE provider Bupa yesterday said a lack of competition among UK private hospitals had contributed to a 22 per cent fall in profits in its European and US businesses. Posting a £35m profit for its UK, Spanish and US operations, down from £45m last year, Bupa said this lack of competition was pushing up the [...]
Cobham orders hit by row in US August 8, 2012 BRITISH defence technology group Cobham said US budget disputes and the impending presidential election have hit order books, as the company cut its earnings forecast. Shares fell six per cent on the news, as Cobham reported a five per cent drop in revenue to £892m and a 10 per cent fall in profits to £90m [...]
Cathay Pacific posts worst half since 2003 as fuel costs surge August 8, 2012 CATHAY Pacific Airways yesterday posted its worst first-half loss since 2003, surprising investors with complaints of weak cargo traffic, high fuel costs and a fall in premium passengers. Hong Kong-listed Cathay, which issued a profit warning in March, reported a net loss of HK$935m (£77m) for the six months to the end of June, its [...]
Ryanair loses Aer Lingus appeal August 8, 2012 RYANAIR failed to halt a competition probe into its minority stake in takeover target Aer Lingus. The Competition Appeal Tribunal yesterday threw out Ryanair’s case, allowing an investigation by the Competition Commission to continue. Ryanair tried to argue that the body did not have the power to investigate its 30 per cent stake. Aer Lingus [...]
BP sells fuel arm for £40.5m August 8, 2012 Support services group DCC paid £40.5m in cash for BP’s liquefied petroleum gas (LPG) distribution arm, which supplies fuel to industrial, commercial and domestic customers. BP will retain its automotive LPG business, which operates the group’s petrol stations.
Sportingbet on track for profit August 8, 2012 Sportingbet’s full-year profits, due in October, will meet expectations despite “challenging economic conditions” in Europe, the bookie said yesterday. Sportingbet, which also runs a successful operation in Australia, reported a slump in profits in the first quarter, following a temporary closure of the Spanish gambling market.
