Shareholders bruise Booker July 18, 2012 Almost a quarter of investors in Britain’s biggest cash and carry wholesaler Booker refused to back the firm’s remuneration report yesterday. Booker said it “will reflect” on its pay structures after the AGM rebellion. Meanwhile the company said it was on course to make profit expectations for the 2012-13 year as it revealed that sales rose [...]
Sluggish demand hits Ericsson July 18, 2012 Mobile network equipment maker Ericsson’s profits plummeted in the second quarter of the year, the firm revealed yesterday. Net profits fell 64 per cent to 1.2bn Swedish krona (£110m) as operators cut back on network upgrades and demand in China stuttered.
Puma warns on 2012 profit July 18, 2012 German sportswear maker Puma warned on 2012 profit yesterday, saying first-half net profit dropped 13 per cent. In an unscheduled statement, Puma said it now expected sales in 2012 to rise by around three to seven per cent, compared to a previous forecast for an increase of almost 10 per cent.
Ebiquity is back in the black July 18, 2012 Advertising analytics firm Ebiquity has reported a pre-tax profit for the year to 30 April of £2.64m compared to a £1.78m loss in 2011. Sales were £52.92m, 20 per cent up on last year. Chief executive Michael Greenlees said he anticipates more growth as Ebiquity expands internationally.
CITY MOVES | WHO’S SWITCHING JOBS July 18, 2012 Baroda Pioneer The asset management firm has appointed Jaideep Bhattacharya as its managing director. He joins from UTI Mutual Fund, where he was previously group president and chief marketing officer. Bhattacharya has also held senior roles at ICICI, the Indian bank. VTB Capital Peter Stonor has been appointed global head of infrastructure and transport for [...]
US corporate results round-up July 18, 2012 American Express growth levels off Credit card company American Express said yesterday its second-quarter profit rose marginally as card-member spending growth moderated. The company earned $1.34bn, slightly up on the $1.33bn earnings it reported a year ago. Total revenue, net of interest expense, was $7.96bn, up five per cent. Spending on its cards grew at [...]
BEST of the BROKERS July 18, 2012 CSR UBS has downgraded the chipmaker from buy to neutral with a target price of 310p after it sold its handset business to Samsung. UBS says the move cements CSR’s position as a niche platform player. SAGE Merchant Securities has downgraded the software group from “buy” to “hold” with a target price of 280p after [...]
Stocks edge upwards on renewed hope for more quantitative easing July 18, 2012 BRITAIN’S benchmark share index closed at its highest level in nearly two weeks yesterday, as hopes of fresh central bank stimulus measures lifted equity markets, although traders said the overall weak economic outlook would limit any future gains. The blue-chip FTSE 100 ended up 56.68 points, or one per cent, at 5,685.77 points – its [...]
Good earnings news gives lift to Wall Street July 18, 2012 THE S&P 500 touched its highest level since early May yesterday as corporate profits from bellwethers Intel and Honeywell defied fears of a collapse in earnings. The Dow Jones industrial average gained 103.16 points, or 0.81 per cent, to 12,908.70. The Standard & Poor’s 500 Index rose 9.11 points, or 0.67 per cent, to 1,372.78. [...]
Ethel Austin in administration July 18, 2012 Clothing chain Ethel Austin collapsed into administration for the fourth time in four years yesterday. Duff & Phelps, acting as administrator, said redundancies and closures at its 48 stores cannot be ruled out for the 78-year-old Liverpool-based firm. It added that it would “urgently” review the firm’s financial position.
