Peugeot to cut 6,000 jobs October 26, 2011 France’s PSA Peugeot Citroen plans to cut 6,000 jobs in a bid to slash costs after warning that pricing pressure meant its core car making business would barely make a profit this year. PSA pledged to reduce costs by €800m (£697m) next year, including the job cuts. It also expects 2011 free cash flow to [...]
BAT in sales rise as price hikes kick-in October 26, 2011 BRITISH American Tobacco (BAT) lifted its sales by seven per cent in the first nine months of the year as the firm saw price rises and recovering volumes in the third quarter. The London-based maker of Kent, Dunhill, Lucky Strike and Pall Mall cigarettes said a good performance from these top four brands would help [...]
ANALYST VIEWS: IS BAT ABLE TO BUILD ON IMPROVING SALES? October 26, 2011 MARTIN DEBOO | INVESTEC These figures are quite strong and show the defensive qualities of the stock. There is pricing strength in the tobacco industry and volumes and margins are improving. BAT is in line with Philip Morris but pulling ahead of Imperial Tobacco. TINA COOK | CHARLES STANLEY BAT has released a reassuring quarter [...]
Nasdaq tops forecasts with its earnings October 26, 2011 NASDAQ’S core profit jumped 20 per cent in the third quarter, the firm said yesterday, as volatile markets boosted trading volumes across the exchange operator’s spectrum of assets. Nasdaq had a six per cent rise in stock trading revenue and a 40 per cent jump in revenue from derivatives trading and clearing, including the top [...]
Glaxo enjoys a return to growth October 26, 2011 DRUGMAKER GlaxoSmithKline said sales returned to growth in the third quarter as the pharmaceutical giant looked to put patent expiries and a collapse in revenue from troubled diabetes pill Avandia behind it. The firm said sales in the quarter increased four per cent from the same period a year ago at £7.1bn – slightly ahead [...]
Chairman of Olympus finally quits October 26, 2011 If every axed employee dreams of taking their boss down with them, then Michael Woodford was living the dream yesterday. All-powerful Olympus chairman Tsuyoshi Kikukawa (pictured) finally fell on his sword after the scandal engulfing his company showed no sign of abating. Olympus, the 92-year-old camera-maker, has now lost more than half its value since [...]
Int Power boosted by Brazil prices October 26, 2011 INTERNATIONAL Power said trading in the nine months to September was in line with its expectations, as strong growth across its Latin American operations helped offset poor results across Europe. The FTSE 100 firm, which merged with the power generation arm of GDF Suez in February, said revenues until the end of September were €12.3bn [...]
Peugeot cuts jobs as it issues profit alert October 26, 2011 FRANCE’S PSA Peugeot Citroen plans to cut 6,000 jobs in a bid to slash costs after warning yesterday that pricing pressure meant its core car making business would barely make a profit this year. PSA pledged to reduce costs by €800m (£697m) next year, including the job cuts. It also expects 2011 free cash flow [...]
Rosneft snaps up BP exec October 26, 2011 RUSSIA’S top oil producer Rosneft yesterday beat forecasts with a $2.82bn (£1.78bn) third quarter net profit, as the state-owned giant ploughs on with its international expansion efforts. Rosneft has hired a former BP project director to help it forge ties in the international market, just months after the firm’s $10bn share swap with BP collapsed. [...]
London lets the world in October 26, 2011 TWENTY-FIVE years ago today the doors of the London Stock Exchange were blown wide open. In one sweeping moment of market deregulation, London’s horizons suddenly broadened, and money flowed into the Square Mile. Outside investment broke up the LSE’s boys’ club and fixed commission charges for brokers, which effectively killed competition, were scrapped. The brainchild [...]
