Barclays cuts 3,000 jobs in costs purge August 2, 2011 BARCLAYS escaped the sell-off in European banking stocks yesterday as it promised 3,000 job cuts this year and posted results showing that its investment bank has fared better than expected. The bank said it had identified £2bn in cost-savings rather than £1bn, saying that it had already laid off 1,400 workers so far in 2011, [...]
A tale of two data sets August 2, 2011 AS IF a hundred pages of figures weren’t enough, Barclays delivered two sets of headline numbers yesterday. The first, “statutory” figures, which include the impact of a £1bn PPI provision, showed half-year return on equity (RoE) falling from 9.8 per cent to 5.9 per cent. But the “adjusted” figures told the opposite story: returns are up from [...]
BNP Paribas is stung by Greek debt exposure August 2, 2011 BNP Paribas fell short of profit expectations for the second quarter yesterday, hit by its Greek exposure and sluggish growth in its retail and investment banking units. Chief executive Baudouin Prot said loan loss provisions would fall further this year, despite a €534m (£466m) charge this quarter linked to Greece. BNP Paribas has the biggest [...]
Investors are Ka-shing in on Northumbrian August 2, 2011 OCTOGENARIAN tycoon Li Ka-shing has agreed to buy Northumbrian Water for £2.4bn – the biggest takeover of a UK-listed company this year. CKI, the investment consortium fronted by Li, has agreed to pay 465p a share – up from just 295p in January – as well as offering a final dividend, taking the total value [...]
Fresnillo first half sparkles August 2, 2011 MEXICAN silver and gold miner Fresnillo had a sparkling first half, boosted by soaring precious metal prices. Total revenue rose to $1.06bn (£644.5m) from $605.7m in the same period to 30 June last year. Earnings before interest, depreciation and amortisation (EBITDA) rose to $757m from $394.3m.
Gold output is hit at Centamin August 2, 2011 SHARES in gold producer Centamin Egypt dropped 20.5 per cent to 109.6p yesterday after the company cut its output forecast for 2011. Centamin Egypt announced lower than expected production in the second quarter due to local restrictions on blasting. The company said it is confident that the blast issues will be resolved in the third quarter. [...]
Higher prices lift Xstrata August 2, 2011 XSTRATA, the Anglo-Swiss miner, saw first half profits jump by 27 per cent, boosted by higher commodity prices and a growing Asian demand for coal and metals. Net income rose to $2,865m (£1,758m) in the six months to June compared with $2,299m a year earlier. Its copper division alone posted a 42.5 per cent profit [...]
ANALYST VIEWS: ARE XSTRATA’S GROWTH PLANS ON TRACK? August 2, 2011 CHRIS ALEXANDER | BNP PARIBAS We are slightly apprehensive of the near-term on economic growth concerns but on a 12-month view we are more supportive, seeing around 15 per cent upside from current levels. We take comfort from the outlook statement which notes that momentum in production volumes has continued to build. CAILEY BARKER | [...]
Capital Shopping Centres spree helps boost profits August 2, 2011 CAPITAL Shopping Centres (CSC), the UK’s biggest shopping mall owner, said its half-year profits rose by 53 per cent, buoyed by the £1.6bn acquisition of Manchester’s Trafford Centre in January. Footfall across its 14 shopping centres increased by three per cent while net rental income rose by six per cent year-on-year, thanks to an increase [...]
Drug sales spark Pfizer concerns August 2, 2011 PHARMA company Pfizer yesterday announced a three per cent fall in prescription drug sales last quarter to $14.64bn (£8.99bn). The weak dollar, along with other factors, has meant that the company’s performance was worse than had been indicated. Its top-selling cholesterol fighter Lipitor is also under threat from November when its exclusive US patent expires, [...]
