Allied Irish investors hit May 12, 2011 IRELAND offered junior bondholders in Allied Irish Banks 10 to 25 per cent of the value of their investment, in the first of a series of moves to force investors to share the burden of bailing out local banks. The government is pushing on with a plan to generate around €5bn (£4.4bn) by imposing losses [...]
RWE beats forecasts as it cuts costs May 12, 2011 RWE, Europe’s fifth-largest utility beat profit forecasts in the first quarter by gaining market share in Germany and cutting costs in the UK. Operating earnings in the three months through March were €2.8bn (£2.4bn), the Essen-based company said yesterday, compared with the €2.6bn average of 15 estimates from analysts. Power prices in Germany, Europe’s largest [...]
More stable supply chain helps Nissan May 12, 2011 NISSAN Motors reported a 7.2 per cent rise in quarterly operating profit yesterday and said global production disrupted by Japan’s 11 March earthquake will return to normal at least a month earlier than predicted by bigger home rival, Toyota Motors. Like its peers, Nissan, Japan’s second-largest automaker offered no outlook for the business year to [...]
Disasters take toll as Keller sees profits fall May 12, 2011 BRITISH construction group Keller yesterday warned operating profit would fall 10 per cent this year as fierce competition in the US, flooding in Australia and unrest in the Middle East and North Africa all take their toll. The company’s April order book was nine per cent ahead of last year, Keller said in a statement [...]
Upbeat outlook at Hikma May 12, 2011 HIKMA Pharmaceuticals has stuck to its guidance of seven per cent revenue growth in 2011, around half 2010’s level, as it manages the impact of political turmoil in its North Africa and Middle East markets. The Jordan-based company said its businesses in Egypt, Tunisia and Bahrain were back to normal after disruption at the start [...]
BNP Paribas picks new chief exec May 12, 2011 BNP PARIBAS, France’s biggest listed bank, has unveiled a well-flagged handover to new chief executive Jean-Laurent Bonnafe in a move that promises a smooth transition. Bonnafe, a trusted insider and long seen as the natural heir to current chief executive Baudouin Prot, will take the reins on 1 December. Prot will take the chairmanship from [...]
Stryker deal to fund Saab falls through May 12, 2011 A RESCUE deal for Swedish carmaker Saab involving China’s Hawtai Motor Group collapsed yesterday, leaving owner Spyker chasing new funding as it attempts to restart production at the firm. Hawtai and Dutch-listed Spyker agreed a deal last week to pump €150m (£131m) into the loss-making brand and produce a new model in China. But this [...]
Yule Catto beats forecasts with high sales May 12, 2011 BRITISH chemicals maker Yule Catto said yesterday that first-quarter earnings were well ahead of the same period last year, excluding acquisitions, on strong demand for its polymer products. The company, whose chemicals are used by the adhesive, textile, paper and pharma businesses, also reiterated its expectations for the 2011. In March, Yule Catto said it [...]
Cookson upbeat for 2011 May 12, 2011 INDUSTRIAL materials group Cookson said yesterday that trading remained strong in the first four months of this year and that it expects results for 2011 to be well ahead of last year. The company, whose products are used in the glass and solar industries as well as by steelmakers and foundries, said revenue grew significantly [...]
Strong Asian sales for Inchcape May 12, 2011 Car retailer Inchcape said global demand for cars remains patchy, though turnover since the start of the year has been slightly ahead of expectations at £1.56bn. Chief executive André Lacroix said that while sales for new cars have been weak in some markets, strong growth in Asia Pacific and emerging markets have helped drive turnover. [...]
