TARGET PROFITS LIFTED BY HOLIDAY SALES February 24, 2011 US RETAILER Target has posted a 10.5 per cent increase in quarterly profit, helped by strong sales early in the holiday season and fewer write-offs of bad credit card debt. Sales rose 2.8 per cent to $20.28bn (£12.6bn), while sales at its established stores rose 2.4 per cent, outperforming its larger rival Wal-Mart Stores. The US [...]
South Africa on the march February 24, 2011 CRICKET: South Africa got their World Cup campaign off to a winning start with a crushing seven-wicket win over West Indies in Delhi. Leg-spinner Imran Tahir took 4-41 on debut, while AB de Villiers scored an unbeaten century as the Proteas reached their victory target of 223 with over seven overs to spare.
Profits return to GM as debt and costs cut February 24, 2011 GENERAL Motors yesterday posted fourth-quarter results that topped Wall Street expectations, capping its most profitable year in over a decade after slashing costs and debt in a landmark bankruptcy. Profit for all of 2010 was $4.7bn (£2.9bn), GM’s first full-year earnings since 2004 and its largest profit since 1999, when it earned $6bn on booming [...]
Westwood and McIlroy are out February 24, 2011 GOLF: World No1 Lee Westwood and Rory McIlroy were both beaten at the WGC Match Play. Westwood lost by one hole to Nick Watney, while McIlroy lost 8&7 to American Ben Crane.
Cipriani to be investigated February 24, 2011 RUGBY UNION: Former Wasps fly-half Danny Cipriani is to be investigated by his club, Melbourne Rebels, after an alleged incident in a nightclub. “We are looking into it and will speak to Danny today but we won’t be making any statement about it before the game [against ACT Brumbies today],” said a Rebels spokesman.
BASF dividend back on track February 24, 2011 GERMANY’S BASF returned to form with an improved dividend payout for 2010, although fourth-quarter earnings at the world’s biggest chemicals company by sales fell short of forecasts. BASF cut its 2009 dividend for the first time in 16 years after the global economic crisis forced it to leave many plants idle. It has since been [...]
Oil prices provide boost to Repsol as margins rise February 24, 2011 SPANISH oil firm Repsol met analysts estimates yesterday with a doubling of adjusted fourth-quarter net profit thanks to higher oil prices and refining margins. Repsol’s refining margins in its core Spanish markets rose to $2.9 per barrel from zero in the fourth quarter of 2009, while its oil fetched 16 per cent more year-on-year. Net [...]
Porsche hit by delays to VW merger February 24, 2011 SHARES in Porsche fell 10.7 per cent yesterday to €55 after the German car group said its merger with Volkswagen is likely to be delayed, as German prosecutors continue to investigate two of Porsche’s former board members. Prosecutors said they had found evidence of further crimes by former Porsche chief executive Wendelin Wiedeking and former [...]
Aegon plans €1bn rights issue and US insurance sale to repay Dutch state aid February 24, 2011 DUTCH life insurer Aegon is to raise about €1bn (£850m) from a share issue to help repay €2.25bn of state aid by the middle of the year. The repayment would free Aegon from EC restrictions imposed on companies that received government cash during the credit crisis. “After repayment the limitations that were imposed on us [...]
RWE embarks on asset sales and investment cuts February 24, 2011 GERMANY’S RWE, Europe’s fifth-largest utility, said it will cut investments and sell assets to counter a worsening outlook for profits in the coming year after the 2010 result beat expectations. The power provider is now forecasting operating profit will drop 20 per cent this year to €6.16bn (£5.24bn), more than the 16 per cent decline [...]
