Coca-Cola sees sales fizz February 9, 2011 COCA-COLA yesterday reported higher-than-expected quarterly sales, as it gained market share and also saw growth in each of its major markets for the first time in years. Shares of the world’s largest soft-drink maker rose 1.5 per cent. The results released yesterday are Coke’s first to include its North American bottling operations, and improvement in [...]
Polo Ralph Lauren tops forecasts February 9, 2011 POLO Ralph Lauren yesterday posted a bigger-than-expected jump in quarterly profit on strong clothing sales over the holiday season and said its momentum should continue in the current quarter. The upscale clothier and retailer, whose brands include Polo, Club Monaco and Chaps, reported double-digit percentage sales increases in every part of the business, including sales [...]
Profits up at defence firm Northrop February 9, 2011 DEFENCE contractor Northrop Grumman posted a higher-than-expected quarterly profit aided by lower pension costs and better performance at most of its divisions. The supplier of spy planes and communications and intelligence work is moving to improve operations and lower costs as the US Defence Department, its main customer, looks to reduce overheads and make weapons [...]
US delays AIG share sale February 9, 2011 THE US government is likely to sell the first $20bn (£12.4bn) of its stake in insurer American International Group (AIG) later this year instead of March, sources told City A.M. yesterday. The sale was mooted to take place as early as next month after the completion of the recapitalisation process. Bankers pitched in January to [...]
Cisco revenue beats forecasts February 9, 2011 Cisco reported an 18 per cent profit fall in the quarter to the end of January yesterday, to $1.5bn (£931m) from $1.9bn in the same period a year earlier. Revenues rose six per cent to $10.41bn, beating analyst forecasts of $10.23bn revenue. Despite the profit fall, earnings per share were 37 cents, higher than the [...]
Madoff family lawsuits blocked February 9, 2011 A federal judge yesterday blocked several lawsuits against relatives of Bernard Madoff from going forward, in a victory for the court-appointed trustee trying to recover money for victims of the imprisoned Ponzi schemer. US bankruptcy judge Burton Lifland said the plaintiffs should be pursuing their claims against the estate of Madoff’s investment firm, Bernard L. [...]
Date set for Northern Foods deal February 9, 2011 Ranjit Boparan yesterday published offer documents for his planned takeover of Northern Foods, setting the clock ticking for Greencore’s possible counter-offer. BH Acquisitions, the vehicle used by convenience foods tycoon Boparan to advance on Northern, has given shareholders until 1pm on 2 March to accept his 73p per share cash offer. Boparan plans to remove [...]
S&P ups outlook on Aviva February 9, 2011 INSURANCE group Aviva’s credit rating outlook was upgraded yesterday by Standard & Poor’s after it confirmed plans to cut its debt and reduce pension deficits, and on the strengthening of its balance sheet. Aviva’s outlook was raised from negative to stable by the rating agency, which also affirmed the group’s core operating entities at AA-. [...]
Calls for Hypo Real Estate to be wound up February 9, 2011 AILING German lender Hypo Real Estate (HRE) should be wound down, a German expert commission has recommended. “The experts can see only slim chances that a privatisation of HRE would become a success,” said a source with knowledge of a report drafted on behalf of the German government by the expert commission. Due to overcapacity [...]
Ingersoll-Rand disappoints February 9, 2011 INGERSOLL-RAND, a maker of cooling systems and security technology, yesterday reported lower-than-expected quarterly earnings and issued a weak profit forecast. Ingersoll, which also makes industrial compressors, faces slow commercial construction markets and rising costs for raw materials that are increasingly offsetting the margin boost from recent deep cost-cutting. In the fourth quarter, Ingersoll earned $212.1m [...]
