Danone cautious on Europe July 27, 2010 French food group Danone said yesterday that its operating margin would stay flat this year as the economic crisis continues to hurt consumer demand in Europe. The world’s largest yoghurt maker also said the cost of milk would rise 10 per cent this year, more than the five to seven per cent it had previously [...]
FTSE 100 climbs to a 10-week high as strong UBS results boost bank sector July 27, 2010 BRITAIN’S top share index hit a 10-week closing high yesterday, as a buoyant banking sector boosted by strong results from Swiss lender UBS countered weak US consumer confidence data. The FTSE 100 closed up 14.55 points, or 0.3 per cent, at 5,365.67, its highest closing level since 13 May, having retreated from an intra-day peak [...]
Mixed earnings dampen recent Wall Street rally July 27, 2010 The S&P snapped a three-day winning streak yesterday after mixed earnings reports and a fall in consumer confidence, but analysts said US stocks were taking a breather and the rally could pick back up. Solid earnings from Dow component DuPont and Cummins cheered investors, but that was offset by gloomy comments from steelmakers, including US [...]
Nasdaq OMX profits soar in surprise jump July 27, 2010 NASDAQ Group posted a profit rise of nearly 40 per cent yesterday on the back of a sharp jump in stock and option trading, beating expectations. Transaction revenues rose a surprising 20 per cent from a year ago, reflecting the volatility and volumes brought on by the May “flash crash” and overall concern over Europe’s [...]
DuPont raises 2010 forecast July 27, 2010 CHEMICAL maker DuPont forecast 2010 earnings well above expectations yesterday, boosting its shares, as the rebounding global economy continued to fuel the firm’s recovery. The third-largest US chemical maker said its second-quarter profit nearly tripled, offering a positive read on global economic health as many companies have been reporting better-than-expected quarterly profits. “This is as [...]
Continental staff primed for top jobs in merger as UAL executives take flight July 27, 2010 UAL and Continental Airlines, which plan to merge this year to create the world’s largest airline, announced a new management lineup yesterday that puts Continental executives in choice spots. UAL, parent of United Airlines, and Continental, said they have proposed naming Continental chief financial officer Zane Rowe as chief financial officer of the combined company. [...]
Canon boosted as camera and printer demand rises July 27, 2010 JAPANESE camera and office equipment maker Canon yesterday posted a 153 per cent rise in quarterly profit, a bigger than expected climb on robust sales of its high-end cameras. For the year to 31 December the maker of IXY compact cameras and upmarket EOS cameras kept its operating profit outlook at 360bn yen (£2.6bn), compared [...]
CITY MOVES | WHO’S SWITCHING JOBS July 27, 2010 ERNST & YOUNG The accountancy firm has appointed Jonathan Summers to its information technology advisory team as a director focusing on strategic rationalisation, the process of removing technology complexity to improve business performance. Summer has over 14 years of experience with IBM, where his roles included establishing a global delivery capability for data migration in [...]
BEST OF THE BROKERS July 27, 2010 NATIONAL GRID Standard & Poor’s Equity Research (S&P) believes National Grid has delivered a strong operational and financial performance and gives it a “hold” rating. S&P said in the first quarter of 2011, US gas distribution volumes increased by 1.5 per cent and electricity was up 1.3 per cent, but UK gas volumes fell by [...]
Indemnity market must be liberalised July 27, 2010 THIS year’s round of Professional Indemnity Insurance (PII) renewals promises to be one of the most turbulent ever, but it could spur much-needed changes to the way the system is run. All law firms in England and Wales have to renew their PII by 1 October, but last week insurer Zurich, which insured 13 per [...]
