Cisco profit up 63pc to $2.2bn May 12, 2010 Cisco Systems, the American networking equipment maker, defied analyst forecasts to boost its net income 63 per cent in the third quarter. Profits were $2.2bn (£1.5bn) or 37c per share, up from $1.4bn or 23c per share a year earlier. Cisco shares have risen 43 per cent in the past year as market hopes have [...]
Fresh strikes to hit Greece May 12, 2010 GREEK unions yesterday announced they would stage a 24-hour nationwide strike on 20 May, the second major protest against tough austerity measures pledged in exchange for billions of euros in aid. The main public and private sector unions led a 50,000-strong march a week ago in which hundreds of angry Greeks fought pitched battles with [...]
Spain prepares to slash wages and cut its deficit May 12, 2010 SPAIN will cut wages of state employees and slash investment spending, sparking union anger at the government’s toughest moves yet to rein in a budget deficit some feared could ignite a bigger version of the Greek crisis. Prime minister Jose Luis Rodriguez Zapatero’s fresh austerity measures came hours after US President Barack Obama pressed him [...]
Estonia poised for Eurozone despite crisis May 12, 2010 THE small Baltic state of Estonia is set next year to become the 17th member of the Eurozone, likely to be the crisis-hit currency area’s last enlargement for at least four years. Despite European Central Bank doubts about Estonia holding down inflation, the European Union’s executive arm said the ex-Soviet state of 1.4m was ready [...]
Life products boost insurers May 12, 2010 EUROPEAN insurers were yesterday buoyed by strong sales of life insurance and asset management products on the back of a reviving economy in the first quarter, offsetting big disaster damage claims. Germany’s Allianz, Italy’s Assicurazioni Generali, the Netherlands’ Aegon and Belgium’s Ageas, formerly known as Fortis, all reported strong first quarters as consumers’ fears began [...]
ING swings back to black as bad debts finally begin to fall May 12, 2010 ING smashed expectations with its first-quarter profit that soared on the back of rising financial markets and falling bad debt. The Dutch bank, led by chief executive Jan Hommen, said its exposure to Greece rose in the first quarter though its Portuguese portfolio fell, and it was comfortable with its position in sovereign debt. It [...]
Credit Agricole profits hurt by its exposure to crisis-hit Greece May 12, 2010 CREDIT Agricole yesterday warned it had been forced to make higher provisions for bad loans in Greece, tugging its first-quarter profits lower than expectations. The French bank made a profit of €470m (£400.2m) for the first three months of the year, failing to hit analyst forecasts despite hauling in more than its profits over the [...]
Greggs sales up as brekkie menu thrives May 12, 2010 GREGGS bakery reported another period of sales growth yesterday after being boosted by its new breakfast menu. The group said yesterday like-for-like sales rose by 0.6 per cent in the 18 weeks to 8 May, slightly lower than the rate in March but still in line with its expectations. The baker, which has 1,400 outlets, [...]
Comet sales fall but retailer keeps grip on market share May 12, 2010 COMET maintained its market share in the first four months of the year despite a fall in sales, its parent company Kesa said yesterday. The electrical goods company, which saw like-for-like sales fall four per cent, is facing increased competition from Currys – owned by DSG International – while American chain BestBuy has launched a new [...]
M&S agrees to £800m pension scheme injection May 12, 2010 RETAILER Marks & Spencer will pump £800m into its final salary pension after a review found the scheme was deeply in the red, it said yesterday. The clothing and food group said the scheme, which has about 123,000 members, had a deficit of £1.3bn at 31 March 2009, although that is likely to have since [...]
