Shell blames militants for spilling 14,000 tons of crude in Nigeria May 5, 2010 OIL giant Royal Dutch Shell admitted yesterday that it spilt almost 14,000 tons of crude oil into the Niger delta last year, blaming most of the damage on two attacks by thieves and militants. Shell said in its annual environmental report that it had recovered almost 10,000 tons of the spillage, which was more than [...]
Next ups forecasts after revenue boost May 5, 2010 NEXT yesterday revised its full-year profit forecasts upwards after seeing a 4.1 per cent increase in total sales in the first quarter. The retailer’s Directory was mainly responsible for the positive figure after the catalogue recorded a 7.2 per cent jump. High street sales were up by only 2.8 per cent. Like for like sales [...]
Wetherspoons in sales dip as tough times hit its pubs May 5, 2010 INTERACTIVE INVESTOR PUBS group JD Wetherspoon is feeling the sobering effects of lower consumer spending and tax and duty rises with sales growth slowing in recent months. Same outlet sales for the 13 weeks to 25 April slipped 0.8 per cent. This was much steeper than the 0.2 per cent decline recorded over the nine [...]
BMW drives back into profit after global downturn May 5, 2010 BMW, Germany’s luxury carmaker, has returned to profit compared with a year earlier and says sales in the coming year will be healthy. The group reported a net profit of €324m (£277m) for the first three months of the year, against a loss of €152m a year ago. Sales came in at €12.4bn, up eight [...]
IS JD WETHERSPOON LOSING MOMENTUM? May 5, 2010 SIMON FRENCH | PANMURE GORDON “We believe the group is well positioned to deliver meaningful like-for-like sales growth in the fourth quarter given recent price increases and the World Cup.” CHARLIE MENEGATOS | ACCENDO MARKETS “While the progress reported by Wetherspoons is on track and shows progress in growth and sales, we believe investors may [...]
Poundland bought for £200m May 5, 2010 Discount retailer Poundland has been sold to US private equity firm Warburg Pincus. The chain, based in Willenhall in the West Midlands, and Europe’s largest single priced discount retailer is expected to make sales of £700m by 2011. The company, founded in 1990, has 260 outlets across the UK. Its current owner, the rival buyout [...]
AB InBev boosted by Brazil May 5, 2010 Brewer Anheuser-Busch InBev earned more than expected in the first three months of 2010 as beer sales grew in booming Brazil but said World Cup marketing costs would hit second-quarter profits. The brewer of Budweiser, Stella Artois and Beck’s said yesterday core like-for-like earnings rose 5.1 per cent in January-March to $3.09bn (£2bn). AB InBev [...]
Appetite for ISAs boosts L&G sales 2pc May 5, 2010 HEAVY demand for ISAs and savings products helped Legal & General grow sales by two per cent in the first quarter, but analysts cautioned that volatile markets may curb investors’ resurgent appetite. The FTSE 100 insurer saw new business tick up to £388m in first quarter results that broke through analyst forecasts. Sales of retail [...]
Numis profits soar threefold May 5, 2010 INVESTMENT banking and stockbroking group Numis has played a blinder over the first half of the year, raking in profits that were well over three times higher than those it recorded over the same period in 2009. Numis said it had attracted 15 new corporate clients over the first half, bringing its total to 126 [...]
Ping An gets approval to buy Chinese bank stake May 5, 2010 CHINESE regulators have approved a plan by Shenzhen-based powerhouse Ping An Insurance to buy a stake in Shenzhen Development Bank (SDB) from US private equity firm TPG, Ping An said yesterday. TPG is expected to make a profit of more than $2.14bn on the sale – a return of more than seven times its original [...]
