Shell profits soar on high crude prices April 28, 2010 OIL major Royal Dutch Shell, yesterday announced a 49 per cent rise in profits on the back of higher oil prices and growth in production. Europe’s largest oil producer said earnings on a current cost of supply basis, were $4.9bn (£3.2bn) for the first three months of the year, up from $3.3bn in the equivalent [...]
Rolls-Royce expects little growth in 2010 April 28, 2010 ROLLS-ROYCE, the aircraft enginemaker, forecasted that its sales and profits for the year to come will be flat as the group said the business environment remained challenging. A statement from Rolls-Royce said yesterday it expects underlying revenue, average net cash and underlying profits to be broadly similar to those achieved in 2009, despite a modest [...]
Two BA executives labelled liars in price-fixing trial April 28, 2010 TWO British Airways (BA) executives embroiled in price-fixing allegations were labelled as “liars” in court yesterday on the third day of the trial. Richard Latham QC told a jury at the Southwark Crown Court yesterday that accounts given to the Office of Fair Trading (OFT) by BA executives in 2007 did not “sit side by [...]
Allied Irish to launch rights issue in 2010 April 28, 2010 Allied Irish Banks yesterday confirmed plans to launch a rights issue in the second half of 2010 as it seeks to catch up with Bank of Ireland in the race for fresh capital and minimise state ownership. Bank of Ireland this week became the first of five Irish lenders to tap markets looking to plug [...]
Deutsche bond trader in court April 28, 2010 A DEUTSCHE Bank bond salesman accused of illegal insider trading in the US market regulator’s first credit default swaps case neither broke securities law nor bank policy, his lawyer said in a closing statement at trial yesterday. The SEC’s summation focused on trial evidence of phone calls between the defendants, who switched from recorded landlines [...]
Galleon probe continues in US April 28, 2010 FEDERAL prosecutors are continuing “covert investigations” of two people in the Galleon hedge fund insider trade case, according to a court document made public yesterday. The disclosure raises the prospect of additional arrests in a case described by prosecutors as the biggest probe of illegal insider trading involving hedge funds in the United States. Twenty-one [...]
Swine flu vaccine drives up GlaxoSmithKline’s earnings April 28, 2010 BUMPER sales of swine flu vaccine boosted GlaxoSmithKline’s first-quarter earnings by 17 per cent, more than expected, and the drugmaker reassured investors it could absorb the cost of US healthcare reform. Pre-tax profit was £2.23bn, earnings before major restructuring rose 17 per cent to 30.7p per share, while sales rose nine per cent to £7.36bn, [...]
Home Retail plans £150m share refund April 28, 2010 ARGOS and Homebase owner Home Retail Group yesterday announced plans for a share buyback of up to £150m as new figures showed its annual profit had dropped by 11 per cent. Underlying profits fell to £292.9m for the year to 27 February – down from £327.7m for the year before – the company said. Earnings [...]
Carpetright chief warns over double-dip recession April 28, 2010 THE head of Britain’s biggest floor coverings retailer, Carpetright, warned a “double dip” in the UK economy was likely yesterday as his firm reported its second downbeat trading update in five weeks. Chairman and chief executive Lord Harris, said there was “no question” Carpetright’s own sales had “double dipped”. The firm, which trades from 586 [...]
Asda fights poor sales with best price guarantee April 28, 2010 ASDA yesterday unveiled a money-back price guarantee after poor sales growth. The chain is offering to refund shoppers who find that a basket of comparable goods would have been cheaper at Tesco, Morrisons or Sainsbury’s. Asda increased its sales by only 2.5 per cent in the 12 weeks to 28 April, compared with rises of [...]
