Contador hearing delay July 26, 2011 CYCLING: Three-time Tour de France winner Alberto Contador will not appear in front of the Court of Arbitration for Sport until November. The Spaniard faces a two-year ban after testing positive for a banned substance following his victory at the 2010 Tour de France.
JET lands at Ipswich July 26, 2011 FOOTBALL: Arsenal’s former FA Youth Cup winning captain Jay Emmanuel Thomas has joined Championship side Ipswich for a fee of £1.1m. The 20-year-old, who was on loan at Cardiff last season, signed a three-year deal.
Rangers to keep Taarabt July 26, 2011 FOOTBALL: QPR manager Neil Warnock believes Adel Taarabt can be a star of the upcoming Premier League season after the Moroccan’s proposed move to Paris Saint Germain fell through. He said: “You’ve got to have matchwinners in the Premier League and he’s just that.” Rangers are chasing the signing of Southampton winger Jason Puncheon, while former West [...]
LVMH reports high-end gains for top brands July 26, 2011 LUXURY goods group LVMH has enjoyed a glittering first half, with revenues up 15 per cent to €10.3bn (£9.1bn). The group, whose prestige brands include Louis Vuitton, Moët and Hennessy, saw profits from recurring operations rise 22 per cent from the same time last year to €2.2bn – a reflection of the growing appetite for [...]
Strong pricing helps Ford hold up its earnings July 26, 2011 FORD Motor’s quarterly profit topped Wall Street expectations yesterday due to higher North American vehicle sales and the higher prices consumers are paying globally for cars such as the Focus and Fiesta. Ford, the only US automaker that did not accept a government bailout in 2009, has posted a net profit for eight straight quarters. [...]
BP improves but strategy disappoints July 26, 2011 SHARES in BP fell yesterday after chief executive Bob Dudley’s strategy for delivering growth failed to reassure investors and quarterly profits fell short of expectations. The oil giant announced replacement cost profits of $5.6bn (£3.1bn) for the quarter, an increase of 13 per cent on figures last year, excluding multi-billion dollar losses linked to the [...]
African Barrick to pay bigger dividend July 26, 2011 AFRICAN Barrick Gold posted forecast-beating output and a 54 per cent jump in second-quarter income yesterday, despite setbacks including an armed attack on one of its mines, as it rebuilds investor confidence after a damaging target miss last year. Net income rose to $69.8m (£42.6m) in the three-month period, as revenue climbed 39 per cent, [...]
BG Group climbs as profit doubles in second quarter July 26, 2011 SHARES in UK gas producer BG Group climbed more than four per cent yesterday as the company reported pre-tax profits of $2.25bn (£1.38bn) for the second quarter – more than doubling last year’s figures. Revenues at the group jumped 26 per cent to $5.1bn, with soaring natural gas prices and a three per cent production hike contributing [...]
De Beers digs up 55 per cent earnings jump July 26, 2011 DE BEERS, one of the world’s largest diamond producers, posted a 55 per cent jump in first-half earnings yesterday on the back of record sales, an unprecedented jump in prices and strong demand from the US. De Beers, 45 per cent owned by miner Anglo American, said underlying earnings totalled an eye-watering $1.2bn (£732m).
ANALYST VIEWS: WILL BP’S PERFORMANCE IMPROVE? July 26, 2011 LUCAS HERRMAN | DEUTSCHE BANK Given increased integrity costs and falling revenues our expectation is that margins in the business will have come under some significant pressure, a theme that we suspect will prove recurring throughout the current ‘transition’ year. Our 575p price target assumes the shares deserve nearer a seven times 2011 multiple. DOUGIE [...]
