Trading and profits rise at Shanks May 26, 2011 BRITISH waste management company Shanks yesterday posted a better-than-expected six per cent rise in underlying pre-tax profit, and said it had seen an improvement in the market for its services in recent months. The company, which makes around half its sales in the Netherlands and recently won a contract with Unilever to recycle its waste [...]
Antofagasta’s earnings jump 30 per cent May 26, 2011 CHILEAN copper miner Antofagasta posted a 30 per cent rise in core earnings in the three months to March, as higher prices for the red metal and marginally higher volumes offset increased costs. Earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter climbed to $811.9m (£495.8m) from $623.4m a year ago. Revenue [...]
United Utilities tops views May 26, 2011 UNITED Utilities, Britain’s largest listed water utility, yesterday reported a lower-than-expected drop in annual profits, after it was ordered by regulators to cut prices as part of a sector review. The company said revenue from regulated activities dropped four per cent, reflecting a similar four per cent decrease in prices. United Utilities said underlying pre-tax [...]
Upbeat profit outlook at Sony May 26, 2011 SONY’S forecast of its first annual net profit in four years is being viewed as optimistic, as the consumer electronics giant struggles with the aftermath of the March earthquake and a series of network security breaches. Havoc to supply chains and the physical damage caused by Japan’s earthquake and tsunami forced Sony earlier this week [...]
Tata Steel warns on rise in costs May 26, 2011 INDIA’S Tata Steel yesterday warned rising raw material costs could hurt margins for a couple of quarters after posting its highest-ever annual net profit, bolstered by a surge in prices and demand in Asia’s third-largest economy. The world’s seventh largest steelmaker, whose European operations account for two-thirds of its global capacity of about 28m tonnes, [...]
Raiffeisen cheers as bad loans fall May 26, 2011 AUSTRIAN lender Raiffeisen Bank International’s first-quarter net profit fell nearly a fifth amid a hit from taxes but still beat market expectations as provisions for bad loans fell by more than a third. Emerging Europe’s third-biggest lender by assets reiterated yesterday it expected its non-performing loan (NPL) ratio to peak later this year amid robust [...]
Car armour helps QinetiQ trump forecasts May 26, 2011 BRITISH defence technology company QinetiQ reported a better-than-expected full-year operating profit, driven by a strong performance from its global products unit, and said it would resume paying dividends. QinetiQ, which makes high-tech military equipment such as bomb disposal robots and sniper detectors, said yesterday underlying operating profit rose 21 per cent to £145.4m in the [...]
Ricoh to cut 10,000 jobs May 26, 2011 COPIER and printer maker Ricoh will cut nearly 10 per cent of its staff to try to boost profits, a move that shows underperforming Japanese companies are stepping up efforts to compete with global rivals. Ricoh said yesterday the restructuring included slashing 10,000 jobs from its global workforce of 109,000, cutting unprofitable products and consolidating [...]
CITY MOVES | WHO’S SWITCHING JOBS May 26, 2011 JP Morgan Asset Management Professor Paul Sweeting has been appointed as European head of the Strategic Investment Advisory Group for JP Morgan Asset Management. Based in London, Sweeting will advise the firm’s European institutional clients on asset allocation, risk management and investment strategies. Sweeting previously held positions at Munich Reinsurance Company and Fidelity Investments International. [...]
ALL CHANGE AT LLOYD’S AS IT RINGS 25 YEARS May 26, 2011 IT MAY seem like only yesterday for many City veterans, but today marks 25 years since the first managing agents moved into the landmark Lloyd’s building on Lime Street. So happy anniversary to the insurance giant, which still shows traces of more than 300 years of Lloyd’s history, such as the famous Lutine Bell, which [...]
