Bombardier earnings dive February 22, 2013 AMY-JO CROWLEY CANADIAN train-maker Bombardier said yesterday that its results are “not reflective of our potential” after it reported a 93 per cent drop in fourth-quarter earnings to just $14m (£9.2m). Full-year profits at the firm fell to $692m from $865m, hurt by a restructuring charge in its transportation division, while revenues dipped to $16.8bn [...]
Losses spike at New World February 22, 2013 CZECH miner New World Resources swung into the red in the final three months of last year, in its biggest quarterly loss since listing in 2008. Coal producer New World Resources fell to a loss of €48.6m (£42.1m) over the three months, compared to a profit of €8.8m over the fourth quarter of 2011. “The [...]
Expansion pays off at Filtrona as profit soars February 22, 2013 HARRY BANKS PLASTICS group Filtrona yesterday reported a 26 per cent rise in full-year profit, helped by acquisitions. Filtrona also said it acquired Ulinco Components AB, a Sweden-based distributor of plastic protection and finishing products. It also announced a joint venture with tobacco company BBM Bommidala Group in the United Arab Emirates. Adjusted pre-tax profit [...]
Finance execs’ pay squeezed by regulations February 22, 2013 EXECUTIVE pay in financial services is barely creeping up this year and will come in well below inflation, according to new forecasts from Mercer. Average salaries will rise by just 2.2 per cent, they survey indicates, well down on the 2.9 per cent rise last year and firmly below consumer price inflation – currently running [...]
Chesapeake Energy beats forecasts February 22, 2013 Profits at Chesapeake Energy fell yesterday, although it beat Wall Street estimates yesterday, helped by lower-than-expected expenses and more profitable production. Profits dropped to $257m (£169m) in 2012, down from $429m in the same period in the previous year.
PlayStation 4 event disappoints February 22, 2013 Sony’s event promoting its upcoming PlayStation 4 console was met with disappointment yesterday, after the company was short on detail over the launch. On Tuesday night, the company had failed to reveal the console’s design or price. Sony shares fell 1.77 per cent.
EU goes to court over ebook VAT February 22, 2013 The European Commission is taking France and Luxembourg to court for applying lower taxes on ebooks, which the EU says breaks current rules. The commission says a VAT break on print books does not apply to ebooks, but France and Luxembourg apply rates of seven and three per cent respectively.
Mercedes fined for fixing prices February 22, 2013 Mercedes-Benz and three of its commercial vehicle dealers have been fined £2.6m by the Office of Fair Trading (OFT) for price fixing. The OFT said there had been three instances of market sharing and price coordination on vans and trucks in 2008 to 2010.
French troubles could extend Eurozone crisis February 22, 2013 EUROZONE business activity sunk further and at a faster pace in February, as the bloc proved unable to escape from its lengthy crisis. Markit’s purchasing managers’ index (PMI) for the currency zone slipped back to 47.3 in the second month of 2013, having risen to 48.6 during January. Since this is further below 50, which indicates [...]
Boost for UK manufacturers as February sees pick up in orders February 22, 2013 BRITISH factory orders improved more than expected this month, according to data released yesterday. The total order book balance in the Confederation of British Industry’s (CBI) survey rose this month to minus 14 from minus 20 in January, beating expectations of a reading of minus 15 and well above the long-term average of minus 17. [...]
