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 [...]
UBS’s profits plunge on sluggish trading July 26, 2011 INVESTORS shunned UBS after its second-quarter results revealed a steep plunge in profits yesterday, with the bank’s share price dropping 2.88 per cent by the close of trading. Overall pre-tax profits halved from SFr2.6bn to SFr1.3bn (£989m), well below consensus estimates of SFr1.9bn, with operating profits falling 37 per cent to SFr1.65bn. But despite an [...]
Deutsche misses forecasts as new bosses confirmed July 26, 2011 DEUTSCHE Bank named two successors to its chief executive Josef Ackermann yesterday but its first-quarter net profit of €1.2bn (£1.1bn) missed market forecasts for €1.3bn. Germany’s investment banking giant said its head of investment banking Anshu Jain (pictured) and head of regional management Juergen Fitschen would become co-chief executives when Ackermann moves up to become [...]
Top banker jumps ship to Merrill from Swiss rival July 26, 2011 IN a blow to UBS’s UK investment bank, Bank of America/Merrill Lynch has poached one of its top managing directors. Jonathan Bewes, whose client list boasts Capital Shopping Centres, Rentokil, Home Retail Group and Carphone Warehouse, will start at his new post in October. The move forms part of a broader strategy to grow Merrill Lynch’s [...]
