Caterpillar expects recovery July 21, 2009 US construction and mining bellwether Caterpillar reported a 66 per cent slide in second-quarter profit yesterday but upgraded its outlook for the year as cost cuts took effect. Profits fell to $371m (£225.6m) from $1.11bn. But the firm raised its 2009 forecast to a profit of $2.25 a share, from an April prediction of $1.25.
WHAT THE OTHER PAPERS SAY THIS MORNING July 21, 2009 FINANCIAL TIMES WYNN RESORTS LEADS IN RACE TO LIST IN HONG KONGA Las Vegas-based casino company has taken the lead in a race to become the first international casino operator to list in Hong Kong, taking advantage of investor appetite for stocks with links to the world’s biggest gambling market. Wynn Resorts, controlled by Steve [...]
Cuts at Starbucks pay off July 21, 2009 COFFEE chain giant Starbucks booked a rise in quarterly profit yesterday as it reaped the benefit of closing outlets and cutting costs. Net income for the firm’s third quarter, ending 28 June, was $151.5m (£919m), or $0.20 per share, reversing a loss of $6.7m, or $0.01 per share, for the same period in the previous [...]
Brown must follow Bernanke’s advice July 21, 2009 MUCH of what Ben Bernanke, the Federal Reserve chairman, had to say last night could easily be transposed to the UK. He made several main points in his testimony to Congress, most of which are relevant to Britain. The rate of decline in the US economy has slowed significantly, demand and production are beginning to [...]
Apple iPhone boosts profit July 21, 2009 APPLE’S profits jumped by 15 per cent in its third quarter, the firm said yesterday, thanks to sales of its iPhone, which topped five million in the period. The firm, which recently welcomed chief executive Steve Jobs back to work following liver transplant surgery, said profits rose to $1.23bn (£747m), or $1.35 a share, in [...]
COMEBACK KID July 21, 2009 SHARES in WM Morrison made spectacular gains yesterday after the supermarket said it would beat profit forecasts. The announcement, which coincided with research showing that it is grabbing market share from rivals, confirmed Morrisons’ new status as the City’s favourite retail stock. Morrisons grew by 9.5 per cent in the 12 weeks to 12 July [...]
Bernanke cautious on recovery July 21, 2009 THE Federal Reserve is in no hurry to tighten monetary policy because the US economy is still too fragile, Ben Bernanke said yesterday. Delivering his twice-yearly testimonial to the US Congress, the Fed chairman said unemployment was set to remain high until 2011 so it was not the right time for “exit strategies” such as [...]
Man Group invests $50m with former Brevan team July 21, 2009 A PORTFOLIO run by Man Group, the world’s biggest listed hedge fund firm, has invested $50m (£30m) in a new start-up fund run by three former Brevan Howard traders. Man’s RMF Global Emerging Managers strategy has put money with 5:15 Capital Management, a US-based fixed income arbitrage firm set up this month and named after [...]
Deutsche Bank spying scandal claims first scalps as shadow hangs over bank July 21, 2009 DEUTSCHE Bank has sacked two senior managers, according to sources, as it faces a possible probe by state prosecutors into a surveillance affair at Germany’s biggest bank. The bank yesterday said it was waiting for the outcome of its own investigation and declined to comment further on the surveillance of a non-executive director or the [...]
Luxury spending boosts Hermes July 21, 2009 French luxury goods group Hermes saw a better-than-expected improvement in trading in the second quarter, helped by consumers’ crisis-proof appetite for its elegant handbags and stronger perfumes sales. Hermes said yesterday that it still expects full-year sales to remain flat and operating profit to fall slightly, which investors interpreted as too conservative but in line [...]
