Exxon Mobil tops Wall St as output rises eight per cent July 29, 2010 EXXON MOBIL reported a better-than-expected second-quarter profit, with oil prices and margins to process crude into fuel rebounding and production rising. Profits for the US-based group came to $7.56bn (£4.83bn) in the quarter excluding items, compared with $4.09bn a year ago. Oil and gas output in the quarter rose eight per cent, boosted by the [...]
Breathing space for Connaught after it secures £15m overdraft July 29, 2010 SOCIAL HOUSING maintenance firm Connaught soothed investors yesterday with the news it has secured an additional £15m overdraft facility and delayed repayments on other loans. The company said earlier this week it was in urgent need of funds to avoid breaching banking covenants. Connaught said it will continue negotiations with banks to secure long-term financing. [...]
NEW METRO BANK LURES IN CANDY BROTHERS July 29, 2010 OFF to the preview party for Metro Bank’s new Holborn store on Wednesday evening, where anyone who was anyone gathered to drink champagne under the gaudy red-and-blue rafters and gush about the wonders of sugar-coated customer service. Attendees included Meredith Whitney, the glamorous US banking analyst; Jamie Reuben, son of property magnate David; US investor [...]
AstraZeneca profits rise July 29, 2010 ASTRAZENECA, the UK’s second-largest drugs company, doubled its 2010 share buyback plan to $2bn (£1.3bn) yesterday after posting strong results and clearing several regulatory hurdles in the US. Pre-tax profit in the second quarter rose to $6.4bn (£4.1bn) from $5.6bn in the same period a year ago, on sales up three per cent at $8.18bn, [...]
Sanofi-Aventis promises more takeovers after upbeat results July 29, 2010 FRENCH pharmaceutical firm Sanofi -Aventis pledged discipline in pursuing growth through acquisitions yesterday, as the drugmaker posted better-than-expected results and remained tight-lipped on its expected bid for US biotech company Genzyme. Sanofi’s second-quarter earnings exceeded forecasts, thanks to tightened spending and demand for its diabetes drugs, growth in emerging markets and a weaker euro. Business [...]
Bumper UK earnings fail to lift FTSE as bank sell-off weighs July 29, 2010 BRITAIN’S top shares closed easier yesterday as a retreat from banks and investor caution ahead of US growth data offset a batch of robust UK corporate earnings from companies including AstraZeneca. The FTSE 100 closed down 5.73 points, or 0.1 per cent, at 5,313.95, after it ended 0.9 per cent lower on Wednesday. AstraZeneca advanced [...]
Downbeat outlook for tech hits Wall St July 29, 2010 US stocks sagged in volatile trading yesterday after weak outlooks from technology companies and downbeat comments from a Federal Reserve official gave investors little reason to buy. The market has struggled to make headway this week. The S&P 500 fell for a third straight day. Friday’s Commerce Department report on second-quarter gross domestic product will [...]
House price fall fuels fear of double-dip July 29, 2010 FEARS of a sustained double-dip in Britain’s property market intensified yesterday after mortgage lender Nationwide reported that house prices fell this month for the first time since February and the Bank of England revealed that mortgage approvals dropped to a four-month low in June. The latest figures from Nationwide showed that house prices fell by [...]
US jobless claims in a surprise tumble July 29, 2010 NEW claims for US unemployment benefits fell unexpectedly last week to 457,000, down 2.4 per cent from the previous week, the Labor Department said. Jobless claims fell by 11,000 in the week ending 24 July, down substantially from the 464,000 level expected by analysts. The jobless figures were lower, in part, thanks to fewer layoffs [...]
Retailers recruit more staff July 29, 2010 High street retailers employed 22,000 more staff between April and June compared to the same period a year earlier, a new employment monitor from the British Retail Consortium will show today. The increase in employment was driven by a three per cent net annual increase in the number of stores in the second quarter. Retailers’ [...]
