Deutsche Bank unveils record investment banking profits April 27, 2010 DEUTSCHE Bank smashed expectations yesterday by reporting record profits at its investment banking arm, as it deflected speculation over its role in mortgage deals similar to the one over which Goldman Sachs is facing civil fraud charges. Deutsche made a pre-tax profit of €2.8bn (£2.43bn) over the first quarter, 55 per cent higher than in [...]
ANALYST VIEWS: WHAT IS THE OUTLOOK FOR LLOYDS BANKING GROUP NOW? April 27, 2010 JOE DICKERSON | EXECUTION NOBLE The profitability we predicted is delivering a quarter or so earlier than expected, which is encouraging. Nearly every element is moving in the right direction and Lloyds could see material pre-provision profit growth this year. NIC CLARKE | CHARLES STANLEY Lloyds has reached profitability earlier than expected, but we remain [...]
BP profit up but investors fret over oil spill tragedy April 27, 2010 BP failed yesterday to calm investor fears about the oil spill in the Gulf of Mexico, despite recording mammoth profits. The oil giant’s profits hit $5.6bn (£3.6bn) in the first quarter of 2010, more than double the level of last year, thanks to higher oil and gas prices. The underlying results were well ahead of [...]
Clear-up overshadows clean-up April 27, 2010 THE BIG clear-up that will have to take place in the Gulf of Mexico is overshadowing the fact that BP cleaned up in the first quarter. It is not only higher crude prices that have bolstered profits. The oil major reduced administrative costs by 24 per cent quarter-on-quarter and by 10 per cent on the same period [...]
Imperial Tobacco sees first half profits roll in April 27, 2010 IMPERIAL Tobacco has seen first-half profits rise by 16 per cent despite recession-hit smokers ditching high-end brands in favour of roll-ups. Profit rose to £1.18bn in the six months to the end of March at the fourth biggest cigarette maker in the world, whose brands include Lambert & Butler. The rise came despite a 3.7 [...]
Premier Foods hit by discounting April 27, 2010 THE country’s largest food producer Premier Foods said that special offers had contributed to a drop in sales, with its Hovis bread expected to lose market share in the second quarter as a result. The firm, whose brands also include Branston pickle and Bisto gravy, said yesterday that overall first-quarter sales fell by 5.1 per [...]
N Brown eyes US as profits rise April 27, 2010 Home shopping firm N Brown is poised to break into the US with the distribution of a million catalogues over the Atlantic in July. The move comes after the firm – whose brands include Simply Be, Marisota and Jacamo – yesterday announced a 12.6 per cent rise in annual profits to £93.1m. N Brown specialises [...]
Dunelm sees earnings jump April 27, 2010 Sales growth at homeware retailer Dunelm picked up over Easter, driven by promotions that held back progress on profit margins, the group said yesterday. The company – which mainly operates at out-of-town stores – said sales at shops open at least a year rose three per cent in the nine weeks to 24 April. However, [...]
DP World to list in London April 27, 2010 PORTS operator DP World, a unit of conglomerate Dubai World, said yesterday shareholders approved an amendment allowing the firm to seek a listing in London. Voting results from the firm’s annual general meeting on Monday were released in a statement to the Nasdaq Dubai bourse. DP World, whose parent company is in the middle of [...]
CITY VIEWS: ARE THE BANKS ON THE ROAD TO RECOVERY? April 27, 2010 PIYUSH TRIPATHI | DEUTSCHE BANK “Revenue is rising and so are the number of jobs at the bank, which are both strong signs of growth and recovery. People weren’t ready for the slow when it happened and now they are more cautious, so this recovery isn’t a superficial one. A fall in the sector is [...]
