China drives luxury German car sales February 8, 2011 GERMAN carmakers BMW and Audi have reported record January sales, boosted by demand for luxury vehicles in Russia and China. Audi, the high-end brand owned by Volkswagen, said it delivered around 95,400 cars to customers worldwide last month, an increase of 22.6 per cent on the same period last year. Munich-based BMW, the world’s biggest [...]
BRAZIL AND RUSSIA HURT AVON’S SALES February 8, 2011 AVON Products the world’s largest direct seller of cosmetics, posted a steeper-than-expected drop in quarterly profit yesterday, hurt by poor performance in Brazil and Russia. Avon, led by Andrea Jung (above), earned $229.5m (£142.6m), or 53 cents per share, in the quarter, down from $269.4m, or 62 cents per share, a year earlier.
Hands joins Chaucer bid fray February 8, 2011 GUY Hands’ Terra Firma buyout house confirmed it was in the bid race for Lloyd’s insurer Chaucer yesterday following feverish speculation over the potential bidders. Sources familiar with the situation told City A.M. that at least one further bidder is also in talks with the insurance company. A US trade buyer is reportedly in takeover [...]
Toyota lifts outlook despite fall in profit February 8, 2011 TOYOTA has lifted its annual forecasts beyond market expectations as cost cuts and sales exceeded its plans, but a heavy reliance on exports will keep it a laggard as long as the yen stays strong. The world’s top automaker posted a smaller-than-expected fall in third quarter profits and hiked its sales forecast for the year [...]
What the other papers say this morning February 7, 2011 FINANCIAL TIMES SEC EYES MORTGAGE DISCLOSURES US securities regulators investigating the role of banks in the mortgage crisis are homing in on the question of whether investors were misled about the home loans used to back securities. The Securities and Exchange Commission and other regulators have been investigating a wide range of banking activities in [...]
Report: emerging economies crucial for British exporters February 6, 2011 EXPORTS from the UK will rebound over the next decade, driven by a boom in goods and services going to emerging markets, a leading group of economists said today. Overall exports will rise by 8.5 per cent a year, according to forecasters at the Ernst and Young Item Club. The total value of UK goods [...]
Oil majors curb the FTSE 100 despite solid corporate news February 3, 2011 BRITAIN’S top share index fell yesterday, hurt by Royal Dutch Shell as the oil major’s results were met with disappointment, while drugmaker GlaxoSmithKline rose after it decided to push ahead with a buyback programme. The FTSE 100 shed 16.73 points, or 0.3 per cent, to 5,983.34, after closing 0.7 per cent higher on Wednesday. The [...]
Imperial sees shares jump after growth February 2, 2011 IMPERIAL Tobacco surprised investors yesterday by announcing a return to volume growth in the last quarter of 2010 and pledged to pay half its profits in dividends. Imperial, with cigarette brands including Lambert & Butler, West and Gauloises, said cigarette volumes rose 0.5 per cent in its October to December 2010 first-quarter. Fine-cut loose tobacco [...]
Fortum disappoints on Russia February 2, 2011 Finnish utility Fortum reported a surprise fall in fourth-quarter profit yesterday, hurt by a weaker than expected performance by its main power generation unit and in Russia. October to December comparable operating profit fell five per cent to €541m (£461m), missing the average forecast of €613m. Fortum also proposed a 2010 dividend of €1.00 per [...]
FTSE shrugs off Egypt drama and rises on upbeat US data February 1, 2011 COMMODITY stocks and banks helped drive Britain’s top share index to a higher close yesterday, as investors shifted their focus from political unrest in Egypt to upbeat US economic data. The FTSE 100 index closed up 94.88 points, or 1.6 per cent, at 5,957.82, recouping nearly all the 1.7 per cent lost over the previous [...]