Investors pile into Citigroup as US bank slashes costs to shore up income April 16, 2015 Citigroup’s profits hit an eight-year high in the first quarter of 2015, as falling costs indicated the lender is becoming leaner and more efficient. The giant banking group hit the buffers in the financial crisis, and has spent years since slimming down and turning its operations around. Revenues slid two per cent on the year, [...]
BP appeases green groups at 2015 AGM: Investors put climate change on the agenda April 16, 2015 Oil firm BP gave shareholders a taste of how committed the company is to keeping costs to a minimum in the face of falling oil prices at its annual general meeting, held yesterday in London, after it laid on a feast of sandwiches and crisps instead of the usual hot food. When one shareholder asked [...]
Marlboro man’s Philip Morris up despite forex impact on sales April 16, 2015 Tobacco titan Philip Morris saw its share price leap over eight per cent yesterday after investors chose to ignore the impact of a strengthening dollar on first quarter earnings. The seller of Marlboro recorded revenues of $6.6bn (£4.4bn) during the period, down 4.4 per cent on the year before, however, currency fluctuations shaved $939m off [...]
Paris attack and tunnel fire take toll on Eurostar April 16, 2015 The strong pound, terror attacks in France and a Channel Tunnel fire resulted in a disappointing first quarter for Eurostar parent company Eurotunnel. The train operator’s revenues fell six per cent during the first three months of 2015 compared to the previous year, it announced yesterday. January proved to be a particularly tough month for [...]
SABmiller sees Africa expansion pay off as continent booms April 16, 2015 SABmiller sales crept up in the last quarter as the world’s second largest beverage firm’s focus on African markets paid off it emerged yesterday. The company recorded a two per cent increase in lager sales driven by strong demand in South Africa and a recovery in the Chinese market. Africa saw total drink sales rise [...]
WH Smith posts profit boost despite a slide in sales on the high street April 16, 2015 Stationery chain WH Smith reported a four per cent rise in half-year profits even as sales fell on the high street, after winning new contracts to open travel outlets overseas. The retailer, which has 740 travel outlets and 621 high street stores, reported pre-tax profits of £72m in the six months to the end of [...]
Hipster bonanza: Etsy’s shares have gone berserk after its IPO April 16, 2015 It turns out hipster craft site Etsy is as popular with New York's clued-up investors as moustache wax and skinny jeans. Shares in the site, which launched its IPO today, have more than doubled, to $33. That's a stonking start for the company, which has been much-mocked with sites such as the now-closed Regretsy. Having [...]
Goldman Sachs just a posted stellar set of first quarter results April 16, 2015 Investment bank Goldman Sachs kicked off earnings season Stateside with a strong set of first quarter results, thanks to a flurry of trading by its fixed-income and currencies desks. The bank beat expectations with earnings of $2.75bn (£1.84bn), or $5.94 per share, in the three months to March. Analysts polled by Reuters had been expecting $4.26 [...]
Morrisons share price falls as new boss David Potts cuts jobs at head office to hire 5,000 shop floor staff April 16, 2015 Morrisons is cutting hundreds of roles in its head office while simultaneously going on a hiring spree for its shop floor. The troubled supermarket, which last month revealed full year losses of £176m and brought in a new chief executive after Dalton Phillips left under a cloud, is expecting to make 720 head office roles [...]
Weak euro helps Unilever deliver better-than-expected sales growth April 16, 2015 The figures The slowdown in emerging markets hasn't stopped Unilever from recording a 12.3 per cent increase in turnover to €12.8bn (£9.22bn) in the first quarter of 2015. Even when your economy isn't growing as rapidly as it once did – looking good still remains a priority. Shares rose by over three per cent in [...]
