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- Air France: strike costing up to 20 million euros daily
- Mon, 22 Sep 2014 11:07:08 -0400 - PARIS (Reuters) - Air France KLM said on Monday the seven-day-old French pilots strike was costing it daily up to 20 million euros ($25.7 million) at operating level and was having "catastrophic consequences for the company's customers, staff and financial situation". In a statement, the company said it would need to update its earnings target for this year once the industrial dispute had ended. (Reporting by Andrew Callus; Editing by Brian Love)
- Bank of America shares to rise 50 percent in three years: Barron's
- Sun, 21 Sep 2014 20:09:24 -0400 -
(Reuters) - Bank of America Corp , the second-largest U.S. bank by total assets, could see its shares climb 50 percent over the next three years, Barron's financial newspaper said on Sunday. The bank could report earnings per share of $2 by 2017, which compares with 75 cents this year, according to the report. While legal costs related to the global financial crisis have impacted the bank's earnings, it should start to become more profitable in the fourth quarter, Barron's noted. The company is also expected to raise its dividend to 55 cents per share by 2017. ...
- Eyeing 2015 election, UK's Labour pledges rise in minimum wage
- Sun, 21 Sep 2014 08:05:00 -0400 -
By Kylie MacLellan MANCHESTER England (Reuters) - Britain's opposition Labour party promised on Sunday to raise the national minimum wage by more than 25 percent within five years if it wins next year's national election, a pledge designed to win over voters hit by rising living costs. Earnings in Britain have lagged behind inflation since the 2008 financial crisis. The rising cost of everything from gas to train tickets has shot up the political agenda since the return of economic growth forced Labour to shift its line of attack on the Conservative-led government ahead of the May 2015 vote. ...
- Dollar's rally bad news for oil, multinationals
- Sat, 20 Sep 2014 04:46:40 -0400 -
By Akane Otani NEW YORK (Reuters) - The asset with the greatest prowess of late has been the U.S. dollar, and if its rally continues, it threatens to eat into the earnings of multinational companies. The greenback's recent gains have lifted the dollar index - a measure of the dollar's value relative to six currencies - for 10 consecutive weeks. ...
- Oracle shares slide after soft results, CEO change
- Fri, 19 Sep 2014 13:00:02 -0400 -
(Reuters) - Oracle Corp's shares fell as much as 5.5 percent after the database software maker reported disappointing quarterly earnings late Thursday and said Larry Ellison was stepping aside as chief executive. Ellison, co-founder and leader of Oracle for 37 years, will be replaced by co-CEOs Safra Catz and Mark Hurd, although Ellison will remain executive chairman and chief technology officer. Oracle shares were down $1.98 at $39.57 in mid-day trading on the New York Stock Exchange with 7.8 million shares changing hands, more than double the stock's 10-day average volume. ...
- U.S. Senate Democrats propose exit tax for inverting companies
- Fri, 19 Sep 2014 11:28:59 -0400 -
By Emily Stephenson WASHINGTON (Reuters) - Two Senate Democrats want to force U.S. companies to pay an exit tax on any profits held overseas if the companies decide to reincorporate abroad to cut their tax bills, the latest in a slew of proposals to stem such "inversion" deals. Senators Sherrod Brown and Dick Durbin on Friday released details of a bill that would require foreign earnings that have not been repatriated, or brought into the United States, to be taxed as income at the point when a U.S. company inverts. ...
- Toshiba says to cut 900 jobs in PC restructuring
- Thu, 18 Sep 2014 02:36:24 -0400 -
TOKYO (Reuters) - Japan's Toshiba Corp said it would cut 900 jobs in a restructuring of its PC business that will include an exit from business-to-consumer operations in some regions. The Japanese electronics conglomerate expects the PC restructuring to cut operating profit by 45 billion yen ($414 million) but did not change its earnings forecast for the current year to March, as better-than-expected earnings in electricity and other operations offset the impact. ...
- Sony heads for deeper loss as it shrinks struggling smartphone business
- Wed, 17 Sep 2014 08:09:16 -0400 -
By Sophie Knight and Reiji Murai TOKYO (Reuters) - Sony Corp cut its earnings outlook for the sixth time on Chief Executive Kazuo Hirai's watch on Tuesday as it announced a massive impairment change on its smartphone unit, which it has failed to grow despite a rapidly expanding market. Hirai said mobile would remain one of the three core divisions of its electronics business, even though its shrinking footprint and ballooning losses now threaten the prospects of that flagship business scoring a profit this year. ...
- UK earnings edge up, unemployment falls more than expected
- Wed, 17 Sep 2014 04:38:32 -0400 -
LONDON, Sept 17 (Reuters) - The earnings of British workers picked up in the three months to July but still lagged far behind inflation, even as unemployment fell more than expected, official data showed. The data from the Office for National Statistics also showed the slowest growth in employment in more than a year, suggesting some of the strength in the labour market might be easing. The Bank of England has put pay at the centre of its thinking on when to raise interest rates and Wednesday's data helped explain why it halved its forecasts for earnings growth in 2014 to 1.25 percent. ...
- S.Africa's Clover FY profit falls as high inflation, costs bite
- Tue, 16 Sep 2014 04:12:36 -0400 - JOHANNESBURG (Reuters) - South African food and beverage firm Clover Industries Ltd posted a 14.2 percent fall in headline earnings on Tuesday, clipped by brisk inflation levels and higher raw material costs. Headline earnings per share, which strips out one-off items, totalled 102.7 cents in the year ended June compared with 120 cents a year earlier. Consumer spending in Africa's most-advanced but ailing economy is under pressure due to higher personal debt levels while higher input costs have hit manufacturers such Clover and Tiger Brands. ...
- WestJet to charge some customers for first checked bag, stock up
- Mon, 15 Sep 2014 11:29:10 -0400 -
By Allison Martell TORONTO (Reuters) - Canada's WestJet Airlines Ltd said on Monday it will start charging some economy passengers for their first checked bag, sending its stock, as well as the shares of rival Air Canada , up more than 6 percent. BMO Capital Markets analyst Fadi Chamoun said the change is likely to boost WestJet's earnings, and that Air Canada is likely to follow suit with a similar fee, strengthening its own results. ...
- Reinsurers flock to Monte Carlo as market storm brews
- Sat, 13 Sep 2014 08:10:07 -0400 -
By Jonathan Gould MONACO (Reuters) - For a financial sector posting a double-digit rise in earnings and boasting large cash piles, reinsurers sure see a lot of storm clouds on the horizon. The gloomy outlook has pressured the share prices of the world's top reinsurers this year and the frustration of normally staid industry executives - who gather this weekend at the Mediterranean resort of Monte Carlo for their annual jamboree - is palpable. "I am disappointed, exasperated, and even rather appalled by what is happening in the market," said Nikolaus von Bomhard, chief executive of the world's biggest reinsurer, Munich Re. Looking at reinsurers' current profits, things might seem fine.
- Labor pension adviser CtW seeks details from Walgreen
- Fri, 12 Sep 2014 20:55:25 -0400 -
CtW Investment Group, an adviser to union pension funds, called on Walgreen Co to provide more details about a change in projected earnings and questioned the U.S. Walgreen has faced pressure from many sides and last month scrapped a plan to move its tax domicile to Europe to save money. In a Sept. 11 letter to Walgreen's audit committee chair, CtW asked for more details such as when committee members learned the company's performance was not on track. They cited the recent naming to the Walgreen board of Barry Rosenstein, who founded activist hedge fund Jana Partners.
- Russia's banks see glory fade in post-sanctions struggle for profit
- Fri, 12 Sep 2014 06:30:54 -0400 - By Katya Golubkova and Oksana Kobzeva MOSCOW (Reuters) - They were the toast of Moscow - effortlessly enjoying fat earnings, double-digit lending growth and healthy margins. Now though Russia's banks - even major players owned by the state - are hurting from Western sanctions and a weak economy to an extent that the glory days seem a long way off. ...
- JP Morgan's Dimon finishes scheduled cancer treatments: WSJ
- Thu, 11 Sep 2014 14:23:32 -0400 -
(Reuters) - JPMorgan Chase & Co CEO Jamie Dimon, who was diagnosed with throat cancer this year, finished his scheduled rounds of radiation and chemotherapy treatment this week, the Wall Street Journal said, citing people familiar with the matter. Doctors will monitor Dimon, who started treatment about eight weeks ago, to determine if he is cancer-free, the Journal reported. Dimon is expected to host the company's third quarter earnings call next month, when he also plans to resume international travel and client meetings, the Journal said. "I took naps when I had to, went home early, and there were days when I was in treatment all day long," Dimon told the Journal in his first interview since his diagnosis became public.
- Lululemon raises outlook as profit beats, but store traffic slips
- Thu, 11 Sep 2014 13:46:57 -0400 - By Solarina Ho TORONTO (Reuters) - A jump in online sales helped yogawear chain Lululemon Athletica Inc report a higher-than-expected quarterly profit on Thursday, mitigating some of the damage from a series of mishaps last year, while spurring it to increase its full-year earnings forecast and pushing its stock higher. Lululemon shares jumped as much as 18.5 percent to $45.49 on Nasdaq. The stock had fallen more than 40 percent in the last 18 months following an embarrassing recall of yoga pants that were deemed too see-through. It has also faced increased competition, addressed executive departures, fought lawsuits and sought to soothe disgruntled customers after controversial comments by founder Chip Wilson about some women's bodies being unsuitable for Lululemon yoga pants.
- Kroger boosted by acquisitions, raises profit view
- Thu, 11 Sep 2014 13:32:17 -0400 -
Shares recovered most of those losses, and Kroger was down 0.2 percent to $51.76 at 1:25 p.m. EDT. Kroger completed the $2.5 billion acquisition of North Carolina-based Harris Teeter on Jan. 29, adding more than 200 supermarkets, mostly in the southeastern United States. It closed its $280 million acquisition of Vitacost.com on Aug. 18. Kroger raised its adjusted earnings forecast for the year ending Jan. 31, 2015, to a range of $3.22 to $3.28 per share from the previous $3.19 to $3.27.
- Canada small businesses get employment insurance rebate
- Thu, 11 Sep 2014 11:35:07 -0400 -
By Leah Schnurr and Randall Palmer TORONTO/OTTAWA (Reuters) - Canadian small businesses will get C$550 million ($500 million) in rebates on their employment insurance premiums over the next two years in order to boost hiring, Finance Minister Joe Oliver said on Thursday. The Small Business Job Credit will effectively lower small businesses' employment insurance premiums to $1.60 per $100 of insurable earnings as of Jan. 1 from the current legislated rate of $1.88, or about a 15 percent cut. Canadian Federation of Independent Business President Dan Kelly, speaking next to Oliver, said he estimated this would create 25,000 person years of employment over the next couple of years. Speaking at a flooring company in Toronto, Oliver also promised "a substantial reduction" in the overall legislated employment insurance rate in 2017 to a level that will enable the fund to break even.
- Zimbabwe's Innscor earnings hit as consumer spending falters
- Thu, 11 Sep 2014 05:46:55 -0400 - Zimbabwean fast food and retail group Innscor Africa reported a 35 percent decline in full-year earnings on Thursday, after consumer spending in the southern African country was hammered by an economic slowdown. Innscor, which runs the popular Chicken Inn and Pizza Inn chains, as well as the local operations of supermarket Spar, has been squeezed as a lack of foreign investment, high unemployment and power shortages have plagued Zimbabwe's economy. Finance Minister Patrick Chinamasa has slashed the 2014 growth outlook to 3.1 percent from 6.2 percent initially. Innscor Chairman David Morgan said in a statement that the results were "disappointing," adding profit margins had taken a knock after the company was forced to slash prices to stimulate sales.
- Barnes & Noble comparable sales improve; shares rise
- Tue, 09 Sep 2014 14:44:52 -0400 -
The company's retail core comparable store sales, which exclude its Nook digital unit and college bookstores, fell 0.4 percent in the first quarter ended Aug. 2. Analysts polled by research firm Consensus Metrix had expected same-store sales to decline 2 percent. Movie tie-in editions of popular books such as Disney's "Frozen" and Gillian Flynn's "Gone Girl" also helped improve traffic to its stores in the quarter, Mitch Klipper, chief executive of retail, said during a post-earnings call. The company said it expected book launches and its new range of tablets developed with Samsung Electronics Co Ltd to spur sales in the third quarter.
- South African stocks inch higher, but FirstRand slumps
- Tue, 09 Sep 2014 11:57:45 -0400 -
South African stocks ended slightly higher on Tuesday as the weaker rand currency prompted investors to pile into miners and other companies with extensive overseas operations. "It's true that the results appear to be broadly in line with expectations, but the market is disappointed there was no special dividend," said Tiaan Heydenrich, an equity and derivatives trader at PSG Securities. A weaker rand benefits mining houses and firms with extensive overseas operations because it boosts profits when dollar-denominated earnings are brought home. Gold producer AngloGold Ashanti added 1.4 percent to 168.66 rand, while brewer SABMiller gained 3 percent to 612.36 rand.
- South Africa's Steinhoff lifts FY profit by nearly a third
- Tue, 09 Sep 2014 08:33:02 -0400 - JOHANNESBURG (Reuters) - South African furniture group Steinhoff International Holdings Ltd reported an almost one-third rise in full-year profit on Tuesday, helped by positive currency swings. The world's second-biggest furniture retailer said diluted headline earnings per share totalled 416.7 cents in the year to the end of June, compared with 323.3 cents a year earlier. Headline EPS, the main profit gauge in South Africa, strips out certain one-off items.
- Rosneft struggles to grow as sanctions hit Russia's oil champion
- Tue, 09 Sep 2014 03:04:38 -0400 -
By Dmitry Zhdannikov, Vladimir Soldatkin and Katya Golubkova LONDON/MOSCOW (Reuters) - The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years. The sanctions imposed on Russia by the United States and Europe in response to its military action in Ukraine have cut Rosneft's access to Western financing and technology, complicating the servicing of its $55 billion debt and closing the way to cutting-edge industrial science it needs to keep developing its energy resources. Few doubt that Rosneft will be able to withstand the pressure medium-term - its earnings amount to $30 billion a year and billions more are still available via Chinese credit lines and Russian state coffers in case of emergency. Last week Rosneft said it would cut staff to reduce costs: Kommersant business daily said Rosneft's Moscow headquarters would see cuts of up to 25 percent from the current 4,000.
- South Africa's FirstRand posts expected 21 pct jump in FY earnings
- Tue, 09 Sep 2014 02:49:21 -0400 -
FirstRand reported an expected 21 percent rise in full-year earnings on Tuesday but South Africa's second biggest lender by value did not pay out a special dividend as investors had been hoping. FirstRand said diluted normalised earnings per share, which exclude certain one-time items, came in at 331 cents from a restated 273.5 cents a year ago. FirstRand's bad debt charges rose to 5.2 billion rand from 4.8 billion a year ago. FirstRand has been holding on to a 10 billion rand capital buffer earmarked for expansion but has so far failed to secure any deals in promising frontier African markets.
- Treasury's Lew urges action on 'inversion' tax deals
- Mon, 08 Sep 2014 16:45:13 -0400 -
By Kevin Drawbaugh and Emily Stephenson WASHINGTON (Reuters) - Treasury Secretary Jack Lew called on Monday for prompt action to stem the surge of U.S. While proposals stacked up in Congress, Lew said the Treasury Department was evaluating "what we can do to make these deals less economically appealing, and we plan to make a decision in the very near future." Senator Chuck Schumer, the No. 3 Senate Democrat, was circulating a draft bill to attack "earnings stripping" often associated with inversions. It was said to be applicable retroactively to deals as far back as 1994. Instead, it is a piece of political theater," James Lucier, a managing director at research group Capital Alpha Partners LLC, said in a client note.