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- Enbridge says 2013 profit at low end of target, raises payout
- Wed, 04 Dec 2013 18:12:33 -0500 -
Enbridge Inc , Canada's largest pipeline operator, said on Wednesday 2013 earnings would be at the low end of its target of C$1.74 to C$1.90 per share, but boosted its dividend by 11 percent. Enbridge, which has forecast that earnings per share will grow 10 percent to 12 percent annually between 2013 and 2017, said earnings this year and next will be below that target as it completes an expansion of its network of pipelines, which now carry the bulk of Canada's crude oil exports to the United States. The company said it expects 2014 earnings per share of between C$1.84 and C$2.04. Congested Canadian export pipelines have caused Enbridge to ration how much crude shippers can transport on its network.
- Deere expands share buyback plan by $8 billion
- Wed, 04 Dec 2013 12:30:26 -0500 -
(Reuters) - Deere & Co , the world's largest farm equipment maker, said it was expanding its share buyback plan by $8 billion. The program will supplement an existing $5 billion buyback authorization, Deere said on Wednesday. About $1 billion remains under the previous program. Deere shares were up 3.3 percent at $85.42 in afternoon trading on the New York Stock Exchange. The company offered an upbeat earnings forecast for 2014 last month, saying that sales of construction and forestry equipment in the coming year should offset an anticipated slowdown in demand for agricultural machinery. ...
- Volvo sees full effects of strategy overhaul by 2015
- Wed, 04 Dec 2013 11:21:56 -0500 -
By Niklas Pollard and Helena Soderpalm GOTHENBURG, Sweden (Reuters) - World number two truck maker Volvo said on Wednesday its strategic overhaul would boost operating earnings by around 9 billion crowns in 2015, as the introduction of new models this year and a cost cutting drive ahead paid off. This would be around a 50 percent jump on the company's full year 2012 operating earnings of 17.6 billion crowns. Chief Executive Olof Persson said he expected to boost earnings by about 2 billion crowns ($306.8 million) this year and 6 billion in 2014, excluding announced restructuring costs. The forecast was based on full-year net sales of 300 billion crowns.
- U.S. watchdog to revive proposal to name audit partner
- Wed, 04 Dec 2013 07:14:30 -0500 -
By Sarah N. Lynch WASHINGTON (Reuters) - The U.S. audit watchdog will revive a controversial proposal on Wednesday that would require accounting firms to disclose the names of individual partners who work on company audits. The Public Company Accounting Oversight Board's plan has been largely dormant since it was fist suggested in October 2011. The proposal became a talking point for debate again earlier this year after veteran KPMG auditor Scott London pleaded guilty to allegations he passed confidential details about companies he audited to a friend who used them to make profitable trades. The accountant admitted he gave jeweler Bryan Shaw inside information regarding at least 14 earnings announcements or acquisitions by KPMG clients, including Herbalife Ltd and United Rentals Inc. Shaw also pleaded guilty in the case.
- StanChart set to end 10-year boom with 2013 profit drop
- Wed, 04 Dec 2013 05:32:28 -0500 -
By Steve Slater LONDON (Reuters) - Standard Chartered warned that 10 years of record earnings are likely to end this year, with profit set to fall because of losses in Korea, a slowdown in its key Asian markets and tougher regulations. Standard Chartered said on Wednesday that operating profit in its consumer bank will be down by at least 10 percent from a year ago because of problems in Korea and profit from wholesale banking is expected to be flat, leaving overall profit down. "We've seen significant softening in this fourth quarter, particularly in financial markets," Group Finance Director Richard Meddings said.
- Bank of Montreal shares fall on disappointing U.S. profit
- Tue, 03 Dec 2013 12:20:05 -0500 -
By Cameron French TORONTO (Reuters) - Quarterly earnings at Bank of Montreal rose 1 percent due to stronger wealth management profit, and Canada's No. 4 bank raised its dividend, but its shares fell on Tuesday on the back of a sluggish performance at its U.S. Harris Bank unit. Shares of BMO, the first Canadian bank to report fiscal fourth-quarter results, were down 3.7 percent at mid-morning, making BMO the weakest performer among financial stocks on the Toronto Stock Exchange's benchmark index. That result topped analysts' estimates of a profit of C$1.58 a share, but analysts said the beat was helped by an accounting-related securities gain on the wealth management side. "You could say it pretty much met on a headline basis, (but) if you peel through the operating numbers they don't look as good," said Peter Routledge, an analyst at National Bank Financial.
- UnitedHealth says health reform to cost up to $1 per share in 2014
- Tue, 03 Dec 2013 11:33:04 -0500 -
(Reuters) - UnitedHealth Group Inc said on Tuesday that it expects U.S. healthcare reform to have a net drag on earnings of 90 cents to $1 per share in 2014 due to changes in the individual and Medicare businesses as well as new taxes and fees. The largest U.S. health insurer broke down that total cost into 5 cents to 10 cents per share for reforms in the individual market, 25 cents for cuts in funding for privately-run Medicare plans for the elderly and 65 cents per share for reinsurance and other fees, according to documents issued at a meeting with investors in New York. UnitedHealth said it will be several years before the insurance market works through the changes related to President Barack Obama's healthcare reform law. UnitedHealth is selling these new individual plans in 5 states - a smaller presence than that of competitors like WellPoint Inc and Aetna Inc , which are launching products in more than a dozen markets each.
- Dow Chemical to exit century-old chlorine business
- Mon, 02 Dec 2013 16:05:51 -0500 -
said it would sell a bulk of its chlorine operations - its oldest business - as part of its plan to sell or spin off commodity chemicals assets worth up to $4 billion. "Exiting our longest, oldest business tells you that we are prioritizing our capital on higher margin, more consistent earnings growth businesses," Dow Chemical Chief Executive Andrew Liveris told Reuters. Other assets identified for sale by the world's No.1 chlorine producer on Monday included its epoxy business and some brine and energy assets, representing a total of $5 billion in revenue. The bulk of what the company plans to sell is housed in its performance materials business, which is particularly exposed to swings in commodity prices.
- PREVIEW-Denmark's Novo seen reinforcing growth plans - analysts
- Mon, 02 Dec 2013 06:37:09 -0500 -
By Shida Chayesteh COPENHAGEN (Reuters) - Denmark's Novo Nordisk, the world's biggest insulin producer, will on Tuesday seek to reassure investors that its outlook is intact, analysts said ahead of the company's capital markets day (CMD). "We expect it will act as a strong confidence booster for Novo's future growth prospects," Nordea analyst Michael Novod wrote in a note to clients, adding that he didn't expect major new announcements. Analysts generally expect Novo Nordisk to reiterate its 2014 guidance and its long-term financial targets of 15 percent annual growth in operating earnings, a 40 percent operating margin and a cash conversion of 90 percent.
- ThyssenKrupp announces capital increase after U.S. deal
- Fri, 29 Nov 2013 18:14:39 -0500 - FRANKFURT (Reuters) - ThyssenKrupp announced plans to increase its capital by as much as 10 percent after striking a deal to sell its U.S. steel plant to ArcelorMittal and Nippon Steel & Sumitomo Metal for $1.55 billion. It also announced late on Friday plans to take back steel plant Terni and the VDM high-performance alloy unit from Outokumpu and sell its 29.9 percent stake in the Finnish company. ThyssenKrupp also said it saw its adjusted earnings before interest and tax (EBIT) jumping to about 1 billion euros ($1. ...
- Teletubbies' DHX buys kids TV channels from BCE, shares surge
- Thu, 28 Nov 2013 15:42:15 -0500 - By Euan Rocha TORONTO (Reuters) - Teletubbies owner DHX Media said on Thursday it will acquire Family Channel and three other children's channels from BCE's Bell Media for C$170 million in cash, adding content distribution to its current capabilities. The deal, cheered by analysts and investors, sent DHX shares surging 38 percent to a lifetime-high of C$5.74 in morning trading on the Toronto Stock Exchange. Halifax-based DHX, which creates, produces or licenses, children's shows such as Teletubbies, Yo GabbaGabba and Caillou, said the deal will boost its earnings and give it a stable stream of subscription-based revenue. RBC Capital Markets analyst Haran Posner described the deal as "transformational," noting that DHX is paying a very attractive price for high quality assets.
- China's reforms to hit investment trust industry hard: study
- Thu, 28 Nov 2013 01:17:00 -0500 -
The breakneck pace of growth in China's 10 trillion yuan ($1.64 trillion) investment trust industry is unsustainable and earnings risk drying up as the government steps up financial reforms that will change sources of revenue, research shows. Close to 90 percent of revenues in the industry are at risk in the long run with about 40 percent of earnings forecast to disappear completely in five years, according to a study by consultant McKinsey & Company and Ping An Trust. The sector, the second-biggest financial industry in China after banks, earns most of its present income from financing riskier borrowers and helping banks and other institutions buy assets that they cannot invest in due to regulations. But these revenue sources will vanish as China liberalizes its financial industry to let investors buy into a range of assets, and give riskier borrowers more access to credit, the research said.
- Dow and S&P 500 hit records, Nasdaq lifted by tech
- Wed, 27 Nov 2013 16:55:34 -0500 -
By Luke Swiderski NEW YORK (Reuters) - The Dow and the S&P 500 closed at record highs on Wednesday, led by Hewlett-Packard's jump a day after the personal computer maker's earnings, while the Nasdaq finished at a 13-year high. The tech-heavy Nasdaq got its biggest boost from Apple Inc Technology stocks have lagged the broader market this year, with the S&P information technology sector index rising almost 21 percent, compared with the S&P 500's 27 percent surge. Many traders were out for the Thanksgiving holiday, as the U.S. stock market will be closed on Thursday.
- Rural India shows signs of economic revival but wider outlook glum
- Wed, 27 Nov 2013 16:08:47 -0500 - By Rajendra Jadhav and Rajesh Kumar Singh NEW DELHI/SHIRDHON, India (Reuters) - Pandurang Ghorpade has the weather to thank as he hands out celebratory sweets to neighbors eager for a ride on his prized new possession, a gleaming red tractor bought in anticipation of a bumper harvest. "Unlike last year, there wasn't any shortage of water this year," Ghorpade said. "My earnings are likely to rise from sugar cane and ginger crops that have grown vigorously. ...
- Siemens sees infrastructure business reaching margin target
- Wed, 27 Nov 2013 12:23:52 -0500 -
expects its Infrastructure & Cities (I&C) business, which has been hit by project delays and restructuring, to reach its profitability target this financial year, it said on Wednesday. There has been speculation, brushed off by Siemens' new chief executive Joe Kaeser, that the group might dismantle the I&C business after its performance fell well short of expectations. In the financial year ended September 30, the business posted a margin on earnings before interest, tax, depreciation and amortization (EBITDA) of 3.7 percent, well below a target range of 8-12 percent. That made it the least profitable of Siemens' four main businesses, behind Industry, Energy and Healthcare.
- Kenya's NIC Bank says 9-month profit up 16 pct
- Wed, 27 Nov 2013 08:22:41 -0500 - Kenya's NIC Bank pre-tax profit rose 16.2 percent to 3.9 billion shillings in the first nine months of the year, boosted by higher net interest income, the bank said on Wednesday. Earnings per share rose to 5.19 shillings from 4.41 shillings a year ago. Most lenders in east Africa's biggest economy have reported a rise in profits due to a drop in interest rates from last year, which boosted demand for loans and cut interest expenses. NIC Bank, which also operates in Tanzania and Uganda, only said the outlook for 2014 was "promising", without elaborating.
- Kenya's Kakuzi warns 2013 pretax to be down 25 pct or more
- Wed, 27 Nov 2013 02:18:32 -0500 - Kenyan agricultural firm Kakuzi Ltd warned on Wednesday that its full-year 2013 earnings would be at least 25 percent lower than last year, citing falling black tea prices and lower avocado production. Kakuzi, which also produces pineapples, had posted a full-year pretax profit of 479 million shillings in 2012, down 26 percent on the previous year. Earlier this month, two other tea companies, Kapchorua and Williamson Tea, said they were concerned by falling prices at the weekly tea auction, amid increased tea production. They said tea prices had hit a seven-year low at the end of September, down 30 percent on the same period a year before.
- Nasdaq closes above 4,000 for first time in 13 years
- Tue, 26 Nov 2013 17:23:16 -0500 -
By Luke Swiderski NEW YORK (Reuters) - The Nasdaq composite index closed above 4,000 on Tuesday for the first time since 2000, while the Dow and S&P ended barely changed. Retailers and homebuilders were among the best performing sectors, responding to stronger-than-expected earnings and robust housing market data. Big-cap technology stocks helped the Nasdaq the most on Friday to finish above 4,000 for the first time since the dot-com bubble burst in 2000 and sent the tech-heavy index hurtling. Tiffany & Co jumped 7 percent to $88. ...
- JPMorgan, mortgages drag down third-quarter U.S. bank profits
- Tue, 26 Nov 2013 13:39:51 -0500 -
and slowing demand for mortgages as interest rates rose caused the first decline in bank profits since 2009, a third-quarter regulatory update said on Tuesday. Higher interest rates lowered the value of fixed income assets and sapped demand for mortgage refinancing, the Federal Deposit Insurance Corporation said. A $4 billion increase in litigation expenses at one institution - not named by the FDIC but identified as JPMorgan by a source - was the main reason why net income at U.S. banks declined 3.9 percent year-on-year. "Had it not been for that, the upward trend in earnings would have continued," FDIC Chairman Martin Gruenberg said at a news conference.
- South Africa stocks hit as Naspers slides
- Tue, 26 Nov 2013 10:51:08 -0500 -
South African stocks slid more than 1 percent on Tuesday as Naspers tumbled after the high-flying internet firm said spending would likely crimp its earnings this year. Sentiment was also bruised after data showed Africa's largest economy grew at its slowest pace since a 2009 recession in the third quarter, dragged down by weeks of strikes in the automotive industry. Naspers, the most valuable company with a primary listing in Johannesburg, dropped 4.1 percent to 931.92 rand. They are investing for more growth and you will always have a question on that," said Reuben Beelders, a portfolio manager at Gryphon Asset Management.
- U.S. consumer confidence falls in November
- Tue, 26 Nov 2013 10:17:12 -0500 -
U.S. consumer confidence fell in November as Americans worried about their future jobs and earnings prospects, according to a private sector report released on Tuesday. The Conference Board, an industry group, said its index of consumer attitudes fell to 70.4 from a upwardly revised 72.4 the month before. "Sentiment regarding current conditions was mixed, with consumers saying the job market had strengthened, while economic conditions had slowed," Lynn Franco, director of economic indicators at The Conference Board, said in a statement.
- Development investment to hurt Naspers full-year earnings
- Tue, 26 Nov 2013 06:12:51 -0500 - By Helen Nyambura-Mwaura JOHANNESBURG (Reuters) - South African e-commerce and media group Naspers sees lower full-year earnings after it plans to increase investment into Internet platforms and digital pay-TV by more than 62 percent to lock in more customers. Johannesburg's biggest local company by market valuation posted a 16 percent rise in core headline earnings in the first six months to end September, but will spend more than 7 billion rand to market e-commerce platforms and roll out digital terrestrial television across African cities. After starting life as an Afrikaans-language newspaper, Naspers has grown quickly to showing English Premier League matches across soccer-mad Africa and owning stakes in online retailers and gaming companies in Russia and India. Naspers second-half spending is traditionally higher from subsidising decoder purchases that are typically done over the holiday season, and advertising its online e-commerce to target Christmas shoppers.
- Kenyan shilling dips, shares scale new 5-year high
- Mon, 25 Nov 2013 10:28:01 -0500 -
By George Obulutsa NAIROBI (Reuters) - The Kenyan shilling weakened a touch on Monday, driven by expected rising demand for the dollar from the energy, telecoms and manufacturing sectors ahead of the holiday season, traders said. Kenya's benchmark NSE-20 Share Index closed at a new five-year high as Safaricom, the country's largest telecoms firm, extended gains driven by higher earnings and expectations it will raise its dividend after posting a rise in cash flow.
- Insight: For Cisco and Huawei, a bruising rivalry reaches stalemate
- Fri, 22 Nov 2013 12:29:18 -0500 -
By Jeremy Wagstaff, Sinead Carew and Jim Finkle (Reuters) - Cisco Systems Inc and Huawei Technologies Co, two of the world's largest communications equipment makers, have been slugging it out for a decade now - in court, in emerging markets, in the lobbies of government and even on blogs. Earlier this month Cisco CEO John Chambers admitted in an earnings call that political dynamics were stymieing his company's long march into Huawei's backyard. Asked whether the recent U.S. spying scandal was affecting overseas business, Chambers said it was having an impact, particularly in China, which is Cisco's biggest emerging market country but represents less than 5 percent of its total revenue. Huawei has also admitted something of a defeat in the United State for carrier equipment, which accounts for more than 70 percent of its global revenues.
- Canada's top court upholds Ontario ban on private-label drugs
- Fri, 22 Nov 2013 10:54:25 -0500 -
By Randall Palmer OTTAWA (Reuters) - The Supreme Court of Canada dealt a blow to pharmacy chains on Friday when it upheld the province of Ontario's ban on drugstores' sales of their own private-label generic prescription drugs. Pharmacy companies saw the private-label drugs as a way to reduce the impact of Ontario regulations designed to lower the cost of generic drugs. The Ontario rules have weighed on the earnings of the drugstore chains, including Shoppers Drug Mart Corp, a principal appellant in this case. In the 7-0 decision, Justice Rosalie Abella noted that Canada spends more on prescription drugs per capita than almost any other industrialized country and she highlighted "Ontario's totemic struggle to control generic drug prices." She pointed out the proportion of government health care expenses that went for drugs had risen to 15.9 percent in 2010 from 9.5 percent in 1985.