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- Stocks slide, oil prices jump after Yemen air strikes
- Thu, 26 Mar 2015 18:46:38 -0400 -
By Michael Connor NEW YORK (Reuters) - Oil prices jumped 5 percent and stock markets worldwide slumped on Thursday after Saudi Arabia and allies carried out air strikes in Yemen, which fueled worries in the Middle East that energy shipments may be put at risk. Wall Street steadied in late trading, narrowing losses that had been as much as 1 percent to close just modestly lower with support from economic data and corporate earnings reports. "The air strikes in Yemen have really created a risk-off mood," said Rabobank strategist Philip Marey. In currency markets, the dollar fell against traditional safe havens the Swiss franc and the yen after warplanes from Saudi Arabia and other Arab countries struck Shi'ite Muslim rebels fighting to oust Yemen's president.
- Wall St. ends down in choppy session, but off lows
- Thu, 26 Mar 2015 16:48:41 -0400 -
NEW YORK (Reuters) - U.S. stocks fell for a fourth straight session on Thursday but indexes ended well off session lows with support from economic data and earnings, including Accenture's.
- U.S. public pension fund investments resume growth in fourth quarter
- Thu, 26 Mar 2015 14:11:37 -0400 - (Reuters) - U.S. public pension funds investments saw their growth rekindle, rising to $3.34 trillion in the fourth quarter after suffering a slight setback in their rise the previous quarter, U.S. Census data showed on Thursday. The latest results, fueled by higher earnings, were just shy of the $3.37 trillion all-time high set in the second quarter of 2014.
- Zynga must face U.S. lawsuit alleging fraud tied to IPO
- Thu, 26 Mar 2015 13:37:19 -0400 -
Zynga Inc must face a lawsuit that accuses the gaming company known for its "FarmVille" game of defrauding shareholders about its prospects before and after its December 2011 initial public offering. Ruling 13 months after dismissing an earlier version of the lawsuit, U.S. District Judge Jeffrey White in San Francisco said on Wednesday that shareholders could pursue claims that Zynga concealed declining user activity, masked how changes in a Facebook Inc platform for its games would affect demand and inflated its 2012 revenue forecast. Zynga's market value slid by several billion dollars between March 2, 2012, when its share price peaked at $15.91, and July 26, 2012, when the price dropped below $3 after the company posted disappointing earnings and cut its outlook. "Confidential witnesses all corroborate that the updates on game users and spending data was readily accessible to Zynga's management." White rejected a claim over Zynga's alleged product launch delays, saying it was mere "business puffery" for the company to call its game pipeline "strong," "robust" and "very healthy." Shareholders led by David Fee also claimed that Zynga hid its weaknesses to enable insiders to sell $593 million of stock before a post-IPO lockup was to expire, and avoid a roughly 75 percent drop in its share price over the next four months.
- Morphosys, Celgene end cooperation on MOR202 drug candidate
- Thu, 26 Mar 2015 12:45:03 -0400 - FRANKFURT (Reuters) - Morphosys and Celgene have agreed to end their cooperation on MOR202, but clinical trials of the drug candidate will continue, Morphosys said on Thursday. Morphosys said it aimed to release first clinical data from the ongoing phase 1/2a trial at a medical conference in 2015. It also raised its 2015 profit guidance, saying it expected to post 2015 earnings before interest and tax (EBIT) of between 9 and 16 million euros ($9.8-17. ...
- Air China sees 14% rise in 2014 net profit
- Thu, 26 Mar 2015 12:41:40 -0400 -
Air China, the country's flag carrier, said Thursday that the global economic recovery and falling oil prices helped lift its net profit by 14 percent last year. Net profit in 2014 came in 3.78 billion yuan ($608.67 million), up from 3.32 billion yuan the previous year, the airline said in a statement filed late Thursday to the Hong Kong Stock Exchange. It credited falling oil prices, recovery in the global economy, and strengthened cost management, as well as recovery in the air cargo market as some of the factors behind the rise. "Profitability of our core business continued to strengthen and the quality of our earnings improved markedly," the airline said.
- Nigeria's Sterling Bank 2014 pretax profit up 15.4 pct
- Wed, 25 Mar 2015 07:43:11 -0400 - LAGOS (Reuters) - Nigeria's Sterling Bank said on Wednesday its 2014 pretax profit rose 15.4 percent to 10.74 billion naira ($53.97 million). Gross earnings rose to 103.67 billion naira compared with 91.74 billion naira previously, the bank said in a statement, adding that it would pay a dividend of 0.06 naira per share compared with 0.25 naira in 2013. ($1 = 199.0000 naira)
- Clash of Clans maker sees revenues hit 1.5 bn euros
- Tue, 24 Mar 2015 18:21:25 -0400 -
The maker of hit game Clash of Clans said Tuesday its revenues shot up to 1.55 billion euros ($1.6 billion) in 2014, a 130 percent bound over the prior year. Finnish mobile game studio Supercell, in announcing its results from last year, reported making 515 million euros in operating profit as defined by earnings before interest, tax, depreciation and amortisation. The revenue figures make Supercell 10 times larger than its rival and fellow Finnish game maker Rovio, which is behind Angry Birds. "We’re very thankful to the millions of players around the world who play our games," Supercell CEO Ilkka Paananen said in a statement.
- US stock indexes turn higher at midday
- Tue, 24 Mar 2015 12:07:24 -0400 - NEW YORK (AP) — U.S. stock indexes are rising modestly at midday as investors assess the latest news on consumer prices and company earnings.
- New customers push up South Africa's Capitec Bank profit
- Tue, 24 Mar 2015 11:00:32 -0400 -
By Helen Nyambura-Mwaura JOHANNESBURG (Reuters) - Capitec Bank's new strategy of targeting wealthier clients in addition to its core low-income customers helped boost the South African lender's 2014 earnings by 27 percent, sending its shares to a record high on Tuesday. It's a positive surprise," said Louis Chetty, a banks analyst at asset manager Momentum.
- H&M sees strong profit, sales as market share increases
- Tue, 24 Mar 2015 10:08:15 -0400 -
STOCKHOLM (AP) — Swedish budget fashion chain Hennes & Mauritz AB says its three-month earnings surged 35 percent to 3.6 billion kronor ($420 million) on strong sales as shoppers were attracted by new collections.
- Nigeria's Wema Bank 2014 pretax profit rises 59 pct to 3.09 bln naira
- Tue, 24 Mar 2015 05:44:26 -0400 -
LAGOS (Reuters) - Nigeria's Wema Bank said on Monday it grew its 2014 pretax profit by 59 percent to 3.09 billion naira, from 1.94 billion naira aa year earlier. Gross earnings also rose to 35.45 billion naira, against 28.54 billion naira the previous year, the bank said in a filing with the Nigerian Stock Exchange.
- South Africa's Capitec Bank FY earnings up 27 pct on fee income
- Tue, 24 Mar 2015 02:37:35 -0400 -
South African unsecured lender Capitec Bank Holdings Ltd reported a 27 percent increase in full-year earnings on Tuesday as growth in active customers boosted transaction fee income. Capitec said diluted deadline earnings per share came in at 2,206 cents from 1,740 cents a year earlier. Transaction fee income was up 35 percent at 2.6 billion rand ($218 million) after the lender's active clients increased by nearly 860,000. Last year, Capitec's main rival in lending without collateral, African Bank, had to undergo rescue after it went under from a mountain of bad debt.
- Tanzania's current account deficit narrows 4.7 pct in year to Jan
- Mon, 23 Mar 2015 09:36:46 -0400 -
DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed 4.7 percent in the year to January, after exports of manufactured goods and tourism earnings increased, the central bank said on Monday. The deficit narrowed to $4.822 billion in the 12 months to January from $5.059 billion in the same period in 2014, the Bank of Tanzania said in its latest monthly economic report. "The improvement was mainly attributed to an increase in exports of goods and services as imports remained broadly unchanged," the central bank said in the report. ...
- Assembler Pegatron's record 2014 profit puts Apple reliance in spotlight
- Mon, 23 Mar 2015 06:57:27 -0400 -
Strong iPhone 6 sales lifted annual net profit at Pegatron Corp, the Taiwanese assembler of Apple Inc, to a record high, as its chief executive questioned the company's reliance on smartphones to generate revenue. Pegatron on Monday said 2014 net profit rose 53.4 percent from the previous year to T$14.66 billion ($466.8 million). Fourth-quarter net profit also surged 68 percent to a record T$5.68 billion, as revenue from its communication devices business grew to account for just under two-thirds of its overall revenue, up from 30 percent in the same year-ago period. Asked about Pegatron's reliance on smartphones, Chief Executive Jason Cheng told an earnings briefing Pegatron was taking advantage of a good business opportunity.
- Nigeria's FCMB says 2014 pre-tax profit rises 32 pct
- Mon, 23 Mar 2015 06:46:04 -0400 - LAGOS (Reuters) - Nigeria's First City Monument Bank said on Monday its 2014 pretax profit rose to 23.94 billion naira ($120 million), up 32 percent from 18.18 billion naira the previous year. Gross earnings rose to 148.63 billion naira compared with 130.99 billion naira, the bank said in a statement, adding that it would pay a dividend of 0.25 naira per share to shareholders compared with 0.30 naira a year ago. ($1 = 199.70 naira)
- U.S. multinationals set to face much more pain from strong dollar
- Sun, 22 Mar 2015 08:54:42 -0400 -
The surging value of the U.S. dollar may be posing the biggest threat to U.S. corporate earnings since the 2008 financial crisis, hurting results at most U.S.-based multinationals. Some on Wall Street are even talking about an earnings recession. The dollar’s gain of 22 percent in the past 12 months against a basket of major currencies has landed a double whammy on U.S. companies with big sales abroad. The brokerage says that a 25 percent gain in the U.S. dollar in a 12-month period has historically coincided with a 10 percent decline in the market's earnings per share.
- Lafarge performance cost boss post-merger CEO role, Holcim chief tells paper
- Sun, 22 Mar 2015 08:25:45 -0400 -
Lafarge boss Bruno Lafont had to be removed as chief executive-elect of a merged Lafarge-Holcim cement group because of the "value drift" that occurred after the tie-up was announced last April, Holcim's chief executive said. In an interview with France's Journal de Dimanche, Bernard Fontana, chief executive of the Swiss side of the proposed Franco-Swiss partnership, said last week's decision to change the management structure as well as the one-for-one share exchange ratio was not about style and national differences but about performance. "So I am the proof that Holcim can be run despite the cultural differences between a Swiss and a French management style ... But when a value drifts, that raises a governance problem. Under pressure from its shareholders as Lafarge's earnings outlook dimmed relative to Holcim's, the Swiss company threw the merger in to doubt a week ago by telling Lafarge it wanted to renegotiate the terms of the deal.
- US stocks rise on rebound in oil, strong company results
- Fri, 20 Mar 2015 16:45:31 -0400 -
NEW YORK (AP) — Stocks advanced Friday, capping a strong week, helped by a recovery in the price of oil and earnings from Olive Garden owner Darden Restaurants and sportswear giant Nike.
- US stocks move higher; Energy leads as oil price rebounds
- Fri, 20 Mar 2015 11:50:30 -0400 -
NEW YORK (AP) — Stocks are moving higher in midday trading as investors respond to strong earnings from U.S. companies.
- South Africa's Investec FY earnings to rise but weak rand to slow growth
- Fri, 20 Mar 2015 09:54:12 -0400 - South Africa's Investec expects full-year earnings growth after increasing the funds it manages, the investment bank and asset manager said on Friday but warned that a weaker rand currency would hurt group results. Investec, which is also listed in London, said in a statement that its Wealth and Investment and Asset Management businesses had received a combined 5 billion pound ($7 billion) in net fund inflows during the financial year. Bad debt charges, are seen contracting 17 percent, Investec said. Chief Executive Stephen Koseff told an investors' briefing that the lender's credit loss ratio could come in at between 0.65 to 0.7 percent.
- Stronger earnings help send US stocks higher in early trade
- Fri, 20 Mar 2015 09:41:34 -0400 - NEW YORK (AP) — Stocks are moving higher in early trading as investors respond to some surprisingly strong earnings from U.S. companies.
- Strong dollar trouble, but no disaster for US economy
- Thu, 19 Mar 2015 13:16:52 -0400 -
US exporters and multinational companies are beginning to feel the pain from a dollar that has hit its highest level in 12 years. From farm exporters to the chemicals industry, the moaning is growing more audible about losing competitiveness to competitors in Europe, Brazil and elsewhere. On Wall Street, companies like IBM, Kimberly-Clark, Microsoft, Procter & Gamble, and Caterpillar have all blamed slower earnings on the currency. In the past year, the dollar has soared 32 percent against the euro, 39 percent against Brazil's real, 18 percent on the yen, 16 percent on the Canadian dollar, and 13 percent against the pound.
- Deutsche Bahn misses 2014 targets, hit by strikes, competition
- Thu, 19 Mar 2015 09:10:07 -0400 -
Deutsche Bahn missed its financial targets for 2014, according to data published Thursday, as strikes and growing competition took a chunk off the German rail operator's earnings. The state-owned company's boss Ruediger Grube had already warned at the end of February that its 2014 earnings would be weaker than expected. Deutsche Bahn is quadrupling its long distance bus services by the end of 2016 to maintain a foothold in the market.
- Chancellor Osborne says to raise UK personal tax allowance
- Wed, 18 Mar 2015 17:34:15 -0400 - Britain will allow workers to keep more of their earnings before they start to pay income tax, Chancellor George Osborne said on Wednesday in an annual budget statement delivered seven weeks before national elections. Britain will raise the personal tax allowance to 10,800 pounds ($15,831) in the 2016/2017 tax year, Osborne told parliament, up from an increase to 10,600 pounds which starts in April. The government will also raise the earnings threshold at which people pay the higher rate of income tax to 43,300 pounds by the 2017/18 tax year.