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- B&G Foods to buy General Mills' Green Giant business for $765 million
- Thu, 03 Sep 2015 09:15:17 -0400 -
B&G, which will enter the frozen food business with the deal, expects the acquisition to immediately add to earnings, it said in a statement on Thursday. Green Giant, whose mascot is the Jolly Green Giant, makes more than 160 products. General Mills said in July that it recorded a $260 million charge in the fourth quarter to write down the value of Green Giant after an assessment showed the business's market value was lower than its carrying value.
- Nigeria's UBA bank H1 pretax profit up 35 pct
- Thu, 03 Sep 2015 08:55:02 -0400 - Nigeria's United Bank for Africa (UBA) said on Thursday its half-year pretax profit rose 35 percent to 39.04 billion naira ($196 million), from 28.89 billion a year earlier. The bank said it will pay an interim dividend of 0.20 naira. Gross earnings also rose to 166.94 billion naira compared with 138.22 billion naira the previous year, the bank said in a statement without stating reasons for the jump in earnings.
- Toshiba to post annual net loss of about 10 billion yen: Yomiuri
- Wed, 02 Sep 2015 22:07:51 -0400 -
Japan's Toshiba Corp is likely to post a net loss of about 10 billion yen ($83 million) when it reports its financial 2014/15 earnings as early as this week, the Yomiuri daily reported, amid a probe into improper accounting at the company. Toshiba was already expected to report a loss after an independent probe found it had overstated its profits by $1.2 billion over several years, but the figure cited by Yomiuri was the first indication of how deep that loss would be. There was no immediate comment from Toshiba.
- US bank earnings rose 7.3 percent in April-June quarter
- Wed, 02 Sep 2015 15:10:20 -0400 -
WASHINGTON (AP) — U.S. banks' earnings jumped 7.3 percent in the April-June period from a year earlier as revenues increased and the volume of soured loans banks had to write off fell to the lowest level since before the financial crisis.
- Toy maker Lego sees strong growth, profit in all regions
- Wed, 02 Sep 2015 07:25:44 -0400 -
HELSINKI (AP) — Lego says its popular multi-colored toy blocks were in strong demand around the world in the first half of the year, boosting its earnings and the outlook for the full year.
- Algeria plans to raise gas output by 13 pct by 2019-ministry
- Tue, 01 Sep 2015 03:40:05 -0400 -
Algeria plans to increase natural gas output by 13 percent by 2019, the energy ministry said, to reverse a decline in energy production in recent years that has hit its export earnings and spending policy. Investment to increase its gas output was estimated at $40 billion, it said in the latest edition of its inhouse magazine Algeria Energy. "Natural gas production will increase by over 13 percent by 2019 to meet domestic demand and increase exports," the energy ministry said in the article.
- International sales lift South African conglomerate Bidvest's profit
- Mon, 31 Aug 2015 09:25:32 -0400 - South African conglomerate Bidvest Group's full-year profits rose, despite tough economic conditions at home, thanks to booming sales at its food business in Europe, the company said on Monday. Bidvest, whose operations span auto showrooms, shipping and catering, reported an 8.6 percent rise in diluted headline earnings per share to 1,882 cents in the year to June, slightly better than the mean estimate of 11 analysts in a Reuters poll. Headline EPS is the most widely watched profit measure in South Africa and strips out certain one-off items.
- Kenya's Standard Group posts 90 pct fall in first-half profit
- Mon, 31 Aug 2015 09:14:14 -0400 - Kenyan media company Standard Group posted a 90 percent fall in pretax profit for the six months ending June, days after warning of a sharp drop in earnings this year. Pretax profit fell to 21.3 million Kenyan shillings ($200,000) from 205 million in the same period of 2014, hurt by weakness in the company's television segment. Four Kenyan television stations, including one belonging to Standard Group, were off air for 19 days in February after the government switched off all analogue signals, leading to advertising losses for media companies.
- Toshiba scandal continues as more accounting errors found
- Mon, 31 Aug 2015 09:06:25 -0400 -
By Ritsuko Ando TOKYO (Reuters) - Toshiba Corp again delayed announcing its annual financial results on Monday, as new accounting errors prevented the company from drawing a line under Japan's worst corporate scandal in four years. Toshiba, which was scheduled to post its earnings for the business year ended in March, said the newly discovered problems included incorrect impairment charges on fixed assets at several subsidiaries and improperly timed booking of loss provisions at a U.S. subsidiary. "We deeply apologize for the situation we are in yet again, and for the inconvenience and concern we have caused to our stakeholders including shareholders and investors," Chief Executive Masashi Muromachi said before making a deep bow of contrition to a packed, late-night news conference.
- Kenyan supermarket chain Uchumi's full-year earnings to fall 25 pct
- Mon, 31 Aug 2015 08:36:35 -0400 - Uchumi Supermarkets' earnings for the year ending in June will fall at least 25 percent compared with the previous year due to "challenges on the working capital", it said on Monday. The company fired Chief Executive Jonathan Ciano and Chief Financial Officer Chadwick Omondi Okumu in June after the chain fell behind on supplier payments. "The challenges that led to an adverse performance for the year 2015 were mainly attributed to challenges on the working capital," the company said in a statement on Monday, without giving further details.
- Rosneft 2Q profit tumbles 22%
- Mon, 31 Aug 2015 07:28:38 -0400 -
Russian oil giant Rosneft on Monday said its net profit fell by 22 percent in the second quarter from a year earlier, a stronger result than expected as the weak ruble partly offset falling oil prices. Rosneft's earnings were below expectations, however, at 1.312 trillion rubles ($19.5 billion). Russia's oil and gas sector has been hit by a 50-percent drop in oil prices since last year, but at the same time the ruble has lost the same amount of value, hiking ruble earnings for oil and gas sold in dollars.
- German media giant Bertelsmann sees higher revenues, earnings in 2015
- Mon, 31 Aug 2015 06:42:43 -0400 -
German media giant Bertelsmann said Monday it expects sales and underlying earnings to increase in the whole of 2015 after a strong first half of the year. "Bertelsmann achieved strong growth in revenues, operating (profit) and net income in the first half of 2015," the group said in a statement. "We are very satisfied with the development of the past months," said chief executive Thomas Rabe.
- South Africa's Bidvest Group profit rises on food business
- Mon, 31 Aug 2015 03:28:02 -0400 - JOHANNESBURG (Reuters) - South African conglomerate Bidvest Group reported an 8.6 percent rise in annual profit on Monday, buoyed by its food service business. Bidvest, whose business spans auto showrooms, shipping and catering, said diluted headline earnings per share totalled 1,882 cents in year to end-June, slightly better than the mean estimate of 11 analysts in a Reuters poll. Headline EPS is the most widely watched profit measure in South Africa and strips out certain one-off items. ...
- Zimbabwe relaxes empowerment law to boost investment-govt paper
- Sun, 30 Aug 2015 08:03:51 -0400 -
Zimbabwe, suffering from economic recession and lack of foreign investment, is relaxing a black economic empowerment law forcing foreign-owned firms to sell majority shares to locals in a bid to attract investment, a cabinet minister said on Sunday. Signalling a shift in policy, Christopher Mushohwe, minister for youth, indigenisation and economic empowerment, said the law would only be mandatory in the mining sector, which generates half of Zimbabwe's export earnings and contributes about 17 percent of GDP. Foreign investors in other sectors would be able to negotiate with the government what proportion of their businesses they could sell to locals, he said.
- Algeria to cut spending by 9 pct next year over oil price slump
- Sun, 30 Aug 2015 03:38:31 -0400 -
Algeria's government said on Saturday it will cut spending by 9 percent next year due to the drastic fall in global oil prices as the OPEC petroleum and gas producer tries to counter the drop in energy revenues that account for 60 percent of its budget. Algeria still has more than $150 billion in foreign reserves and little foreign debt, but it relies heavily on its oil and gas revenues for a vast welfare programme for everything from housing to subsidised electricity, food and fuel that have helped ease social tensions in the past. The government had already announced a cut of 1.3 percent cut in this year's budget after it said the fall in world crude prices would slash its energy earnings by 50 percent.
- Exclusive: Carlyle looks to sell Landmark Aviation for $1.7 billion
- Fri, 28 Aug 2015 19:43:48 -0400 -
Carlyle initially looked at cashing out of Landmark via a stock market listing, but in the past few months has broadened out that process to include a possible outright sale. Two of the sources said that Landmark Aviation's earnings before interest, taxes, depreciation and amortization (EBITDA) were around $170 million over a trailing 12-month period. Representatives for Landmark Aviation did not immediately respond to a request for comment.
- Angry Birds maker's float seen less likely despite mobile games growth
- Fri, 28 Aug 2015 12:45:42 -0400 -
By Liisa Tuhkanen LONDON (Reuters) - The often touted but regularly delayed stock-market listing of Rovio, creator of the hugely popular "Angry Birds" mobile game, could be even more distant after this week's warning of lower earnings and a planned cull of more than a third of its staff. While the mobile games market as a whole is thriving and looks set to grow to more than $35 billion in 2017, according to research firm Newzoo, Rovio's woes typify the difficulty established players have in changing with the times. "They lost their moment ... You need to list when your games are working well," said Thomas Alzuyeta, analyst at Gilbert Dupont, noting a drop in interest in the game franchise that debuted in 2009.
- Kenya's Standard Group warns on 2015 profit
- Fri, 28 Aug 2015 03:25:21 -0400 - Kenyan media company Standard Group said on Friday it expected its full-year earnings to be at least 25 percent lower than last year, hurt by disruptions from a countrywide digital migration of television signals. Four Kenyan television stations, including one belonging to Standard Group, were off air for 19 days in February after the government switched off all analogue signals, leading to advertising losses for media companies, analysts said. This resulted in a significant decline in TV revenues in the first quarter of the year," Standard Group said in a statement.
- Naver putting off Line IPO timing decision until markets improve: CFO
- Thu, 27 Aug 2015 23:36:46 -0400 -
By Joyce Lee SEOUL (Reuters) - South Korea's largest web portal operator Naver Corp won't decide on when to IPO its messenger app service unit Line Corp [IPO-LINE.T] until its earnings and market conditions improve, Naver's CFO said on Friday. Hwang's comments were in answer to questions prompted by a Wall Street Journal report on Thursday that said that Japan-based Line had scrapped its plans for an initial public offering (IPO). Documents for Line's IPO continue to be under review by authorities in both the United States and Japan, CFO Hwang In-joon told Reuters, but said markets were currently too volatile to give a timetable for the listing.
- Tiffany earnings fall as high costs, strong dollar bite
- Thu, 27 Aug 2015 13:55:41 -0400 -
The company, known for its pale blue boxes and iconic Tiffany Diamond, also forecast a surprise 2-5 percent decline in earnings for the year ending January. Tiffany's shares fell as much as 4.2 percent.
- High-income shoppers boost South Africa retailer Woolworths' profit
- Thu, 27 Aug 2015 08:37:00 -0400 -
Woolworths, South Africa's largest retailer by market capitalisation, reported a 20.5 percent rise in full-year profit, boosted by sales at the Australian department store chain it bought last year and defying a tepid economy at home. Adjusted pre-tax profit at the upmarket food and clothing retailer rose to 5.27 billion rand in the year to June from a 4.38 billion the previous year. Headline earnings per share - the most widely watched profit measure in South Africa - rose 6.7 percent, diluted by stock issued to fund the acquisition of David Jones in Australia in August last year.
- South Africa's Massmart reports drop in earnings
- Thu, 27 Aug 2015 02:54:00 -0400 -
JOHANNESBURG (Reuters) - South African retailer Massmart reported a 26.4 percent drop in half-year earnings on Thursday as foreign exchange losses and higher interest payments from property acquisitions hit profits. Massmart, majority-owned by Wal-Mart Stores Inc, said diluted headline earnings per share fell to 122.4 cents in the six months ended June compared with 166.4 cents a year earlier. ...
- Angry Birds maker Rovio plans deep job cuts as profits fall
- Wed, 26 Aug 2015 10:36:19 -0400 -
By Jussi Rosendahl HELSINKI (Reuters) - Finland's Rovio, maker of mobile phone game Angry Birds, forecast its earnings would fall for a third consecutive year and said it planned to slash up to 39 percent of its workforce to try to improve its prospects. Rovio has failed to create new hit games since the 2009 launch of Angry Birds, the top paid mobile app of all time, though it has tried to capitalize on its most successful brand by licensing its use on string of consumer products. The company is pinning its hopes on an Angry Birds 3D movie, due for release in May 2016 and which the company believes will yield new licensing deals.
- Nigeria's economic growth slows as low oil prices weigh
- Wed, 26 Aug 2015 08:29:42 -0400 -
Nigeria's economic growth slowed sharply in the second quarter as lower crude prices took their toll on Africa's biggest economy and top oil producer. Annual growth dropped to 2.35 percent from 6.54 percent a year earlier, the Nigerian Bureau of Statistics (NBS) said late on Tuesday. With oil accounting for more than 90 percent of Nigeria's foreign exchange earnings and about 70 percent of government revenues, the fall in crude prices and output has hurt Nigeria's finances and its naira currency, with foreign investors pulling out of its stock and bond markets.
- Malaysia's Sime Darby Q4 profit sinks 17 percent
- Wed, 26 Aug 2015 05:48:09 -0400 -
Malaysian conglomerate Sime Darby Wednesday reported a 17 percent year-on-year fall in net profit in the fourth quarter due to a plunge in commodity prices and poor sales of vehicles and industrial equipment in key markets like China. The world's largest listed palm oil producer by acreage said net profit for April-June was 988.7 million ringgit ($233.30 million), compared with 1.2 billion ringgit in the same quarter last year. Sime Darby, which is also involved in property and the industrial and hospital sectors, said quarterly revenue rose 2.80 percent year-on-year to 12.86 billion ringgit.