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- Syngenta, Swiss agribusiness, targets 1,800 jobs
- Mon, 24 Nov 2014 03:33:38 -0500 - GENEVA (AP) — Agrochemicals giant Syngenta says it is eliminating or reshuffling 1,800 jobs globally as part of a $1 billion cost-cutting program to boost earnings.
- Kenyan tea firms warn of poor annual earnings after H1 profits dip
- Mon, 24 Nov 2014 02:11:07 -0500 -
NAIROBI (Reuters) - Kenyan tea firms Williamson Tea and peer Kapchorua reported on Monday weaker first-half pretax profits, and both said falling tea prices would reduce their respective full-year earnings by at least a quarter. Williamson Tea, which shares owners with Kapchorua, said its pretax profit fell by 54 percent to 240 million shillings ($2.66 million), while that of Kapchorua fell 38 percent to 68 million shillings for the first half to the end of September. Earnings per share at Williamson Tea tumbled to 18.42 shillings compared with 41. ...
- Tanzania's current account gap narrows in year to September
- Fri, 21 Nov 2014 10:23:16 -0500 - DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed 12.6 percent in the year to September, helped by a rise in tourism earnings and exports of manufactured goods while oil imports fell, its central bank said on Friday. The gap narrowed to $4.162 billion in the 12 months to September from $4.764 billion in the same period last year, the Bank of Tanzania said in its latest monthly economic report. Earnings from tourism, the main foreign exchange source, rose by 12.1 percent to $1.981 billion due to more visitors. Imports rose 1. ...
- Mauritius tourism earnings up 10.8 pct in 9 months
- Fri, 21 Nov 2014 02:20:30 -0500 -
PORT LOUIS (Reuters) - Mauritius tourism revenue rose 10.8 percent year-on-year in the nine months to September driven by higher visitor numbers, official data showed on Friday. Tourism is a valuable source of foreign exchange for the Indian Ocean island, known for its luxury spas and beaches, but it has found long-haul visitors from Europe harder to attract since the global financial crisis and has stepped up efforts to woo Chinese tourists to make up the shortfall. Earnings rose to 32.23 billion Mauritius rupees ($1.02 billion) from 29. ...
- Gap cuts profit forecast as demand slows for Old Navy brand
- Thu, 20 Nov 2014 17:45:28 -0500 -
(Reuters) - Apparel retailer Gap Inc cut its full-year earnings forecast as sales at the Gap brand continued to fall and demand for the cheaper Old Navy clothing slowed.
- Dow, S&P 500 edge back up to record highs
- Thu, 20 Nov 2014 16:15:53 -0500 -
U.S. stocks are back at record levels as investors were encouraged by good news on housing, the job market and corporate earnings.
- Best Buy profit beats estimates as costs fall
- Thu, 20 Nov 2014 12:40:44 -0500 -
(Reuters) - Best Buy Co Inc , the largest U.S. consumer electronics chain, reported a better-than-expected profit as cost cutting paid off and revenue increased after seven quarters of decline, even as it expected its current quarter earnings to remain under pressure.
- South African stocks hit by global sell-off, ascendant rand
- Thu, 20 Nov 2014 11:17:24 -0500 -
JOHANNESBURG (Reuters) - South African stocks logged their biggest one-day decline in a month on Thursday, sliding 2 percent as weak overseas economic data and a firmer rand hit everything from commodities exporters to retailers. Even companies with relatively solid results didn't escape the sell-off. Investment bank and asset manager Investec dropped 3 percent to 100.62 rand, despite posting a 14 percent rise in first-half earnings. World stocks extended losses as evidence suggested the Chinese and European economies -- both key trading partners for South Africa -- were slowing. ...
- Interest income, property sale buoy StanChart Kenya's Q3 profit
- Thu, 20 Nov 2014 09:41:54 -0500 -
NAIROBI (Reuters) - Rising net interest income and the one-off gain from the sale of a property buoyed Standard Chartered Kenya's nine months pretax profit by 14 percent. The bank, which is part of Standard Chartered Plc, said in a statement on Thursday that pretax profit rose to 11.2 billion shillings ($124.38 million) during the period to the end of September. Total income grew 12 percent to 19.8 billion shillings, the lender said. Net interest income increased by 8 percent on the back of growth in loans written but curbed by falling interest rates. ...
- Mobileye third quarter revenue beats forecast, profit in line
- Thu, 20 Nov 2014 08:20:42 -0500 - TEL AVIV (Reuters) - Three months after going public, Mobileye posted better-than-expected quarterly revenue on strong demand for its camera-based systems that help drivers avoid collisions. The Israel-based company on Thursday reported third quarter earnings per share excluding one-off items of 4 cents, unchanged from a year earlier. The 2014 EPS figure was based on 232.9 million shares, up from 206 million a year earlier. Revenue surged 70 percent to $34.7 million. The company was forecast to earn 4 cents a share on revenue of $30.3 million, according to Thomson Reuters I/B/E/S. ...
- Centrica lowers earnings forecast as mild weather bites
- Thu, 20 Nov 2014 06:00:54 -0500 -
By Karolin Schaps LONDON (Reuters) - Britain's largest energy supplier, Centrica, cut its full-year earnings outlook on Thursday on the back of a steep drop in energy demand due to mild weather and the extended outage of two nuclear power plants which it partly owns. The utility reduced its adjusted earnings per share forecast for 2014 to 19-20 pence, compared with 21-22 pence previously expected, and warned that its upstream business would be hit if oil and gas prices stay low for much longer. ...
- South Africa's Investec posts 14 pct rise in H1 earnings as bad loans drop
- Thu, 20 Nov 2014 03:04:45 -0500 - JOHANNESBURG (Reuters) - South African bank Investec reported an expected 14 percent rise in first-half earnings on Thursday as it benefited from a drop in bad loans and a boost in assets under management. The Johannesburg-based investment bank and asset manager said diluted headline earnings grew to 16.7 pence a share in the six months to end-September, from 14.7 pence a year earlier. The bank has been offloading struggling units in Europe and Australia that had dragged on its performance. In September it sold 540 million pounds of Irish mortgages to U.S. private equity firm Lone Star. ...
- Gatwick Airport records busiest six months on record
- Thu, 20 Nov 2014 02:49:20 -0500 -
LONDON (Reuters) - Gatwick Airport, Britain's second busiest airport which is competing to be chosen as the site for a new runway, reported the six months ended Sept. 30 were its busiest on record, with passenger numbers in the period up 8 percent. Gatwick on Thursday said a total of 22.5 million passengers used it in the first six months of its financial year, helping boost core earnings by 12.7 percent to 221.6 million pounds. ...
- South Africa's Gold Fields Q3 dips on soft bullion price
- Thu, 20 Nov 2014 02:43:14 -0500 -
JOHANNESBURG (Reuters) - South African bullion producer Gold Fields posted a slip in third-quarter earnings on Thursday due to tumbling gold prices and stoppages at its flagship South Deep operation, which is undergoing an upgrade. The spot price of gold lost about 10 percent of its value in the three months to September as the dollar rallied to record highs over optimism in the U.S economy. Adjusted headline earnings per share in the three months to end-September totalled 23.1 cents per share, down 6 percent from 24.6 cents in the previous quarter. The spot price of gold was at $1,180. ...
- Smucker's says big coffee price increase was a 'misstep'
- Wed, 19 Nov 2014 15:36:59 -0500 - By Marcy Nicholson NEW YORK (Reuters) - J.M. Smucker Co, the maker of Folgers coffee, said on Wednesday it made a "misstep" with its most recent price increase, which caused sales volumes to drop sharply as customers delayed purchases and shifted to cheaper private-label brands. "Clearly, we do feel that it was a bit of a misstep," Mark Smucker, president of U.S. Retail Coffee for Smucker, told analysts on a conference call after the company released fiscal 2015 second-quarter earnings. ...
- Real earnings sink to decade-low but some see pay pick up
- Wed, 19 Nov 2014 11:33:35 -0500 -
LONDON (Reuters) - Workers' real earnings fell to levels not seen in more than a decade in the 12 months to April but there were also signs of above-inflation wage growth for many employees, a broad survey of incomes showed. Adjusted for inflation, weekly earnings dropped by 1.6 percent, the Office for National Statistics said, figures that the opposition Labour party said showed the failure of the government's economic record. ...
- Lowe's rides improving housing market to strong 3Q
- Wed, 19 Nov 2014 10:23:34 -0500 -
MOORESVILLE, N.C. (AP) — Lowe's third-quarter earnings jumped 17 percent as home improvement retailers continue to rebound from a tough start to the year, reaping gains from a nascent recovery in the housing market.
- Lowe's beats Street 3Q forecasts
- Wed, 19 Nov 2014 06:29:21 -0500 -
MOORESVILLE, N.C. (AP) — Lowe's Cos. (LOW) on Wednesday reported earnings of $585 million in its fiscal third quarter.
- MPs give pub tenants free choice of beer
- Wed, 19 Nov 2014 02:45:39 -0500 -
By Neil Maidment and William James LONDON (Reuters) - MPs on Tuesday voted to give people who lease pubs from big companies more freedom about where they buy their beer, overturning government plans for industry reforms. Almost half of Britain's 50,000 pubs are run by tenants under "beer-tie" agreements, which mean they buy beer from the firm that holds their lease at above market prices in return for subsidised rent or other benefits. Some publicans have claimed unfair treatment and very low earnings from such deals. ...
- British lawmakers give pub tenants free choice of beer
- Tue, 18 Nov 2014 14:18:59 -0500 - By Neil Maidment and William James LONDON (Reuters) - British lawmakers on Tuesday voted to give people who lease pubs from big companies more freedom about where they buy their beer, overturning government plans for industry reforms. Almost half of Britain's 50,000 pubs are run by tenants under "beer-tie" agreements, which mean they buy beer from the firm that holds their lease at above market prices in return for subsidized rent or other benefits. Some publicans have claimed unfair treatment and very low earnings from such deals. ...
- Home Depot sales exceed expectations, but profit misses
- Tue, 18 Nov 2014 12:30:15 -0500 -
By Nandita Bose and Sruthi Ramakrishnan (Reuters) - Home Depot Inc on Tuesday reported slightly higher-than-expected quarterly sales as an improving job market encouraged home owners to increase spending on renovations, but earnings came in just below Wall Street estimates. Sales increased despite the September disclosure from the world's largest home improvement chain that its data systems were breached, probably affecting about 56 million payment cards. ...
- Mauritius Commercial Bank Group Q1 pretax profit up 6.7 pct
- Mon, 17 Nov 2014 05:55:55 -0500 - PORT LOUIS (Reuters) - Mauritius Commercial Bank Group's (MCB) pretax profit rose 6.7 percent to 1.668 billion Mauritius rupees ($52.95 million) in its first quarter to September 30 compared with the same period last year helped by higher commission income. Net fee and commission income rose 16 percent to 801.5 million rupees from 691.2 million. Earnings per share rose to 5.77 rupees from 5.39 rupees. ...
- South Africa's Barloworld posts FY profit on after-market sales
- Mon, 17 Nov 2014 03:52:40 -0500 - JOHANNESBURG (Reuters) - South Africa's Barloworld reported a 7 percent rise in full-year profit on Monday, as after-market sales helped the logistics and heavy equipment firm overcome weakness in the mining industry and a slowdown in Russia. Barloworld, the biggest dealer of Caterpillar mining trucks in Southern Africa, said headline earnings per share totalled 877.7 cents in the year to end-September, from a restated 817.1 cents a year earlier. Headline EPS, the main measure of profit in South Africa, strips out certain one-time items. ...
- South Africa's Telkom SA H1 earnings drop 67 pct as restructuring bites
- Mon, 17 Nov 2014 01:56:37 -0500 - JOHANNESBURG (Reuters) - Telkom SA, South Africa's biggest landline provider, posted an expected 67 percent drop in first-half earnings on Monday, hit in part by restructuring costs after it had to let go hundreds of workers. Telkom reported diluted headline earnings of 212.1 cents a share for the six months to Sept. 30, from a restated 649.8 cents a year earlier. Headline EPS, the main measure of profit in South Africa, excludes certain one-off items. The company said it laid off more than 400 managers whose voluntary retrenchment and severance packages cost 325 million rand ($29 million). ...
- South Africa's Telkom lays off 406 managers in restructuring drive
- Mon, 17 Nov 2014 01:17:30 -0500 - JOHANNESBURG (Reuters) - South Africa's Telkom SA has laid off 406 managers, the chief executive of the fixed-line operator said on Monday, following months of wrangling with unions over restructuring. Chief Executive Sipho Maseko said this in a conference call following the release of Telkom's first-half earnings. The company has been on a drive to cut costs and boost earnings as demand for fixed-line services falls due to stiff competition from mobile operators.