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- Nigeria's Flour Mills says Q1 profit down 24.5 pct
- Mon, 01 Sep 2014 08:29:15 -0400 - LAGOS (Reuters) - Flour Mills of Nigeria said on Monday its pretax profit for the first-quarter fell to 3.54 billion naira ($21.8 mln), down 24.5 percent from 4.69 billion naira a year ago. Turnover declined to 9.71 billion naira in the three months to June 30, compared with 10.49 billion naira in the same period of last year, it said in a filing with the Nigerian Stock Exchange. (1 US dollar = 162.25 naira)
- South Africa's Bidvest considering listing food unit on London exchange
- Mon, 01 Sep 2014 03:29:35 -0400 - JOHANNESBURG (Reuters) - South Africa's Bidvest is considering listing its food service unit on the London Stock Exchange, its chief executive said on Monday. Brian Joffe made the comment on a conference call following the release of Bidvest's full-year earnings results. Food service and catering is one of Bidvest's major businesses. The South African conglomerate spans auto sales to shipping and has extensive operations in South Africa, Asia and Europe.
- Telecom Italia in a bind after losing GVT bid battle
- Sun, 31 Aug 2014 10:00:04 -0400 -
By Leila Abboud, Pamela Barbaglia and Stephen Jewkes PARIS/LONDON/MILAN (Reuters) - Telecom Italia has lost a promising path to earnings growth by failing to secure Brazilian broadband business GVT and may now turn from hunter to hunted in a fast-consolidating telecoms industry. Winning the auction for French media company Vivendi's GVT was vital for both Telecom Italia and its rival, Spain's Telefonica, as their European markets have been shrinking. Italy was gripped by a mobile price war for much of last year, revenue is falling and competition remains tough. Telecom Italia lost out to Telefonica as it could not afford to top its 7.45-billion-euro offer for GVT.
- Malaysia's Sime Darby Q4 profit down 9%
- Fri, 29 Aug 2014 07:46:02 -0400 -
Malaysian conglomerate Sime Darby said Friday its net profit fell nine percent year-on-year in the fourth quarter as a setback in its industrial division offset gains in its key plantation business. The world's largest listed palm oil producer by acreage said net profit for the April-June quarter was 1.2 billion ringgit ($380 million), down 9 percent from the same quarter last year. For the full financial year the group recorded a 3.4 billion net profit, also down 9 percent from the previous financial year, but exceeding its target of 2.8 billion ringgit. "The group has been able to withstand a tough market environment in the past financial year," group chief executive Bakke Salleh said in a statement.
- Kenya's National Bank reports profit up 32 pct on interest income
- Fri, 29 Aug 2014 06:47:56 -0400 -
National Bank of Kenya posted a 32 percent rise in first-half pretax profit to 1.25 billion shillings ($14.14 million), helped by a rise in net interest income. Banks in east Africa's biggest economy have raked in higher earnings this year, buoyed by rising lending on the back of steady interest rates and economic growth. The lender, which is 70 percent owned by the government and Kenya's state pension fund, said interest income rose 15 percent to 3.2 billion shillings in the six months to June 30. By 1014 GMT, the bank's shares had risen 1.8 percent to 28.50 shillings.
- Dollar General margins fall in tough discount market
- Thu, 28 Aug 2014 14:03:15 -0400 -
Dollar General Corp reported lower margins and slower-than-expected growth in quarterly same-store sales, reinforcing the need for consolidation among deep-discount retailers as it vies to take over its closest rival. Chief Executive Rick Dreiling said Dollar General would not relinquish its pursuit of Family Dollar Stores Inc , even though the No. 1 U.S. "We truly hope that Family Dollar will come to the table," Dreiling said on a post-earnings conference call on Thursday. Dollar General's shares rose 1.8 percent, Family Dollar's were marginally higher and Dollar Tree's were up 1 percent.
- Platinum producers weigh on South African stocks
- Thu, 28 Aug 2014 11:34:30 -0400 -
South African stocks were on the back foot on Thursday, dragged lower by platinum miners after the world's second-biggest producer Impala posted a sharp fall in earnings in the aftermath of a five-month strike. Impala Platinum posted a 74 percent drop in full-year earnings and warned of a tough time ahead on the cost front as it struggles to ramp up production and implement wage increases of up to 20 percent. Other platinum mining companies, Anglo American Platinum and Lonmin, lost 2.1 and 2.9 percent respectively. Impala shares dropped the most on South Africa's Top-40 index, falling more than 5 percent to 97 rand.
- TD Bank, CIBC report stronger profit, boosted by capital markets
- Thu, 28 Aug 2014 11:33:02 -0400 -
By Jeffrey Hodgson TORONTO (Reuters) - Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported higher third-quarter earnings on Thursday, extending a trend of buoyant capital markets boosting investment banking and trading profits at the country's big lenders. Both banks posted earnings per share above estimates, though CIBC shares fell 2.5 percent, even as TD's stock outperformed its Canadian peers. CIBC (had a) little bit of weakness in retail and business banking," said Tom Lewandowski, a financial services analyst for Edward Jones, who rates TD a "buy" and CIBC a "hold." TD, Canada's second-largest lender, said net income rose to C$2.1 billion ($1.93 billion) in the quarter ended July 31, from C$1.52 billion a year earlier.
- Kenya's Home Afrika H1 pretax profit tumbles 72 pct on rising costs
- Thu, 28 Aug 2014 06:37:23 -0400 - Kenyan property developer Home Afrika Ltd reported a 73 percent drop in first-half pretax profit to 68.2 million shillings ($771,493) after costs rose, it said on Thursday, sending its shares 3 percent lower. Home Afrika, which is listed on the Nairobi bourse's segment for small firms or GEMS, said in a statement that the second half of the year would see higher revenue and profitability due to new housing projects and steady economic growth in the country. Earnings per share fell to 0.08 shillings from 0.19 shillings in the year-ago period, the company said. Shares in Home Afrika were down 2.9 percent to 5 shillings by 1010 GMT.
- CIBC reports stronger third-quarter profit
- Thu, 28 Aug 2014 06:20:13 -0400 -
TORONTO (Reuters) - Canadian Imperial Bank of Commerce reported a higher third-quarter profit on Thursday, helped by strong gains at its wealth management and investment dealer divisions. Canada's 5th largest lender said its net income rose to C$921 million, or C$2.26 per share in the quarter ended July 31, from C$878 million, or C$2.13 a year earlier. Adjusted earnings per share were C$2.23. Analysts had expected C$2.21 per share. (Reporting by Jeffrey Hodgson, Editing by Franklin Paul)
- Implats CEO says FY 2015 costs will "not be pretty"
- Thu, 28 Aug 2014 03:16:34 -0400 - JOHANNESBURG (Reuters) - Impala Platinum faces a tough task to reduce costs in its next financial year due to the impact of a five month strike at its key South African operations, its chief executive said on Thursday. "Costs in 2015 are not going to be pretty," Terence Goodlace told reporters after the company unveiled a 74 percent fall in its earnings for 2014. Goodlace said as the company ramped-up operations, it expected to produce 250,000 ounces at its strike-hit Rustenburg shafts in the six months to the end of December, compared to 390,000 ounces last year.
- TSX steady as resources slip, National Bank gains
- Wed, 27 Aug 2014 16:56:44 -0400 -
By John Tilak TORONTO (Reuters) - Canada's main stock index was little changed on Wednesday, a day after hitting a record high, as weakness in energy and materials shares was offset by a gain in National Bank of Canada after the lender reported quarterly results. Also weighing on the index, Talisman Energy Inc fell 5.1 percent after news that the oil company had run into difficulties trying to sell itself to Spanish energy company Repsol SA. National Bank of Canada jumped 3.1 percent as the country's sixth-largest bank reported a stronger quarterly profit, helped by a sharp jump in earnings in its wealth management and financial markets arms. “There is a sense of caution in the air,” said Diana Avigdor, portfolio manager and head of trading at Barometer Capital Management. "But there's no reason why we should have a major selloff based on a macroeconomic environment that is stable, rates that are very low and earnings that were fairly good." The Toronto Stock Exchange's S&P/TSX composite index closed down 16.56 points, or 0.11 percent, at 15,602.65.
- Wall Street drifts to another record in light trading
- Wed, 27 Aug 2014 16:37:07 -0400 -
Both Tiffany & Co and apparel retailer Express Inc rose after posting quarterly revenue that topped expectations and raising their full-year profit views. Best Buy Co Inc was the S&P 500's biggest percentage gainer, up 6.3 percent at $31.69. The retailers "are always late in the earnings season announcements, so there has been a lot of volatility due to earnings at a time of low volume," said Robert Eschweiler, global investment specialist at JPMorgan Private Bank in Houston.
- National Bank of Canada profit jumps, helped by financial markets
- Wed, 27 Aug 2014 10:30:30 -0400 -
By Jeffrey Hodgson TORONTO (Reuters) - National Bank of Canada , the country's sixth-largest lender, reported a stronger-than-expected profit on Wednesday, helped by a sharp jump in earnings at its wealth management and financial markets arms. The lender's shares rose 2.4 percent to C$50.57 in early trade on the Toronto Stock Exchange, making it the strongest performing stock among Canada's largest banks. National said net income at its financial markets arm rose 21 percent to C$187 million, as revenue jumped 17 percent on increases in trading activity, financial market fees and banking services. Not surprisingly, after what we saw from Royal (Bank of Canada), capital markets did beat original expectations (with) very strong trading revenues across the board," said John Aiken, an analyst with Barclays Capital.
- Drop in disaster payouts strengthens case for reinsurance price cut
- Wed, 27 Aug 2014 07:58:41 -0400 - Payouts by insurers for disaster claims in the first six months of the year were below the average for the past 10 years, a study showed on Wednesday, which is likely to bolster insurers' calls for cheaper reinsurance. The global insurance industry covered $21 billion in losses from natural catastrophes and man-made disasters in the first half of the year, preliminary estimates from a study by reinsurer Swiss Re showed. Second-quarter figures showed that lower claims from natural disasters boosted reinsures' earnings. The Swiss Re study showed that insurers covered nearly half of the $44 billion in estimated economic losses from natural catastrophes and man-made disasters in the first half of 2014.
- South Africa's Imperial full-year earnings down 7 pct, shares fall
- Wed, 27 Aug 2014 03:48:32 -0400 -
South African auto dealer and logistics group Imperial Holdings reported a 7 percent drop in full-year profit on Wednesday, as a weakening rand currency weighed on its auto importing business. Shares of Imperial fell more than 3 percent in early trade after the company flagged further pain in the near future. Imperial said diluted headline earnings per share totalled 1,606 cents in the ear to end-June, from 1,731 cents a year earlier.
- Kenyan grower Kakuzi half-year profit slumps 32 pct
- Wed, 27 Aug 2014 03:13:53 -0400 -
Kenyan agricultural firm Kakuzi on Wednesday posted a 32-percent fall in pretax profit for the six months ended June to 76 million shillings ($860,700), mainly due to lower earnings from tea. The company, which also grows pineapples and avocados and rears livestock, said it will be seeking similar full-year profit levels to last year, when it posted an annual pretax profit of 239 million shillings. Kakuzi blamed the half-year profit slump on lower tea prices and "increased cost charges to revenue on Macadamia (nuts) as early planted fields come to maturity". The company said earnings per share fell to 2.50 shillings from 3.94 shillings in first half of 2013, and recommended no interim dividend be paid.
- Dollar stores in battle to double down on the poor
- Tue, 26 Aug 2014 14:31:57 -0400 -
Like millions of Americans, Darnel Ware needs to save money, even if it's 40 cents on a bag of flour. He searches for those savings during his daily visits to the Family Dollar Store near his home in Fraser, Michigan, sometimes stopping by as many as 10 times a week "if there are things I need," said the 51-year-old home care provider. The small but frequent purchases of low-income customers such as Ware add up: Family Dollar Stores,, which operates about 8,200 stores in mainly urban sections of the U.S., is the target of an $9 billion cash takeover offer from rival Dollar General and an $8.5 billion cash and stock offer from Dollar Tree. Mid-market retailers like Wal-Mart Stores Inc, Macy's Inc and J.C. Penney Company Inc have been struggling in recent years as consumers have been slow to return to their pre-recession, freer spending ways. On Wednesday, Target said it was cutting its full-year earnings and slashing prices. But the popularity of so-called dollar stores is growing.
- Inequality Watch: Research by the Brookings Institution found...
- Tue, 26 Aug 2014 13:55:21 -0400 -
Research by the Brookings Institution found that Atlanta is the most unequal of all U.S. cities when it comes to earnings. The rankings were determined using the 95/20 ratio, which divides the income of a household that earns more than...
- Algeria plans to raise government spending 16 pct in 2015: draft budget
- Tue, 26 Aug 2014 09:57:06 -0400 - By Hamid Ould Ahmed ALGIERS (Reuters) - Algeria plans to increase state spending by 16 percent in 2015, pushing up its deficit to 22 percent of gross domestic product, despite declining energy earnings, according to a draft budget obtained by Reuters. Algeria, a member of OPEC, relies on oil and gas exports to finance government development and social programmes. Algeria has financed its deficit with cash from oil and gas sales, which account for about 97 percent of total exports. The draft, based on a world oil price of $100 per barrel, expects the volume of energy exports to increase by 3.86 percent next year.
- Bank of Montreal reports stronger-than-expected profit
- Tue, 26 Aug 2014 07:49:20 -0400 -
TORONTO (Reuters) - Bank of Montreal reported stronger-than-expected third-quarter profit on Tuesday, helped by gains at its Canadian and U.S. personal and commercial banking units and higher revenue at its capital markets arm. Net profit at Canada's fourth-largest bank was C$1.13 billion ($1.03 billion), or C$1.67 a share, for the third quarter ended July 31, compared with C$1.12 billion, or C$1.66 a share, a year earlier. Adjusted earnings were C$1.73 a share. Analysts had expected C$1.66 a share. BMO said profit at its Canadian retail bank rose 8 percent to C$526 million. Profit at its ...
- Nairobi Securities Exchange's first-half profit falls
- Tue, 26 Aug 2014 07:38:11 -0400 -
Kenya's Nairobi Securities Exchange (NSE), which is listing its shares next month, posted a 29 percent year-on-year fall in its pretax profit for the first half to 158.2 million shillings($1.78 million). The 60-year old bourse, whose initial public offering closed on Aug. 12 ahead of the listing, said earnings figures showed an increase in total revenues after trading of equities rose. NSE said the value of trades in the fixed income market fell 14 percent from a year earlier to 457 billion shillings. Pretax profit in the first half of 2013 was 223.7 million shillings.
- Kenyan insurer Jubilee's mid-year pretax profit up 35 pct
- Tue, 26 Aug 2014 04:03:19 -0400 - Kenyan insurer Jubilee Holdings increased its profit before tax 35 percent to 1.54 billion shillings ($17.4 million) in the first six months of this year, it said on Tuesday. The company, which also operates in Uganda, Tanzania, Mauritius and Burundi, attributed the growth from the same period a year earlier to a 28.5 percent jump in gross premiums to nearly 13 billion shillings. Earnings per share increased to 18 shillings from 13.3 shillings in the same period a year earlier, Jubilee said. It recommended an interim dividend of 1.00 shilling per share, unchanged from last year.
- Time Warner prepares to offer buyouts at Turner cable division
- Mon, 25 Aug 2014 18:04:14 -0400 -
(Reuters) - Time Warner Inc's Turner cable division is preparing to offer buyouts targeting 500 to 600 staffers, or roughly 4 percent of its workforce, according to a person familiar with the company. Turner, which is home to cable networks such as CNN, TNT and the Cartoon Network, employs about 14,000 people. During a quarterly earnings call on Aug. 6, Time Warner executives said the reorganization would likely be material in the second half of the year.
- Global stocks rally on ECB stimulus bet; dollar gains
- Mon, 25 Aug 2014 16:54:48 -0400 -
By Herbert Lash NEW YORK (Reuters) - Global equity markets rallied on Monday, with the U.S. The euro fell to near a one-year low against the dollar and yields on euro zone government debt fell to historic lows as investors surmised that ECB President Mario Draghi would soon use all available tools to foster growth. Speculation grew that the ECB was preparing a program of asset purchases to counter wilting inflation when it meets next week, driving yields on bonds from Germany, France, Italy, Spain, Portugal, Ireland and elsewhere to all-time lows. "European investors came in today with the mindset that we're going to have a more supportive fiscal and monetary policy stimulus, and therefore we ought to see better times ahead in terms of economic growth and corporate earnings," said Phil Orlando, chief equity market strategist at Federated Investors, in New York.