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- US bank earnings up 6.9 percent in Q1
- Wed, 27 May 2015 11:22:30 -0400 -
WASHINGTON (AP) — U.S. banks' earnings rose 6.9 percent in the first quarter from a year earlier as revenues increased, delinquent loans continued to fall and the number of "problem" banks reached a six-year low.
- EU outlines plans to make multinationals pay their share of tax
- Wed, 27 May 2015 11:02:47 -0400 -
The European Commission outlined plans on Wednesday to limit how much multinational companies can reduce taxes on their European earnings through the use of creative accounting. The Commission, set to detail proposed tax measures on June 17, had already determined in March that European Union countries would have to share information on tax deals agreed with major corporations. "We agreed on the need to combat tax avoidance by re-establishing the link between taxation and where the company actually does business," Commission Vice President Valdis Dombrovskis told a news conference after a meeting of commissioners.
- US stocks rise as Tiffany jumps
- Wed, 27 May 2015 10:15:38 -0400 -
New York (AFP) - US stocks rose solidly early Wednesday, recovering some of the prior day's losses as good earnings from Tiffany offset a disappointing report from Michael Kors.
- South Africa's Lewis to open more Beares stores to attract more high-income consumers
- Wed, 27 May 2015 02:48:46 -0400 - South African furniture retailer Lewis Group plans to use the business it bought from failed Ellerine Holdings to increase its appeal to customers from higher income groups, it said on Wednesday. Lewis, which reported headline earnings per share (EPS) down 4 percent to 882.7 cents in the year through March, bought the Beares chain of 61 stores from Ellerine, the furniture unit of failed lender African Bank, in November, and plans to open 10 new Beares stores this year. Lewis chief Johan Enslin said the retailer will use Beares to attract new customers in higher income groups, a market where it has limited exposure.
- India's Tata Motors profits dive 56 percent
- Tue, 26 May 2015 10:31:39 -0400 -
India's largest carmaker Tata Motors reported a 56 percent slump in quarterly net profit on Tuesday due to weak earnings from its luxury British unit and sluggish domestic sales. Consolidated net profit for the fourth quarter which ended March 31 slumped to 17.17 billion rupees ($268 million) from 39.18 billion rupees during the same period a year earlier, the Mumbai-based company said. It came in below the expectations of 24 analysts surveyed by Bloomberg who had predicted a 40.6 billion-rupee profit for the auto giant, part of India's massive tea-to-steel conglomerate the Tata Group.
- Alexander Forbes sees FY headline EPS 160 to 170 pct higher
- Tue, 26 May 2015 08:31:28 -0400 - South Africa's financial services firm Alexander Forbes Group said on Tuesday it expects improved full-year earnings after a capital restructuring and the sale of its insurance company Guardrisk. The group completed its capital restructuring in March 2014, aimed at redeeming all remaining debt and preference shares and replacing them with ordinary shares. Alexander Forbes also said as a result of the capital restructuring and the profits attributable to the Guardrisk disposal, the comparability of the two financial years - 2014 and 2015 - would be affected.
- South Africa's Nampak H1 earnings fall 8 pct, shares tumble
- Tue, 26 May 2015 08:28:04 -0400 -
JOHANNESBURG (Reuters) - South African packaging manufacturer Nampak posted an 8 percent fall in half-year earnings on Tuesday largely due to its loss-making glass unit, sending its shares lower. Nampak, which has operations in 12 African countries, said headline earnings per share (EPS) for its continuing operations declined to 101 cents in the half-year to the end of March. Headline EPS is the main profit gauge in South Africa that strips out certain one-off items. ...
- Ryanair says annual profits soar
- Tue, 26 May 2015 06:14:39 -0400 -
Irish no-frills airline Ryanair said Tuesday that annual net profits surged by two thirds, boosted by improved customer services, rising sales and sliding oil prices. Earnings after taxation leapt 66 percent to 866.7 million euros ($944.1 million) in the year to March 31, compared with 522.8 million euros in 2013/2014, Ryanair said in a results statement. Passenger numbers swelled 11 percent to 90.6 million and revenues grew 12 percent to 5.654 billion euros, as the airline also attracted more business customers.
- Oil and gas shares tug TSX lower in lethargic trade
- Mon, 25 May 2015 17:11:26 -0400 -
By Alastair Sharp TORONTO (Reuters) - Canada's main stock index edged lower on Monday as investors took money out of recently rising energy stocks in trade made sluggish by the U.S. Memorial Day holiday, but banks firmed ahead of closely watched quarterly earnings reports. The energy sector, which accounts for more than 20 percent of the index's value, was down more than half a percent even as crude oil prices rose. Seven of the eight heaviest drags on the index were oil and gas-related companies, with Enbridge Inc off 2.1 percent at C$60.71, and Cenovus Energy Inc giving up 1.8 percent to C$20.95.
- Malawi forests shrink as power deficit fuels charcoal business
- Mon, 25 May 2015 11:02:29 -0400 - By Karen Sanje LILONGWE (Thomson Reuters Foundation) - Impoverished villagers are hacking down Malawi's forests to make charcoal, undeterred by government efforts to confiscate the dirty fuel as a power deficit stokes demand. Alex Thom, standing by his bags of charcoal on the roadside at Bale in Rumphi in northern Malawi, said he and others make charcoal by smoldering wood because it provides steady earnings. “There is a need to economically empower the poor, especially those in areas bordering natural forests,” said Charles Kajoloweka, a consultant on forest issues.
- South Africa's Famous Brands pulls out of India, earnings up
- Mon, 25 May 2015 03:57:58 -0400 - South African fast-food group Famous Brands has pulled out of India two years after re-entering the world's second most populous nation, it said on Monday. The company, which also has operations in Britain, the Middle East and 16 countries in the rest of Africa, reported a 15 percent rise in headline earnings per share (EPS) to 467 cents in the year to Feb. 28. Headline EPS, stripping out certain one-off items, is the main profit gauge in South Africa.
- South Africa's Tongaat posts lower full-year earnings
- Mon, 25 May 2015 02:06:01 -0400 - JOHANNESBURG (Reuters) - South African sugar maker Tongaat Hulett posted a 16 percent drop in full-year earnings on Monday, weighed down by lower sugar output and prices. Tongaat said diluted headline earnings per share for the year to the end of March totalled 826.1 cents compared with 979 cents a year earlier. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non-trading items.
- Shell CEO backs fossil fuels, climate change warnings: Guardian
- Fri, 22 May 2015 21:07:45 -0400 -
(Reuters) - The world’s fossil fuel reserves cannot be burned unless some way is found to capture their carbon emissions, Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden said on Friday. In an interview published in Britain's Guardian newspaper, Van Beurden forecast that global energy use would produce “zero carbon” by the end of the century, and that his group would get a "very large segment” of its earnings from renewable power. The interview came a day after Van Beurden slammed as a "red herring" calls to divest from energy companies as part of the fight against climate change, in particular the "Keep it in the Ground" campaign led by the Guardian.
- Petronas says to announce 'conditional FID' on Canada LNG project in coming weeks
- Fri, 22 May 2015 05:36:49 -0400 -
Malaysian state energy firm Petronas said on Friday it will announce a "conditional" final investment decision on its proposed liquefied natural gas export terminal in Canada in the coming weeks. "With this recent development, we are looking to achieve a conditional final investment decision in the coming weeks," President and Group Chief Executive Officer Wan Zulkiflee Wan Ariffin said at a press conference where the company announced its first-quarter earnings. "We will continue to have constructive engagements with the First Nation, and keep all avenues open as we move forward with our project," he added.
- Barclays Bank Kenya says Q1 pretax profit up 10 pct
- Fri, 22 May 2015 03:14:01 -0400 -
NAIROBI (Reuters) - Barclays Bank Kenya said on Thursday its pretax profit for the first quarter rose 10 percent to 3.12 billion Kenyan shillings ($32 million), helped by an increase in interest income. Net interest income, or total interest minus interest expenses, rose to 5.14 billion shillings from 4.76 billion a year before, spurred on by higher lending to customers. Barclays Kenya, a unit of Barclays Plc, said its net loans and advances to customers rose to 125.3 billion shillings from 116.78 billion. Earnings per share rose to 0.39 shillings from 0.36 shillings. ($1 = 97. ...
- Malaysia's Petronas Q1 profit down on weak oil prices
- Thu, 21 May 2015 20:44:54 -0400 -
Malaysian state energy firm Petronas said Friday it made a net profit of 11.4 billion ringgit ($3.18 billion) in the first quarter -- more than 7 billion ringgit lower than the same period last year -- due to the slump in global oil prices. In the first quarter of 2014, Petronas, the single largest revenue contributor to the Malaysian government, posted an 18.8 billion ringgit profit. Malaysia's only Fortune 500 company said its revenue fell from 84 billion ringgit in the first quarter of 2014 to 66.2 billion ringgit in the first quarter of 2015.
- Carl Icahn says underweight Apple bets will hurt funds' performance
- Thu, 21 May 2015 16:43:44 -0400 -
By Sam Forgione NEW YORK (Reuters) - Billionaire activist investor Carl Icahn said Thursday that mutual funds will increasingly realize that being underweight shares of Apple will hurt their performance as the technology giant continues to innovate. "They are underweight Apple in relation to the index funds, and I think more and more of these funds will realize that's going to hurt their performance in the future as Apple continues to launch new products in new categories and continues to grow earnings," Icahn told Reuters. In 2014, funds that underweighted Apple compared with broad market indexes were the most likely to underperform their peers, according to Morningstar.
- S&P 500 at record on Best Buy earnings, CVS deal
- Thu, 21 May 2015 16:42:02 -0400 -
New York (AFP) - The S&P 500 rose to a new record Thursday following strong earnings from Best Buy and news that CVS Health would acquire senior pharmacy services company Omnicare for $12.7 billion.
- Alibaba-backed Baozun's shares seesaw in choppy debut
- Thu, 21 May 2015 13:00:16 -0400 - Shares of China's Baozun Inc, in which Alibaba holds a nearly 20 percent stake, traded erratically in their debut on Thursday, sending the e-commerce services company's valuation seesawing. The company's American Depository Shares (ADSs) touched a high of $11.28, valuing it at $548.3 million, before reversing course all the way down to $9.23 per ADS. "They priced it too aggressively," Francis Gaskins, president of IPO research firm IPOpremium.com said, adding that at the midpoint of the initial range, the shares would have been valued at 500 times annual earnings.
- Tanzania's current account gap narrows 15.8 pct in year to March
- Thu, 21 May 2015 11:47:20 -0400 -
Tanzania's current account deficit narrowed 15.8 percent in the year to March, buoyed by lower oil prices and improved performance of tourism and manufacturing sectors, its central bank said on Thursday. The deficit narrowed to $4.295 billion in the 12 months to March from $5.102 billion in the same period in 2014, the Bank of Tanzania said in its latest monthly economic report. Earnings from tourism, the main foreign exchange source, rose by 9.91 percent to $2.118 billion due to more visitor arrivals.
- Best Buy profit beats on strong demand for TVs, smartphones
- Thu, 21 May 2015 11:03:19 -0400 -
Best Buy, whose profits have benefited from cost-cutting lately, will continue to focus on aggressively pursuing its cost cutting initiatives this year. "These savings are not expected to begin until the back half of fiscal 2016," Chief Executive Hubert Joly said on an earnings conference call. Since 2012, Best Buy has cut jobs, removed layers of management and closed stores.
- South Africa's Mediclinic earnings growth slows, shares dip
- Thu, 21 May 2015 09:57:20 -0400 -
South Africa's biggest private hospital group Mediclinic International reported a sharp slowdown in earnings growth on Thursday as regulations squeezed the profit margin of its Swiss unit. Mediclinic said its Hirslanden unit, the largest private hospital network in Switzerland, was hit by an adjustment of the national outpatient tariff by the Swiss government. The changes, which the company calls a "one-off thing", lowered profits in Switzerland by 5 million Swiss francs ($5.4 million), Mediclinic CEO Danie Meintjes said in a conference call.
- Mali's mining earnings drop on lower gold production, prices
- Thu, 21 May 2015 09:49:38 -0400 -
Mali's earnings from its gold-dominated mining sector slipped by around six percent to just under 206 billion CFA francs ($350.60 million) last year due to a drop in output and lower prices for the precious metal, mines ministry data showed on Thursday. Mali is Africa's third-biggest gold producer after South Africa and Ghana, and gold earnings make up around a quarter of government revenues. The West African nation earned nearly 219 billion CFA francs in taxes and royalties from mining operations in 2013.
- South Africa's Tsogo Sun posts flat H1 profit
- Thu, 21 May 2015 03:21:38 -0400 - JOHANNESBURG (Reuters) - Tsogo Sun Holdings Ltd, Africa's biggest hotels and gambling operator, posted a slight drop in full-year profit on Thursday as cash-strapped consumers in its mainstay South African market cut back on gambling. Tsogo Sun said diluted headline earnings per share, the main profit measure in South Africa that strips out certain one-off items, dipped 1 percent to 175 cents. ...
- South Africa's Investec full-year profit up 10.2 percent
- Thu, 21 May 2015 03:11:14 -0400 - South African's Investec reported a 10.2 percent rise in full-year profit on Thursday, helped by a strong showing at its asset management and lending businesses, and it raised its dividend. Investec, which is also listed in London, said adjusted earnings per share (EPS) totalled 47.5 pence in the year ended March compared with 43.1 pence a year earlier.