12042016Sun
Last update: Sun, 04 Dec 2016 09pm

Business & Finance - Banking & Finance

Commonwealth Bank shares plunge after trading update SYDNEY: Shares in Australia's largest listed firm Commonwealth Bank plunged almost six percent Wednesday, their steepest daily fall since the global financial crisis, after a soft trading update and fears the central bank's rate-cutting cycle is over.The bank and other blue-chip firms have benefited from investors' search for yield, seeing their share prices strengthen over the past few years as a weakening economic climate led to interest rate cuts by the Reserve Bank of Australia.The lower benchmark rates led to declining bank deposit returns, prompting investors to seek better money in the stock market.Shares in Commonwealth Bank closed down 5.85 percent at Aus$82.98 in a return to levels last seen in November.The Reserve Bank on Tuesday slashed the interest rate by 25 basis points to a new record-low of 2.0 percent to stimulate growth, but did not include an easing bias in its statement that could have foreshadowed further cuts."Interest ...


Business & Finance - Industries & Sectors

Hugo Boss 'positive' for full-year despite drop in Q1 profits FRANKFURT: German fashion house Hugo Boss said Wednesday that profits fell in the first three months of 2015, but the outlook for the whole year was positive."The apparel industry is currently feeling the effects of strong consumer restraint in Europe in particular. Hugo Boss coped well with this difficult environment," said chief executive Claus-Dietrich Lahrs. "Hugo Boss has remained on its growth path in the first quarter of 2015," Lahrs insisted."Despite the challenging market conditions, ...

Business & Finance - Industries & Sectors

Puma cuts profit targets in face of strong dollar FRANKFURT: Puma, the German maker of sportswear and equipment, downgraded Wednesday its profit targets for the full year in face of the strong dollar. "The continued adverse developments of foreign exchange rates during the recent months, particularly the strengthening of the US dollar versus nearly all other currencies, had a significant negative impact on Puma's gross profit margin and operating result in the first quarter of 2015," the company said in a statement. In the ...

Business & Finance - Industries & Sectors

BMW says 'confident' for 2015 after 'good start' in Q1 FRANKFURT: German automaker BMW said Wednesday it was confident about the outlook for 2015 after getting off to a good start in the first three months. "The BMW group continued to perform well during the first three months of 2015, with sales volume, revenues, profits all rising to new highs," the automaker said in a statement. BMW said it "reaffirms its targets for the full year. (We) can look ahead to the rest of the ...

Business & Finance - Industries & Sectors

Telenor raises guidance after Q1 earnings beat forecasts OSLO: Norwegian mobile phone operator Telenor reported first-quarter earnings well above expectations on Wednesday and raised its full year revenue and margin guidance on the back of the strong start to the year.Telenor, which has over 190 million subscribers across Europe and Asia, said its reported adjusted quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 17 percent to 10.6 billion Norwegian crowns ($1.40 billion), above expectations for 9.97 billion crowns.The firm said it ...

Business & Finance - Industries & Sectors

Hannover Re confident on 2015 after Q1 profit surge FRANKFURT: German reinsurer Hannover Re posted a forecast-beating 20 percent rise in net profit to 279.7 million euros ($314 million) in the first quarter on the back of double-digit percentage gains in premiums and income from investments.Quarterly net profit beat the highest forecast of 256 million euros in a Reuters poll of banks and brokerages and was far above the poll average of 237 million, helped by favourable foreign exchange effects. Net profit was 233 ...

Business & Finance - Industries & Sectors

Solvay Q1 profits beat expectations aided by higher prices, weaker euro BRUSSELS: Belgian chemicals group Solvay on Wednesday reported better-than-expected core profit in the first quarter, aided by a weaker euro and higher sales prices, adding that it expected growth to continue in 2015.Core profit, adjusted for one-off items, (REBITDA) rose 12 percent in the first quarter to 502 million euros ($563.90 million), well above the 459 million expected in a Reuters poll of five analysts.Solvay said it expected solid core profit growth for 2015 as ...