Last update: Fri, 30 Sep 2016 06am

Company News: World


Zara owner Inditex reported better than expected first-half sales and profit on Wednesday as the world's biggest clothing retailer outperformed rivals thanks to quick production times that allow it to react to changing weather and fashions.
Abbott Laboratories may have eased the flow of its merger pipeline. The $62 billion health firm is selling its eye-surgery unit to Johnson & Johnson for $4.3 billion. With two acquisitions worth over $30 billion pending - and the purchase of Alere, in particular, not going smoothly - it's a sensible way to gain some breathing room.
Package delivery company FedEx Corp said on Tuesday its quarterly profit rose more than expected on stronger revenue in its express, ground and freight business units, lifting its stock by 1 percent.
Adobe Systems Inc reported a better-than-expected 20 percent jump in quarterly revenue as its Creative Cloud package of software tools attracted more users. Adobe - generally conservative with its forecast - said it expects fourth-quarter revenue of $1.55 billion-$1.60 billion. Analysts on average were expecting $1.57 billion, according to Thomson Reuters.
Spain's indebted telecoms giant Telefonica said Tuesday it hoped to raise up to 1.5 billion euros ($1.7 billion) from the listing of a stake in subsidiary Telxius, planned for October 3. In a statement, the group said it could float up to 40 percent of Telxius, which manages its infrastructure assets, including over 31,000 kilometres (19,000 miles) of fibre-optic submarine cables and 15,000 telecom towers in Spain.
French oil major Total said Thursday it would trim back costs and investment in 2017-2018 in the face of continued low oil and gas prices. Total said it would cut annual investment to between $15 and 17 billion from next year instead of previous plans for $17-19 billion, and that it now intends to shave $4 billion from operating costs instead of $3 billion by 2018. In February, Total said the global collapse in oil prices, which have fallen amid massive over-supply some 70 percent since 2014, made cost-cutting inevitable.
British clothing retailer Next reported a 1.5 percent fall in first-half profit on Thursday and said trading since July had been challenging and volatile. Next has been Britain's most successful clothing retailer of the last decade but warned in March that 2016 could be its toughest year since 2008. Its shares have fallen by over a quarter so far this year.