US Government Expected to Buy 70% Stake in General Motors Corp (GM) as Bankruptcy Looms Chrysler LLC Expected to Exit Ch 11 Bankruptcy Protection as Early as Next Week, Boosting Optimism for a Swift Proceeding for GM European Union (EU) Reveals Plan to Regulate, Reduce Risk in Financial Markets McDonald’s Corp Plans to Edge Starbucks [...]
Germany Confirms Record 3.8% Drop in GDP for Q01 2009 (quarter-over-quarter) on Plunging Exports South Africa Sees First Recession in 17 Years After 6.4% GDP Contraction in Q01 2009 (yoy) Virgin Atlantic Airways Ltd Almost Doubles Annual Pre-Tax Profits to GBP 68.4mm from GBP 34.8mm on Increased Sales Rio Tinto Ltd Agrees to 33% Iron [...]
There have been turbulent skies for British Airways for FY 2008/2009 as it was forced to post its biggest annual loss since the airline was privatized in 1987. The company reported a loss before tax of GBP401M for the year ended March 31, vs. a profit of GBP922M (yoy) as fuel prices jumped 44.5% on [...]
Sears Holdings Corp yesterday surprised Wall Street with a fiscal first quarter profit of US$0.21 per share when analysts were expecting a loss per share of US$0.87. The United States’ biggest department store chain said that although revenues were down 9.2% to US$9.46B, it benefited from improved cost control measures during the quarter. Sears also [...]
BankUnited Financial Corp Fails, to Cost US Federal Deposit Insurance Corp Approximately USD 4.9B UK Gross Domestic Product (GDP) Contracts 1.9% in Q01 2009 on Record Declines in Consumer Spending and Production Bank of Japan Upgrades Economic Outlook, Holds Key Interest Rate Unchanged British Airways Plc Posts Record Annual Net Loss of GBP 375mm vs [...]
- British Airways Posts Record Loss – BankUnited FSB Collapses in Biggest US Bank Failure for 2009 – Standard & Poor’s Cuts UK’s Rating Outlook to Negative from stable – Hormel Foods Corp Second Quarter Profit Beats Estimates – Taiwan’s Economy Contracts by Record 10.2% in Q01 2009
Lenovo Group, China’s biggest personal computer maker, posted its largest quarterly loss on record, largely because of weak demand for electronics. Lenovo’s net loss for the fourth quarter ended March 31 amounted to US$264M vs. a profit of US$140M year over year. The loss was wider than expected as analysts had forecasted a loss of [...]
Barnes & Noble surpassed expectations after reporting a net loss of US$0.05 per share for its first quarter ended May 2 (from a loss of US$0.04 per share previously). Excluding the impact of discontinued operations, the book store operator lost US$0.04 per share, much smaller than the US$0.15 per share loss that analysts were expecting. [...]
Standard & Poor’s Downgrades UK’s Rating Outlook to Negative from Stable on Concerns of Growing Debt Burden GMAC Llc to Receive Over USD 7B in US Government Aid for Auto Financing Fifth Third Bancorp Plans USD 750mm Stock Offer to Plug Capital Shortfall Computer-Maker, Lenovo Group Ltd Reports Record Fourth Quarter Net Loss of USD [...]
Though Hewlett-Packard Co. topped earnings estimates with its fiscal second quarter earnings of US$0.70 per share (down 17%), it disappointed investors after it lowered its revenue forecast for the remainder of 2009. Hewlett-Packard now expects annual sales to drop between 4% and 5%, as the demand for personal computers continues to slump. To make matters [...]