MuncangBusiness News Update
Shell profit up on oil rise, dividend hike possible (Reuters)
LONDON (Reuters) – Royal Dutch Shell (RDSa.L) posted stronger than expected first-quarter profit thanks to higher oil prices and wider margins in its refining business, boosting hopes for a more generous dividend policy. Europe’s largest oil and gas company by market value said on Thursday current cost of supply (CCS) net income rose to $6.9 billion in the first three months of the year. Shell said oil and gas production in the first quarter fell 3 percent compared with the 2010 period, due to divestments
Bank of China, Bank of Communications Post Higher Earnings
SHANGHAI—Bank of China Ltd., the country’s fourth-largest lender by assets, said Thursday its net profit rose 28% in the first quarter, driven by an increase in assets and higher net-interest income.
Hyundai Net Profit Jumps 47% Amid Strong Growth Prospects
BY KYONG-AE CHOI SEOUL—Hyundai Motor Co. posted a 47% jump in first-quarter net profit, giving the world’s fifth-largest auto maker sales a strong start to a year that’s expected to see strong growth both from its U.S
Deutsche Bank Profit Jumps
BY WILLIAM LAUNDER FRANKFURT—Deutsche Bank AG Thursday reported a 17% jump in first-quarter net profit, lifted by recent acquisitions and the performance of its investment bank, which held up well in tough market conditions that have pressured the results of its peers. Net profit for the quarter rose to €2.1 billion ($3.11 billion) from €1.8 billion a year earlier, matching the bank’s best previous quarterly result and beating analyst expectations of €1.89 billion. Deutsche Bank, which is Germany’s largest listed bank, said it was still on track to meet its pretax profit target of €10 billion for 2011 from its operating businesses
Generics Erode Sanofi’s Profit
BY MIMOSA SPENCER PARIS—Sanofi-Aventis on Thursday reported a 29% drop in first-quarter net profit, hurt by growing generic competition to key drugs and stressing the French pharmaceutical company’s need to quickly integrate U.S. biotechnology firm Genzyme. Net profit during the period was €1.22 billion ($1.8 billion), down from $1.71 billion a year earlier, as drugs such as the blood-clot preventer Lovenox, cancer treatment Taxotere, sleeping pill Ambien CR and blood thinner Plavix lost business to generic competitors
Stocks Under $10: Packaged to Sell
[unable to retrieve full-text content]David Peltier uncovers a stealth packaging stock with pricing power.
10 Best-Performing S&P 500 Stocks of 2011
BOSTON ( TheStreet ) — The S&P 500 Index has advanced 7% in 2011 as investors ignored forecasts for weaker-than-expected U.S. economic growth, Chinese inflation and the Japanese disaster and, instead, focused on corporate profits and accommodative monetary policy. However, not all index components performed comparably.
Shell faces $1bn UK tax increase
The recent North Sea tax hike by the UK government could cost Royal Dutch Shell close to $1bn in additional charges next year, the Anglo-Dutch oil major has warned, if oil prices remain at current levels. Simon Henry, chief financial officer, said the company expected to book a charge of $100m per quarter in 2012 at current oil prices or $400m for the whole year, after the Treasury last month announced it was increasing the supplementary charge on oil and gas production from 50 per cent to at least 62 per cent.
BP Q1 net profit up on asset sales (AP)
LONDON – BP PLC posted a 16 percent rise in first-quarter net profits on Wednesday as gains from the sale of major assets to pay for the Gulf of Mexico oil spill outweighed the ongoing cost of that disaster. But replacement cost profit, the measure most closely watched by analysts to indicate an oil company’s health, fell 2 percent as lower production and higher charges from the spill overrode the benefits of a rising crude oil price. Net earnings of $7.2 billion for the three months to March 31 compared with $6.2 billion for the same period a year earlier.
S.&P. Downgrades Japan’s Outlook to Negative
[unable to retrieve full-text content]The ratings agency cited the damage from the devastating earthquake and tsunami in March, estimating that reconstruction costs were likely to reach as high as 50 trillion yen, or $612.6 billion.
J&J to buy Synthes for $21.6 billion (Reuters)
ZURICH (Reuters) – Johnson & Johnson is to buy Swiss medical devices maker Synthes Inc for 19 billion Swiss francs ($21.6 billion) in its largest ever buy, boosting its orthopedic business and reshaping the industry. The U.S