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    SocGen sees net profit decline of 13.8%

    France’s second largest listed bank by market value, Societe Generale, announced on Thursday lower than anticipated first quarter results due to a charge tied to its own debt and provisions resulting from political turmoil in the Middle East. Group net profit for the quarter fell 13.8 percent to €916m from €1.063 the year before. The average estimate given in a recent poll of analysts was €1.06bn. Revenue increased by 7.7 percent to €6.62bn but was also below expectations of €6.73bn with earnings up 9.8 percent as French consumer and investment banking earnings improved on lower bad loan provisions. Frederic Oudea, the group’...
    On May 5, 2011 / By
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    Portugal agrees 78bn euro bailout deal

    Portugal’s caretaker government said late on Tuesday it has negotiated a bailout deal with the EU, ECB and the IMF worth €78bn over three years. In a televised address to his nation caretaker prime minister Jose Socrates, said: “The government has obtained a good deal. This is a deal that defends Portugal.” According to Socrates the terms of the agreement are similar to those signed by Greece and Ireland. Portugal becomes the third Eurozone member, after Greece and Ireland, to be forced to negotiate an international bailout due to its crippling debt. The terms of the Portuguese bailout seem more lenient, with this year’s target for ...
    On May 4, 2011 / By
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    Delegation commences Greece aid assessment

    A team of International and European officials from the EU, ECB and the IMF, commonly referred to as troika, is meeting with Greek government officials to measure its eligibility to receive another tranche of financial aid. The meeting due to commence on Tuesday will be firstly with a technical team to be joined by the heads of delegation a week later. Greece escaped default narrowly in May 2010 with the help of a €110bn bailout from the troika. The EU and IMF put in place a memorandum for the Greek government in may 2010 which outlines austerity measures and restructuring reforms in exchange for the €110bn bailout loan.  Greece has pl...
    On May 3, 2011 / By
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    Shell reports Q1 profit rise on high crude oil prices

    Anglo-Dutch energy giant Royal Dutch Shell announced a 41 percent rise in first quarter profits due to an increase in world oil prices and improved refining margins, the company said on Thursday. Profits for Q1 were $6.9bn compared with $4.9bn in the first quarter of 2010, an increase of 30 percent. Shell’s cash flow from operating activities for the first quarter 2011 was $8.6bn while cash flow from operating activities, excluding net working capital movements, was $13.1bn, compared with $10.4bn in the same quarter last year. Oil and gas production was just over 3.5m barrels of oil equivalent per day, three percent lower than in Q1 2010...
    On April 28, 2011 / By
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    J&J to buy Synthes for $21.3bn

    Healthcare conglomerate Johnson & Johnson said Wednesday it has agreed to buy the Swiss medical device maker Synthes for $21.3bn in stock and cash. Buying Synthes would be the biggest acquisition for Johnson & Johnson, giving it a leading position in equipment to treat traumatic injuries and fractures. The companies entered into a definitive agreement which sees Johnson & Johnson acquiring Synthes for CHF159 per share, according a shared statement on the Synthes website. Bill Weldon, chairman and CEO of Johnson & Johnson, said: “Orthopaedics is a large and growing $37bn global market and represents an important growth...
    On April 27, 2011 / By
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    Intel Q1 profits up 29%

    US computer chip group Intel beat Wall Street’s expectations with a 29 percent year-on-year net profit increase when it published Q1 earnings late on Tuesday.  The reported net income was $3.16bn or 56 percent per share compared to $2.44bn or 43 percent the previous year. Intel saw a 25 percent rise in revenue to £12.8bn from $10.3bn a year ago, surpassing its own predictions of $12.3bn and the $11.9bn forecast by analysts. The company generated an estimated $4bn in cash from operations, paid cash dividends of $994m and used $4bn to repurchase 189 million shares of common stock, the company said in a statement.  Paul Otellini, Intel pr...
    On April 20, 2011 / By
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    “Corporate governance has to assure integrity”

    In February 2011, Nestlé, the Switzerland based nutrition, health and wellness giant, announced yet another year of strong top and bottom line performance, increasing investment in its brands, operations and people. Highlights included group sales of CHF 109.7bn, organic growth of 6.2 percent, real internal growth of 4.6 percent and a rise in underlying earnings per share of by 7.4 percent to CHF 3.32. Return on invested capital was 15.5 percent including goodwill. Such strong performance meant that the company was able to propose a dividend increase of 15.6 percent, and return CHF 15.5bn of cash to shareholders. Nestlé’s well-known produ...
    On April 20, 2011 / By
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    Brazilian CEO in leadership award

    When it comes to consigned credit, Banco BMG is a pioneer in the Brazilian market. The bank began its activities in this segment in 1998. Today, 11 years later, the bank is the undisputed leader in the sector and responsible to stimulate and develop this form of credit in the entire country, thanks to the diligent work of its CEO, Ricardo Guimarães. Born in Belo Horizonte, in the state of Minas Gerais, Mr Guimarães learned with his father, Flávio Pentagna Guimarães, how to lead the company with efficiency, integrity and competence. His successful history in companies from the BMG Group started in 1980, as an office assistant. He has been ...
    On April 20, 2011 / By
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    BESA launches sustainability drive

    Since its foundation, the activities of Banco Espirito Santo Angola (BESA) have been underlined by a serious commitment to sustainable development in Angola. The bank believes that economic growth should go hand in hand with the promotion of sustainability, and that only these factors in conjunction can assure the country and planet of a better future. This position certifies BESA’s corporate citizenship, implemented through a close relationship with its local community. As an economic agent, BESA aims to play an active role in Angola’s financial and economic growth, as well as raising awareness of the importance of sustainable developmen...
    On April 20, 2011 / By
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    Consistent growth for JIB

    Islamic banking continues to maintain its growing force in the financial world, and as a pioneer of Islamic banking services in Jordan and beyond, Jordan Islamic Bank (JIB) is thriving despite enormous uncertainty. While many banks have seen their balance sheets propped up by huge central bank cash injections, Jordan Islamic Bank continues to go from strength to strength, completely unaided. There are a number of reasons for this, says CEO Mr Musa Shihadeh, unique to Jordan Islamic Bank. “We are very proud of our achievements and our growth in the last 30 years and we remain highly committed to providing products that adhere to Sharia law w...
    On April 20, 2011 / By