Aryzta happy with earnings forecast
Results
Tuesday December 01 2009
IN a first-quarter trading update issued yesterday bakery goods specialist Aryzta reported an 8.4pc drop in sales over the first 13 weeks of the financial year but said it was happy with forecasts for earnings of 221 cent a share for the full year.
Declining sales were compensated for by higher margins, the company reported. Aryzta said sales in Ireland and Britain were down 25pc compared to last year. Meanwhile, associate company Origin Enterprises reported that sales in the first four months of its financial year were down 17pc, reflecting the fall in commodity prices. Earnings were down 40pc to €12.7m.
Eni SpA plans to expand in Uganda oil
Eni SpA plans to expand in Uganda by acquiring shares in two licences belonging to Heritage Oil for $1.35bn (€900m), it emerged yesterday. At stake are two exploration blocks in Uganda's Lake Albert Rift Basin owned jointly by Tullow and Heritage. Tullow may exercise its right to buy Heritage's 50pc stake, the reports said. Earlier it emerged that Eni was no longer looking into a possible purchase of a share in Ugandan acreage held by Tullow itself.
Fixed rate 2.75pc at Northern Rock Savings
Northern Rock Ireland has launched a new issue of its Direct Saver Fixed Rate Bond offering a fixed rate of 2.75pc gross per annum fixed until January 15, 2011. The bond offers a guaranteed return on balances from €1,000. The limited issue bond will be withdrawn without notice once fully subscribed.
'ECB won't allow Greece to default' Banking
The European Central Bank won't allow any of the nations that share the euro to renege on repaying their liabilities, meaning any concern that Greece could default on its debt is misplaced, says HSBC Holdings PLC. "At the end of the day it comes down to one question -- will the ECB allow a eurozone country to default?" analysts led by David Bloom said. "We believe it will not."
India reports best growth for a year economy
India reported its best growth figures for more than a year yesterday as government stimulus measures and record low interest rates boosted Asia's third largest economy.
Irish Independent
