The Independent: The Week Ahead: City seeks assurance from FTSE big hitters as recovery falters
“The Anglo-Dutch giant is expected to announce a fall in production for the first half of anything between 2 and 9 per cent”
Edited by Tim Webb
25 July 2004
Some of the leading lights of British corporate life will use the last week of July to get their interim reporting out before the City empties for August.
The UK’s largest banking, insurance, media, oil and pharmaceutical companies all feature. With their statements coming a week after the Footsie slumped to an eight-month low over concerns about the sustainability of the global economic recovery, the stock market needs to see stronger corporate earnings.
The media sector is starting to show faint signs of recovery as advertising finally picks up, although no one is jumping for joy just yet. Pearson, owner of the Financial Times, kicks off the media reporting on Monday. Analysts at Investec Securities expect the group to report that the newspaper has lost £6m in the first six months of the year, although other analysts put this figure closer to £10m. Compared with losses of £32m for last year, that counts as good news for the pink ‘un. Performance across its larger education business and its Penguin publishing business will be flat, but the group books most of its revenues in the second half, so these numbers are of limited value. read more
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