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Vodafone: good results, devaluation is not convincing
The British group Vodafone, the world number one in mobile communications, has announced the results of the financial year 2001-02 which were better than expectations, but analysts have crowded out with a mini-devaluation of its assets, making believe that most of the “writedown” will fall on the budget 2002-03. Adjusted EBITDA rose 44% to 10.1 billion pounds, surpassing the consensus of 9,8-9,9 billion pounds. The turnover stood at 29.8 billion pounds, has hit the market expectations that focused on 29,7-30 billion pounds. Vodafone said that back in the budget of 6 billion pounds as a provision, but these will not cover all the losses of value in their holdings. The writedown will cover subsidiaries Arcor, Cegetel, Japan Telecom, China Mobile and Grupo Iusacell. Analysts expected write-downs instead of between a minimum of 10 billion and a maximum of 25 billion, including assets acquired by Mannesmann in Italy and Germany. Vodafone has also introduced a double-digit growth in turnover for the current financial year.
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Mib 30: Sanpaolo is no miracle
E ‘clearly negative weekly scorecard of the Sanpaolo-Imi, who left the field 10%. Sales on the title became abundant after the disclosure of quarterly results, which have not pleased the analysts. Compounding the situation, the passage of the package of shares in the hands of Sanpaolo Mps (equal to 5% of capital), sold to Bank Deusche to 11.2 euros.
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Abbey National (UK), under quarterly expectations
The bank across the Channel Abbey National has reported a 15% growth in profit before tax in the first half stood at 1.06 billion pounds. The result, supported by the sale of “non-core” for about 101 million pounds, was slightly below analysts’ expectations (1.07 billion pounds). the level of mortgages and personal loans has reached a market share of 2.2 billion pounds, representing a market share of 10%. The business of life insurance has seen profit growth instead of 27%. The company, despite the recent termination of the merger with Lloyds TSB, will still participate in the process of consolidation of the sector, even as a possible buyer. The title at this time yields 3.88% to 11.87 pounds.
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GlaxoSmithKline (UK), HSBC maintains “hold”
While awaiting the quarterly results to be released tomorrow, the British pharmaceutical company GlaxoSmithKline is judged “hold” by analysts at HSBC. The turnover of the company is expected to grow by 9% to 5.17 billion pounds, while earnings per share is expected to grow by 10% to 19.4 pence. The target price is 19.60 pounds. Title GlaxoSmithKline right now is trading at 19.91 pounds, down by 0.6 in London.
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Wap, CMG Announces Agreement with Vodafone
The British-owned technology-CMG announced an agreement with Vodafone Airtouch to afford to go on the Internet by mobile phone via the new WAP technology. The title is now gaining 20.33% and trade 48.8 pounds, while Vodafone marks +5.76%, thanks to the news about the likely success Opa against Mannesmann
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Iceland profits rise, failed to buy Bhs
The British food retailer Iceland has reported a rise in ‘99 profits by 18% in ‘99, thanks to a growth in sales amounted to 1.92 billion pounds. The group has confirmed that talks with the Storehouse for the purchase of Bhs broke. Iceland has said that its sales through the Internet has increased substantially in ‘99. The title is losing 3.8% on the London Stock Exchange.
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BP Amoco buys Burmah Castrol
The British oil company BP Amoco has bought the company Burmah Castrol lubricants for three billion pounds in cash. The Burmah is gaining 25% on the London Stock Exchange. The operation led to a premium of 74% for shareholder activism of Burmah, compared to the closing price on March 10, the day the talks were announced. BP Amoco said it expects the transaction will lead to savings by 2003 260 million dollars. According to the shareholders the transaction is positive for both groups.
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The auction for the UK mobile flies to 17 billion
The auction of mobile telephone licenses in England has exceeded 17 billion pounds. TIW is ahead to win the license, while Vodafone has offered 4.55 billion for the B, the better it is bandwidth. The U.S. wants to win the NTL Mobile C for 3.17 billion pounds, while Telefonica has offered 3.06 for D. The auction will provide licenses for third generation mobile phones, the UMTS.
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Marks & Spencer cuts dividend for the first time
The British-owned large retailers Marks & Spencer has decided to cut the dividend for the first time as a precautionary move to ensure the growth of the group. The dividend of the stock is increased from 10, 7 pence to 5.3 pence a share compared to last year. Marks & Spencer today unveiled details of the budget for the years ‘99 / 2000, which recorded a decline in gross profits increased from 628 million pounds to 557.2 in one year, while sales fell from 8.22 million pounds to 8.19. The group, in crisis because of strong competition in the sector after the entry of Wal Mart in Great Britain, has often been at the center of indiscretion that saw him fall prey to rival companies.