News That Matters

Tag: profit

Lloyds profit flat as it warns on Brexit impact

Lloyds profit flat as it warns on Brexit impact

Business
By John-Paul Ford Rojas, business reporter Lloyds Banking Group has reported flat profits for the start of the year as it swallowed £565m in one-off costs and warned Brexit could take a further toll on the UK economy.Britain's biggest mortgage lender said it made a pre-tax profit of £1.6bn for the first quarter, little changed on a year ago. The group, which owns Lloyds Bank as well as Halifax Bank of Scotland, said the size of its loan book shrank 1%, including a £4.9bn decline in overall home loans assets. Image: Chief executive Antonio Horta-Osorio warned Brexit uncertainty could have a further impact However, there were improvements for car finance and small business lending.Shares fell 2% in early tr
Kraft Heinz shares plummet with huge profit loss

Kraft Heinz shares plummet with huge profit loss

Business
US foods giant Kraft Heinz saw its shares plummet by more than quarter after posting a huge losses and revealing it was the focus of a federal investigation.The $ 12.6bn (£9.7bn) hit reported in the latest quarter by the company, which makes iconic products like tomato ketchup and baked beans, is in contrast to the $ 8bn (£6.1bn) profit recorded for the same period last year. It reflects changes in consumer trends away from processed foods to healthier alternatives, which has clashed directly with some of the firm's most well-known products, such as Jell-O, Kool-Aid and Oscar Mayer hot dogs. Image: The company has slashed the value of its most well-known brands The loss has been largely blamed on the company slashing the val...
Study: Greenland could sell its sand, profit from melting glaciers

Study: Greenland could sell its sand, profit from melting glaciers

Science
Feb. 11 (UPI) -- As Greenland's glaciers continue to melt at an accelerated pace, meltwater rivers are depositing more and more sediment along the island's coast. If the trend continues, as most climate scientists predict, Greenland could stand to profit from warming temperatures by selling its excess sand. "Eight percent of the annual sediment contribution delivered to the global oceans comes from the Greenland Ice Sheet and with continued global warming, this number is expected to increase," Mette Bendixen, a researcher at the University of Colorado, Boulder's Institute of Arctic and Alpine Research, said in a news release. Like Greenland's glaciers, the island's economy -- mostly based around commercial fishing -- is increasingly vulnerable. Selling excess sand could provide local comm...
Bank of America boosts CEO Brian Moynihan's pay 15% to $26.5 million after record profit last year

Bank of America boosts CEO Brian Moynihan's pay 15% to $26.5 million after record profit last year

Finance
Bank of America CEO Brian Moynihan got a 15 percent raise, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year. Moynihan's compensation rose to $ 26.5 million from $ 23 million in 2017, according to a regulatory filing Friday. That includes a $ 1.5 million salary and $ 25 million in stock units, some of which are performance-based. Bank of America, the second biggest U.S. lender after J.P. Morgan Chase, benefited last year from the corporate tax cut, rising interest rates and Moynihan's efforts to cut costs. The bank generated $ 28.1 billion in profits in 2018, 54 percent more than...
Ryanair issues profit warning as fares fall

Ryanair issues profit warning as fares fall

Business
Ryanair has cut its profit forecast blaming lower-than-expected air fares. The airline's chief executive, Michael O'Leary, said Ryanair could not rule out having to cut fares further. Fares are expected to fall 7% this winter.He said the low fares were already causing problems for rivals, including Flybe which was rescued last week.Full-year profits are now expected to be in a range of €1.0bn to €1.1bn (£880m to £970m), compared with its previous forecast of €1.1bn to €1.2bn.The profit forecast has been cut despite Ryanair saying it expects to carry more passengers than forecast.It had previously warned on profits in October.Mr O'Leary said there was too much capacity on short-haul routes in Europe this winter, adding that ...