Metro Profit Jumps on Praktiker Sale, Eastern Europe
Metro AG, the retailer thats buying Wal-Mart Stores Inc.s German outlets, said second-quarter earnings rose 88 percent on revenue from Poland, Russia and Romania and the sale of a home-improvement chain.
Net income climbed to 262.4 million euros ($334 million), or 80 cents a share, from 139.3 million euros, or 43 cents, a year earlier, Germanys largest retailer said today in a statement. Excluding income from the disposal of Praktiker AG, profit at Dusseldorf-based Metro rose 31 percent, more than analysts had estimated.
Chief Executive Officer Hans-Joachim Koerber expanded in eastern Europe to tap faster-growing economies. Metro will increase the number of foreign stores by more than 100 to at least 844 this year to compete with Carrefour SA and Tesco Plc. Koerber is buying the Wal-Mart unit to gain scale and bargaining power with suppliers at home.
More : bloomberg.com
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Albertson's Advances in Europe on Report of $9.6 Billion Sale
Dec. 16 (Bloomberg) -- Shares of Albertson's Inc., the second-largest U.S. grocery chain, advanced in European trading after the Wall Street Journal said investors including Cerberus Capital Management may buy the company for about $9.6 billion.
The food retailer's German-listed stock rose to the equivalent of $24.83 at 11:40 a.m. in Frankfurt, up 84 cents, or 3.5 percent, from yesterday's close in New York Stock Exchange composite trading. Cerberus, Kimco Realty Corp. and Supervalu Inc. may win an auction and buy Boise, Idaho-based Alberson's for about $26 a share,
Ford still on track for 2006 profit in Europe
Ford Motor Cos European operations still expect to make a profit in 2006, Ford of Europe Chairman Lewis Booth told Reuters on Tuesday.
We have declared that we will be profitable in Europe this year and we expect to stay there, he said on the sidelines of a ceremony marking the production launch of two vehicles in Belgium.
Ford had previously said its expected European operations to post a pre-tax profit this year excluding special items.
More: abcnews.go.com
Gold jumps in Europe, weak dollar sparks buying
Gold spiked 2.3 percent to a 3-1/2-week high in volatile European trade on Friday, rebounding from losses earlier in Asia as a weak dollar triggered fresh buying by investment funds, dealers said.
Gold was trading within striking distance of last month's near-25-year peak of $540.90 an ounce, and other precious metals also followed, with platinum moving closer to the psychological level of $1,000 an ounce.
"The tone was set with the weaker-than-expected non-farm payrolls data which pushed the dollar down and started pushing gold up, said Alan Wiliamson, analyst at HSBC Bank.
"The move higher
Gold jumps in Europe, weak dollar sparks buying
Gold spiked 2.3 percent to a 3-1/2-week high in volatile European trade on Friday, rebounding from losses earlier in Asia as a weak dollar triggered fresh buying by investment funds, dealers said.
Gold was trading within striking distance of last month's near-25-year peak of $540.90 an ounce, and other precious metals also followed, with platinum moving closer to the psychological level of $1,000 an ounce.
"The tone was set with the weaker-than-expected non-farm payrolls data which pushed the dollar down and started pushing gold up, said Alan Wiliamson, analyst at HSBC Bank.
"The move higher
Office Depot expands into Eastern Europe
Office Depot Inc. said Thursday it bought Papirius s.r.o., a major Eastern Europe business-to-business supplier of office products and services.
Papirius, which has annual revenues of more than $56 million and 540 employees, operates in the Czech Republic, Lithuania, Hungary and Slovakia.
Product offerings include paper and envelopes, filing components, toner, office furniture, writing instruments, cleaning supplies, refreshments and professional services.
Source : news.monstersandcritics.com
