GENERAL MOTORS PROFIT FALLS 80%
GM reported an 80% drop its 2Q net profit, with earnings hit by
$1.5 billion in charges related to vehicle recalls and money set
aside to fund a compensation plan for victims of car accidents
linked to defective ignition-switches.
FORD 2Q PROFIT RISES 6%
Ford Motor's 2Q net income rose 6% to $1.3 billion, driven by a
record quarter in North America, strong results in Asia and the
first quarterly profit in Europe in three years. Revenue fell 1% to
$37.4 billion. Shares rose 1% premarket.
CALPERS PULLS BACK FROM HEDGE FUNDS
Public pensions from California to Ohio, including the largest
public pension fund in the U.S., Calpers. are backing away from
hedge funds because of concerns about high fees and lackluster
returns.
NOKIA SWINGS TO 2Q PROFIT
Finland's mobile-network maker Nokia said its expectations for
2014 have improved, as its financial performance in the latest
quarter was boosted by the sale of its handset business to
Microsoft.
IASB GIVES NON-U.S. BANKS A LOAN-ACCOUNTING OVERHAUL
European banks and other banks outside the U.S. will have to
record losses on bad loans more quickly and set aside more reserves
for loan losses under an overhaul of finance-accounting rules that
global rule makers finalized.
AMERICAN AIRLINES PROFIT CLIMBS, SETS CAPITAL DEPLOYMENT
PLAN
American Airlines unveiled a capital deployment plan that will
cut its debt, provide additional pension contributions and return
capital to shareholders as it announced its highest quarterly
profit on record in the second quarter.
UNITED CONTINENTAL 2Q PROFIT RISES 68%
United Continental Holdings earned $789 million, or $2.01 a
share, as passenger revenue climbed. Excluding items, EPS was
$2.34. Revenue rose 3.3% to $10.33 billion. Results beat market
expectations. Shares rose 4% premarket.
RAYTHEON'S PROFIT RISES 12%
Raytheon reported a 12% rise in 2Q profit, although a closely
watched measure of new business fell short of analysts'
expectations. Sales dropped at all four of its divisions, slipping
to $5.7 billion.
CATERPILLAR'S 2Q REVENUE DISAPPOINTS
Caterpillar earned $999 million, or $1.57 a share, amid lower
operating costs and strong construction results, while its
mining-related business continued to post weak results. Earnings
topped analysts' view; revenue came up short. Shares fell 2%
premarket.
U.K.'S SFO BRINGS CHARGES AGAINST ALSTOM UNIT
The U.K.'s Serious Fraud Office said it brought criminal charges
against a U.K. subsidiary of French power and transportation
company Alstom over allegations of corruption.
EX-BANCO ESPÍRITO SANTO HEAD DETAINED
Ricardo Salgado, who until recently was chief executive of
troubled Portuguese lender Banco Espírito Santo, has been detained
for questioning as part of a three-year money-laundering and tax
evasion investigation.
UNILEVER SEES SLOWDOWN IN EMERGING MARKETS
Unilever indicated a further sales slowdown in emerging markets,
even as first-half profit grew on the back of a number of
disposals.
SABMILLER SALES, VOLUMES RISE IN 1Q
The world's No. 2 brewer SABMiller said sales and beer volumes
rose steadily in the first three months of its financial year,
buoyed by strong growth in Africa and Europe.
ELI LILLY PROFIT FALLS 39% ON PATENT EXPIRATIONS
Eli Lilly said its 2Q profit slid 39% to $733.5 million, or 68
cents a share, as patent expirations for some of its bigger-selling
drugs dragged down revenue and volume. Revenue slid 17% to $4.94
billion.
BASF PROFIT LIFTED BY SPECIALTY CHEMICALS
German chemicals giant BASF said that second-quarter net profit
jumped 12%, boosted by its industrial and specialty chemicals
division.
BOEING CLINCHES DEAL TO SELL PARTS TO IRAN
Boeing has agreed the conditions by which it could sell aircraft
spare parts to state-owned Iran Air, a move that could lead to the
first sale of products by a U.S. aerospace company to the Islamic
republic since 1979.
CANON PROFIT JUMPS 22%
Canon Inc. said its net profit jumped 22% in the April to June
period thanks to surging sales of multifunction office devices and
industrial equipment. The office equipment and camera maker said
its net profit rose to 80.8 billion yen.