Carnival Corp. says its fiscal fourth-quarter profit fell 48 percent as fewer travelers booked cruises during the recession, but lower fuel prices helped results top Wall Street expectations.
Profit dropped to $193 million, or 24 cents per share, from $371 million, or 47 cents per share, a year ago.
Revenue sank to $3.21 billion from $3.3 billion.
On average, analysts surveyed by Thomson Reuters forecast earnings per share of 20 cents on revenue of $3.2 billion.
The Miami-based company owns Carnival and Princess cruises, the Holland America Line and other cruise lines around the globe.
Friday, December 18, 2009
German business optimism rises in December
German business confidence rose for a ninth consecutive month in December as Europe's biggest economy continued to recover steadily from its worst recession in decades, a leading survey showed Friday.
The Ifo business climate index rose to 94.7 points — its highest level since July 2008 — from 93.9 points in November. The increase was modestly higher than market expectations and stoked hopes that the recovery is on track.
"After the dramatic economic collapse last winter, these survey results should bring some Christmas cheer," said Ifo president Hans-Werner Sinn.
The Ifo business climate index rose to 94.7 points — its highest level since July 2008 — from 93.9 points in November. The increase was modestly higher than market expectations and stoked hopes that the recovery is on track.
"After the dramatic economic collapse last winter, these survey results should bring some Christmas cheer," said Ifo president Hans-Werner Sinn.
Embattled Greece to overhaul tax system
Greek Finance Minister George Papaconstantinou on Friday said the country's tax system will be overhauled by early March to broaden the tax base, boost revenues and fight tax evasion as part of efforts to pull Greece out of an economic crisis.
Athens is facing its worst debt crisis in decades and has come under intense European Union pressure to straighten out its finances and comply with deficit limits intended to support the shared euro currency.
The government announced a raft of measures this week to reduce Greece's mountain of public debt, which has reached euro300 billion ($440 billion) public debt, by 2012 and gradually bring the budget deficit — projected at 12.7 percent for 2009 — to below the European Union's euro-zone requirement of 3 percent of GDP by the end of 2013.
Papaconstantinou did not give any new details of the planned reforms and told a news conference that the government was aiming to introduce a new tax law in Parliament in early March.
Athens is facing its worst debt crisis in decades and has come under intense European Union pressure to straighten out its finances and comply with deficit limits intended to support the shared euro currency.
The government announced a raft of measures this week to reduce Greece's mountain of public debt, which has reached euro300 billion ($440 billion) public debt, by 2012 and gradually bring the budget deficit — projected at 12.7 percent for 2009 — to below the European Union's euro-zone requirement of 3 percent of GDP by the end of 2013.
Papaconstantinou did not give any new details of the planned reforms and told a news conference that the government was aiming to introduce a new tax law in Parliament in early March.
Midnight in the food-stamp economy
At 11 p.m. on the last day of the month, shoppers flock to the nearest Walmart. They load their carts with food and household items and wait for the midnight hour. That's when food stamp credits are loaded on their electronic benefits transfer cards.
"Once the clock strikes midnight and EBT cards are charged, you can see our results start to tick up," says Tom Schoewe, Wal-Mart Stores Inc's chief financial officer.
As food stamps become an increasingly common currency in a struggling U.S. economy, they are dictating changes in how even the biggest retailers do business.
From Costco to Wal-Mart, store chains are rethinking years of strategy as they watch prized customers lose jobs and turn to this benefit, the stigma of which is disappearing not just in society, but in corporate America.
"Once the clock strikes midnight and EBT cards are charged, you can see our results start to tick up," says Tom Schoewe, Wal-Mart Stores Inc's chief financial officer.
As food stamps become an increasingly common currency in a struggling U.S. economy, they are dictating changes in how even the biggest retailers do business.
From Costco to Wal-Mart, store chains are rethinking years of strategy as they watch prized customers lose jobs and turn to this benefit, the stigma of which is disappearing not just in society, but in corporate America.
Stocks open higher on tech earns
Stocks are opening higher on Wall Street following better than expected technology earnings reports.
Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts' expectations after the markets closed Thursday.
Oracle's results suggested companies are becoming less reluctant to spend on technology projects.
Investors have been looking for signs that a nine-month advance in the stock market is justified by economic improvement. But as year-end approaches many investors are also eager to secure gains for 2009.
The Dow Jones industrial average is up 43, or 0.4 percent, at 10,351.26, the Standard & Poor's 500 index is up 4.89, or 0.5 percent, at 1,100.97, and the Nasdaq composite index is up 17.65, or 0.8 percent, at 2,197.70.
Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts' expectations after the markets closed Thursday.
Oracle's results suggested companies are becoming less reluctant to spend on technology projects.
Investors have been looking for signs that a nine-month advance in the stock market is justified by economic improvement. But as year-end approaches many investors are also eager to secure gains for 2009.
The Dow Jones industrial average is up 43, or 0.4 percent, at 10,351.26, the Standard & Poor's 500 index is up 4.89, or 0.5 percent, at 1,100.97, and the Nasdaq composite index is up 17.65, or 0.8 percent, at 2,197.70.
GM to discontinue Saab after deal talks collapse
General Motors Co. said Friday it will wind down Saab after talks to sell the brand to Dutch carmaker Spyker Cars collapsed.
GM said in a news release that issues arose during the sale talks that could not be resolved.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," GM Europe President Nick Reilly said in a statement. "In order to maintain operations, Saab needed a quick resolution."
GM said in a news release that issues arose during the sale talks that could not be resolved.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," GM Europe President Nick Reilly said in a statement. "In order to maintain operations, Saab needed a quick resolution."
Home sales inching up in California
The median price of a home in California is up from a year ago, sales are rising, and foreclosure resales are declining — all signs that the housing market may be undergoing a sustained recovery, a tracking firm said Thursday.
San Diego-based MDA DataQuick said an estimated 35,860 new and resale houses and condos were sold statewide last month, up 11.5 percent from about 32,160 in November 2008. Sales fell 13.1 percent from October, but a decline in sales from October to November is normal for the season, the firm said.
The median price paid for a home in California last month was $261,000, up 1.6 percent from $257,000 in October and up 1.2 percent from $258,000 a year ago. The year-over-year increase was the first since July 2007, when the $478,000 median price was up 0.8 percent from $474,000 a year earlier, DataQuick said.
Last month also saw the lowest percentage of foreclosure resales in more than a year. Of the existing homes sold last month, 40.6 percent were properties that had been foreclosed on during the past year. That is the lowest since May 2008, when it was 39.8 percent. In November 2008 it was 55.9 percent.
San Diego-based MDA DataQuick said an estimated 35,860 new and resale houses and condos were sold statewide last month, up 11.5 percent from about 32,160 in November 2008. Sales fell 13.1 percent from October, but a decline in sales from October to November is normal for the season, the firm said.
The median price paid for a home in California last month was $261,000, up 1.6 percent from $257,000 in October and up 1.2 percent from $258,000 a year ago. The year-over-year increase was the first since July 2007, when the $478,000 median price was up 0.8 percent from $474,000 a year earlier, DataQuick said.
Last month also saw the lowest percentage of foreclosure resales in more than a year. Of the existing homes sold last month, 40.6 percent were properties that had been foreclosed on during the past year. That is the lowest since May 2008, when it was 39.8 percent. In November 2008 it was 55.9 percent.
Subscribe to:
Posts (Atom)
