MONDAY
Ryanair reported an 85% fall in first-quarter net profit. The budget airline said its fuel bill almost doubled and warned it could make a full-year loss of up to ?60m if oil prices stayed high and fares dropped.
Tesco revealed plans to
take on the high-street banks after it bought Royal Bank of Scotland out of its joint Tesco Personal Finance venture for £950m.
TUESDAY
Wolfson Microelectronics said it has had to abandon previous earnings targets after the loss of one of its biggest customers – thought to be Apple – earlier this year. It is cutting jobs at its Edinburgh headquarters and now expects third-quarter earnings to come in at $56m-$62m, well below previous forecasts of $66m.
BP posted a 5% jump in second-quarter profits to $6.8bn.
WEDNESDAY
Lloyds TSB posted a 63% fall in net income to £576m in the first half of the year. Despite the woes of its parent company, Lloyds TSB, Scottish Widows posted a 15% hike in profits at its core business to £298m.
Northern Rock revealed it is making 1,300 redundancies, of which 800 will be forced. The beleaguered mortgage lender intends to cut 2,000 staff by 2011.
THURSDAY
HBOS said it would consider selling off some of its assets after posting a 51% drop in first-half profits.
Clydesdale Bank owner National Australia Bank announced that its chief executive John Stewart, left, is stepping down. The Scot will be replaced by Cameron Clyne, currently head of the bank's New Zealand operations.
British Gas owner Centrica unveiled £1bn profits just a day after increasing energy prices by as much as 35%.
FRIDAY
British Airways announced an 88% drop in second-quarter pre-tax profits. Blaming the sharp hike in fuel costs, the airline said the industry faces the "worst trading environment ever" after posting pre-tax profits of £37m for the three months to the end of June. This compared with a haul of £298m during the same period last year.
French energy giant EDF withdrew from takeover talks with British Energy, saying "the conditions for a major development in Great Britain are not met at this point".
The state pension marked its 100th anniversary.
GOOD WEEKDavid Ross
The chairman of National Express reported a 15% leap in first half underlying pre-tax profits to £90m as soaring fuel prices draw travellers out of their cars and on to buses and trains. "We remain confident that we can recover the effects of increasing fuel prices," Ross said.
BAD WEEKIan Livingston
The new chief executive of BT had a baptism of fire when the telco's shares plunged 12% on Thursday following the announcement that pre-tax profits had fallen 7%.
QUOTES OF THE WEEK"No matter how bleak economies look, people always go for treats."
Cadbury chief executive, Todd Stitzer, after posting a 46% jump in first half profits"Unless this is all bluff intended to frighten other airlines, Ryanair's management does not intend to reverse its growth strategy one jot. So be it – a busy fool it intends to be!"
Howard Wheeldon, senior strategist at BGC Partners, on Ryanair's plans to cut prices even though this will result in a loss of up to ? £47m this year"When I warned of this degree of negative equity a few months ago I was accused of excessive scare-mongering.
Lib Dem Treasury spokesman, Vince Cable, on warnings that Britain is heading for a negative equity crisisWORDS ON THE WEBMassive profits, massive price increases. Who profits? The share holders: divi up 16%. We are overcharged and always will be when there are shareholders to repay.
'Vorlic', Edinburgh, on British Gas-owner Centrica's £1bn profits which followed 35% price rises, www.scotsman.comEven in the balmy heat of midsummer, people are understandably worrying about their energy bills. Average bills now sit well above the psychological barrier of £1,000 per year.
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