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Kraft Q2 earnings grow 17% on strong
sales
Chicago: Kraft Foods, the largest food company in North America, said on
Wednesday that its second quarterly earnings rose 17% as strong sales from
new products and billion-dollar brands such as its Oreo cookies offset
weaker business categories like cheese.
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Electrolux sees 54% rise in profits
Stockholm: AB Electrolux, the worlds biggest maker of home appliances,
announced a 54 per cent jump in second-quarter pre-tax profit today, bigger
than expected, and forecast operating income would improve in the second
half.
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Asian exports still look strong
Turmoil on Wall Street may be clouding prospects for Asian exports to the
all-important US market, but many economists are confident that booming
regional demand, especially from China, will take up any slack at least for
the rest of the year.
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WorldCom agrees to asset freeze
Washington: WorldCom on Wednesday said it would agree to freeze its assets
for 70 days to gain breathing room in litigation brought against it by a
group of banks trying to recover $2.5 bn in loans.
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US may appeal WTO ruling on anti-dumping
Washington: The United States is prepared, if necessary, to
appeal a preliminary World Trade Organisation ruling regarding a controversial
provision that allows antidumping duties to be distributed to US companies,
a US official said on Thursday.
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Schlumberger net income at $196m
New York: Schlumberger, the worlds No 1 oilfield services company, said on
Wednesday, it posted a profit in the second quarter after charges linked to
the sale of some businesses pushed it to a loss in the same period of 01.
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Raytheon in red for 6th straight quarter
Lexington: Raytheon Co, which makes the Patriot and Tomahawk missiles on
Thursday reported its sixth straight quarterly loss on weakness in its
commercial electronics and aircraft manufacturing business.
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ADP quarterly profits rise 7.5%
Automatic Data Processing, the No 1 US payroll-services firm, on Wednesday
said quarterly profits rose 7.5 per cent, helped by its cost-cutting, and
forecast of mid-single digit revenue and EPS growth for 2003.
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Celestica to lay off upto 15% staff
Celestica, the worlds No 4 contract electronics manufacturer, said on
Wednesday it will lay off up to 15 per cent of its staff, or 6,000 employees, and shutter manufacturing plants as its
second-quarter sales declined.
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