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Friday preview: British Airways, Fyffes, US payrolls
Thu, 09 Feb, 2012
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Friday preview: British Airways, Fyffes, US payrolls
Thu, 2 Sep 2010, 15:57:00
It's looking like a subdued end to a quiet week for results with the field left wide open for airline
British Airways
and banana importer
Fyffes
to garner all the attention, at least until US non-farm payrolls data is released in the afternoon.
British Airways
will announce its August traffic and capacity statistics. According to UBS, the airline was focused more on yields than volumes in July, which led to a 2.6% fall in traffic. The bank is expecting British Airways to announce a modest increase in traffic in Augst.
Fyffes
said back in April that it is still on target to meet its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) projection range of €14m-€18m in 2010 even though banana selling prices had weakened in the early part of the year. The profit will be more second half weighted this year. Fyffes made adjusted EBITDA of €20.7m in 2009, with €18.8m of that coming in the first half of 2009. Adjusted EBITDA does not include any exceptional items or contribution from 40%-owned Blackrock International Land. A key issue for the company is the implementation of the agreed reduction in EU banana import duty during 2010. The European Association of Banana Producers (APEB) has convened a meeting in Paris for September 7 in order to agree on a strategy for the negotiation of compensation, so there are still obstacles to overcome. In the US,
non-farm payrolls
for August are tipped to have fallen by 100,000. That would represent the third month in a row that jobs have been lost, though lay-offs of temporary workers employed to help conduct the US census has distorted figures over the summer. With the effects of the census-taking excluded, economists suggest that around 30,000 jobs may have been added in August. Non-farm payrolls fell by 131,000 in July. The focus is increasingly on private sector employment levels, however, and the expectation here is for little change from July. The unemployment rate is expected to edge higher to 9.6% from 9.5% in July. INTERIMS Fyffes INTERIM DIVIDEND PAYMENT DATE Invesco English & International Trust, Invista Real Estate Investment Management Holdings, RAB Capital INTERNATIONAL ECONOMIC ANNOUNCEMENTS Retail Sales (GER) (07:00) PMI Services (GER) (08:55) PMI Composite (GER) (08:55) PMI Composite (EU) (09:00) PMI Services (EU) (09:00) PMI Services (FRA) (09:00) Retail Sales (EU) (10:00) Unemployment Rate (US) (13:30) Non-Farm Payrolls (US) (13:30) ISM Non-Manufacturing (US) (15:00) ISM Services (US) (15:00) GMS Firestone Diamonds, Randall & Quilter Investment AGMS MDM Engineering Group, Prosperity Minerals Holdings UK ECONOMIC ANNOUNCEMENTS Official Reserves (09:30) PMI Composite (09:30) PMI Services (09:30) FINAL DIVIDEND PAYMENT DATE Cranswick, RPC Group
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