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US: Macy's "disappointed" with Q2 profit, cuts outlook
2013-08-14 16:20:00| Daily apparel & textile news and comment - from just-style.com
US department store retailer Macy's has cut its outlook for the full year and reported lower-than-expected second-quarter profits, after sales were hit by weaker consumer confidence.
Tags: profit
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Portugal Telecom cuts dividend for 2013, 2014
2013-08-14 14:06:00| Telecompaper Headlines
(Telecompaper) Portugal Telecom announced a sharp reduction in its proposed annual dividend for 2013 and 2014 to EUR 0.10 per share. The company already halved its dividend last year, to EUR 0.325 per share. PT said it remains confident about cash flow generation, but given the weak economy, financial market conditions and the need to invest in the business, it decided to take a more prudent stance on the dividend policy. It added that its balance sheet remains strong, following the recent bond issues and the sale of its stake in CTM. The announcement came alongside first-half results showing operating cash flow (EBITDA minus capex) down 32 percent from a year earlier to EUR 421 million, as EBITDA on the Portuguese market declines and capex requirements increase at its Brazilian affiliate Oi. Free cash flow for the period was a negative EUR 16 million, and adjusted net debt was at 3.6 times estimated EBITDA, up from 3.3 a year ago.
Tags: portugal
telecom
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Jet engine maker Pratt announces 400 job cuts
2013-08-13 22:05:08| Industrial Machines - Topix.net
Tuesday's move follows an announcement last month that 575 employees of the United Technologies subsidiary had agreed to retire as part of a voluntary separation plan.
Jet engine maker Pratt announces 400 job cuts
2013-08-13 22:03:02| Paper - Topix.net
Tuesday's move follows an announcement last month that 575 employees of the United Technologies subsidiary had agreed to retire as part of a voluntary separation plan.
US: Craft beer cuts into top on-trade brands - survey
2013-08-13 16:21:00| Daily beverage news and comment - from just-drinks.com
Craft beer has helped cut the on-trade market share of the top 25 US beer brands by four percentage points over the past year, a new survey has revealed.
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