Hollingsworth Daily Post

• Quarterly profits at Societe Generale have more than tripled after what it called an "excellent performance" in its retail banking division.The French bank said net profit for the three months to June came in at 1.08bn euros ($1.4bn; £900m) compared with a profit of 309m euros a year ago.The result comfortably beat analysts' forecasts of a 732m euro profit.


• Japanese carmaker Toyota has reported its biggest quarterly profit in two years, with sales recovering as the company seeks to put the recall of millions of vehicles behind it.Toyota made a net profit of 190.4bn yen ($2.2bn; £1.4bn) in the three months to June, bouncing back from a 77.8bn yen loss in the same period a year ago.Group revenues increased 27% on last year to 4,872bn yen.


• Almost three-quarters of the oil spilled in the Gulf of Mexico has been cleaned up or broken down by natural forces, the US government says.White House energy adviser Carol Browner announced on Wednesday that only a quarter of the leaked oil posed any further danger to the environment.The majority has either been captured, burned off, or evaporated, she said.


• Lloyds Banking Group has reported a return to profit for the first half of the year, largely due to a drop in the amount set aside to cover bad loans.Pre-tax profit at the bank, which is 41%-owned by UK taxpayers, came in at £1.6bn, compared with loss of £4bn in the same period a year earlier.Money set aside to cover bad loans fell from £13.4bn to £6.5bn.
  On Tuesday, Northern Rock reported a return to profit for the period, while on Monday HSBC posted a profit of £7bn.


• German sports goods maker Adidas has reported a jump in profits for the April to June quarter thanks to a sales boost from the recent World Cup.The company posted a net profit of 126m euros ($167m; £104m) compared with 9m euro ($12m; £7.5m) a year earlier.Sales were up 13%, reflecting the success of its sales of replica World Cup shirts, boots and balls.


• UK media regulator Ofcom has referred the market for pay-TV movies to the Competition Commission, amid concerns that Sky's role is too dominant.It said it had "reasonable grounds" to suspect that Sky's distribution of major Hollywood films restricted or distorted competition.Consumers were unlikely to benefit from more choice and innovation without intervention, it said.


• Wheat prices have hit a 22-month high after a severe drought and ensuing wildfires in Russia devastated crops.Chicago Board of Trade (CBOT) wheat for September delivery broke through the $7-a-bushel level in US trade for the first time since September 2008, before falling back to $6.93.Prices have risen 50% since late June.


• German carmaker BMW has reported a surge in profits, thanks to a recovery in global markets, demand from China and strong sales of new models.The firm made 834m euros (£692.8m; $1.1bn) between April and June, up from 121m euros a year earlier. Sales climbed by 18.3% to 15.35bn euros.The results impressed investors, pushing the firm's share price up by 3.1% in Tuesday trading.

BBC Business News 4th August 2010