Europe Movers: Ashmore, Burberry, Deutsche Bank, Philips

Arthi Gupta
11 Sep, 2012
New York City

Ashmore full year pre-tax profit fell to

[R]2:30 PM Frankfurt – Ashmore full year pre-tax profit fell to £243.2 million. Burberry plunged 19% after comparable store sales for the 10 weeks to September 8 were unchanged on a year ago. Deutsche Bank aims to achieve savings of €4.5 billion a year by 2015 and Philips plans to slash 2,200 positions.[/R]

Actelion Ltd. rose 0.3% to Sfr46.86 after the Swiss biopharmaceutical holding company and employees agreed to keep the latest job redundancies to 40.

Ashmore Group PLC fell 0.7% to 337.5 pence after the investment management services provider reported full year total net revenue was at £333.3 million. Profit before tax fell by 1% to £243.2 million from a year ago.

Burberry Group plc plunged 18.7% to 1,119.78 pence after the luxury goods maker said retail sales growth at constant exchange rates was 6% in the 10 weeks to September 8 while comparable store sales were unchanged on a year ago.

Deutsche Bank AG gained 1.7% to €32.28 after the investment bank said it plans to improve cost to income ratio to less than 65% and will take one time charge of €4 billion to achieve savings of €4.5 billion a year by 2015.

HSBC Holdings Plc rose 0.02% to 563.8 pence after the financial services provider’s indirect wholly-owned subsidiary, HSBC Bank Middle East agreed to sell its banking business in Pakistan to JS Bank Limited.

Koninklijke Philips Electronics NV fell 0.3% to €18.97 after the consumer electronics company identified cost saving of €300 million as part of its plan to lower costs between €800 million to €1.1 billion by 2014, and that could lead to elimination of 2,200 jobs around the world.