Higher Prospects For Profitability For ThyssenKrupp

Higher Prospects For Profitability For ThyssenKrupp
The German industrial giant Thyssenkrupp AG (XETRA:TKAG) O.N. (LONDON:0O1C) proceeded to upgrade its targets for the financial year 2015, despite the sharp drop in its net profit for the second quarter of the year.

The steel industry now believes that the adjusted earnings before interest and taxes will increase "significantly" this year and will be amounted between 1.6 billion euro and 1.7 billion euro compared to a previous forecast for earnings of 1.5 billion euro.
"Our measures to improve efficiency are working and we are moving forward with the transformation of the group," said the chief executive of ThyssenKrupp, Heinrich Heisinger.

Net profit for the quarter which ended on March 31, fell to 50 million euro from 271 million euro in the respective period of last year. Sales increased by 7% to 11billion euro.

Reuters: Fines For Five Banking Giants
The parent companies or main banking units of five major financial institutions are expected to accept their guilt for the charges against them that have been brought by the US authorities for manipulation of the exchange rates, according to sources of Reuters.

US banks JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C), the British Royal Bank of Scotland (LONDON:RBS) and Barclays (LONDON:BARC) and Swiss UBS will probably try this week to settle their affairs that are being investigated by the US Department of Justice.

The admission of guilt for the cooperation with brokers for the purpose of manipulation of the exchange rates can be tomorrow, as it was said by people who are familiar with the matter.

Banks should pay fines of about 1 billion dollars or more and the collective settlement is expected to exceed the 4.3 billion dollars which were paid as penalties by six banks last November.

If the parent companies of JPMorgan and Citigroup accept their guilt, it will be the first time in decades that this has happened by large financial institutions.