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Morning news wrap: Standard Chartered, Vedanta Resources, ITV, Taylor Wimpey, Carillion

3rd Mar 2010, 7:33 am Morning news wrap: Standard Chartered, Vedanta Resources, ITV, Taylor Wimpey, Carillion

In the FTSE 100, bank Standard Chartered (LSE: STAN) released its final results today, reporting an income of US$15.2 billion compared to last year’s US$14 billion, while pre-tax profits amounted to US$5.1 billion, up from US$4.5 billion a year ago.

Miner Vedanta Resources (LSE: VED) announced the final terms of its offering of US$805 million of convertible bonds due 2017, setting the conversion price at US$51.92 and a coupon of 4%, payable semi-annually.

In the FTSE 250, ITV (LSE: ITV) released its final results, reporting earnings of £202 million compared to last year’s £211 million, while delivering cost savings of £169 million, which is ahead of its full year target of £155 million. Revenues amounted to £1.88 billion, down 7% from £2.02 billion a year ago.

House builder Taylor Wimpey (LSE: TW) has completed 10,186 homes in the UK at an average price of £160,000 over the past year, reduced its net debt by £778 million and posted a loss of £640 million compared to last year’s loss of £1.84 billion.

Support services company Carillion (LSE: CLLN) reported a 4% increase in revenues to £5.4 billion, while pre-tax profits climbed 16% to £182.2 million.

In AIM, Copper and gold miner EMED Mining (AIM: EMED) has hired AMC Consultants to refine the Biely Verch scoping study to adjust the siting of infrastructure, to improve the economic by refining the slopes of the planned pit and to evaluate the potential for additional revenue form selling rock mined from the open pit for use in building roads.

Africa focused investor Lonrho (AIM: LONR) said its full year turnover increased by 111% to £90.9 million, while net assets increased by 16.4% to £81.1 million and pre-tax loss was reduced to £4.5 million from £38.7 million in 2008.

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