BAT Full-Year Profit Gains 3% on Increased Cigarette Prices

British American Tobacco Plc (BATS), Europe’s largest cigarette maker, reported a 3 percent gain in full-year profit after raising prices amid weaker consumption. Adjusted operating profit climbed to 5.82 billion pounds ($9.7 billion) in 2013 from 5.64 billion pounds in 2012, the London-based maker of the Lucky Strike brand said in a statement today. Analysts had anticipated 5.78 billion pounds, according to the average of 12 estimates compiled by Bloomberg.

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Bitcoin Foundation Aided Prosecutor’s Probe of Mt. Gox

The Bitcoin Foundation, an advocacy group for the nascent digital currency, provided information to federal prosecutors this week that aided a probe into Mt. Gox, a shuttered exchange in Tokyo. “The Bitcoin Foundation proactively reached out to the Southern District of New Yorkto offer assistance,” the Seattle-based organization said in an e-mailed statement yesterday. “We are continuing to help them and we are cooperating fully with their investigation.”

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Bayer Buys China’s Dihon to Gain OTC and Herbal Therapies

Bayer AG (BAYN) agreed to buy Dihon Pharmaceutical Group Co. to gain Chinese over-the-counter products and traditional herbal treatments as drug companies expand in Asia. “This acquisition moves us into a leading position amongst multinationals in the OTC industry in China,” Marijn Dekkers, chief executive officer of the German drugmaker, said today in a statement. “It also brings a portfolio of well-known consumer brands, which will allow us to provide consumers with an even broader range of self-care options.”

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WPP Falls Most in Four Years as Exchange Rates Hurt Margins

WPP Plc (WPP) fell the most in more than four years as currency fluctuations hurt profitability and led the world’s largest advertising company to miss its profit margin target. The shares fell as much as 7.1 percent to 1,236 pence, the biggest drop since July 2009, and were trading at 1,252 pence as of 8:58 a.m. The London-based company said exchange rate moves cut margins by 0.2 margin points last year. Revenue increased 6.2 percent to 11 billion pounds ($18.3 billion) in 2013, it said. That compared with the 11.1 billion-pound average estimate of analysts in a Bloomberg survey.

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Maersk Line Fourth-Quarter Profit Falls on Freight Rates

A.P. Moeller-Maersk A/S (MAERSKB)’s container-shipping line, the world’s largest, said fourth-quarter profit fell 6.6 percent as spending reductions weren’t able to counter a decline in freight rates. Net income at Maersk Line dropped to $313 million from $335 million a year earlier, the Copenhagen-based company said today in a statement. Earnings before interest and taxes at parent company A.P. Moeller-Maersk fell 5.9 percent to 9.46 billion kroner ($1.73 billion), missing the 10.6 billion-krone average of eight analyst estimates compiled by Bloomberg.

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‘Suzuki to transfer Gujarat unit to Maruti if pact expires’

 Inan attempt to allay concerns raised by its investors, Maruti Suzuki India (MSIL) on Wednesday clarified that the Gujarat manufacturing facility will be transferred to MSIL in case of expiry of the manufacturing agreement. “If the contract manufacturing agreement expires, and in case is not extended by mutual consent, the assets of the Gujarat subsidiary would be transferred to MSIL at a fair value to be determined by independent valuation,” said MSIL. The investors have raised concerns over Suzuki Motor Corporation’s plan to build the Gujarat facility, which was earlier planned to be built by MSIL. The investors were also planning to move Sebi with the complaining.

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India Inc Reflects Cautious Economic Outlook, Records an Average Salary Increase of 10.3% for 2013

New Delhi: According to a latest research by Aon Hewitt, annual salary increase this year in India shall bring a meagre 10.3% hike on an average. According to the report, the sector that was to offer better pay packages shall be of pharmaceuticals.

‘In sync with the economic outlook,10.3% increase is among the lowest the country has seen in a decade (barring the subprime crisis year). Though business sentiment is strengthening on account of inflation reaching a 3-year-low and stock markets rising, the cautious streak is evident in the projected salary increase numbers’, said Sandeep Chaudhary, Partner – Talent & Rewards, Aon Hewitt India.

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India huge opportunity for eBay; leads $133 mn Snapdeal investment

Aimed at tapping the "huge opportunity" in Indian e-commerce space, eBay is leading a $133.77 million (about Rs 830 crore) investment in online market place Snapdeal. The US-based firm led a group of investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital to invest in the New Delhi-based Snapdeal. Last year in April, Snapdeal had raised $50 million from eBay-led group of investors. After this round of funding, the total investments raised so far by the homegrown online marketplace rose to over $235 million (about Rs 2,457 crore).

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SJM Profit Jumps as Chinese Gamblers Bet More in Macau

SJM Holdings Ltd. (880), Asia’s biggest casino company, reported full-year profit that beat analyst estimates as mainland Chinese gamblers bet more in Macau. Net income rose 14 percent to HK$7.71 billion ($994 million) in 2013, SJM said in a statementyesterday after the market’s close. That surpassed the HK$7.58 billion average of 15 analystestimates compiled by Bloomberg. Gaming revenue climbed 10 percent to HK$86.96 billion.

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Sinopec Jumps as Reform Momentum Gathers Pace: Shanghai Mover

China Petroleum & Chemical Corp. (386)’s shares jumped after comments from Chairman Fu Chengyu indicated Asia’s biggest refiner will step up its pace of reform. Sinopec, as the company is known, may announce further restructuring during next month’s government meetings in Beijing, Chairman Fu Chengyu said Feb. 25, according to a report yesterday by the China Business News.

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