Bottomline

raised its annual profit outlook as the discounter’s efforts to spruce up fashions and other merchandise are resonating with shoppers.

The rosier forecast, delivered Wednesday, comes as the discount-store chain more than tripled its net income in the second quarter.

Target’s shares rose more than 4 percent in pre-market trading.

The results are the latest evidence that the turnaround spearheaded by CEO Brian Cornell, who has led the company for the past year, is gaining traction.

Cornell succeeded Gregg Steinhafel whose abrupt departure in May 2014 capped a tumultuous year for the company. It was hurt by a massive credit-card breach before Christmas 2013 that sent shoppers temporarily fleeing. The company also botched a major expansion into Canada. (AP)

is adding cash back, a popular credit card feature, to its prepaid debit cards as it seeks users beyond its traditional customers.

The company has long relied on the corporate traveler and the well-to-do, but increased competition has forced it to look at new customers. Prepaid cards, which appeal to lower-income Americans and people who don’t have traditional bank accounts, are a small and growing business.

CEO Kenneth Chernault has said American Express would spend heavily this year to create new products and keep its already existing customer base. (AP)

the parent of and is naming a new CEO of its China division as it works to reverse a sales skid in a key market.

The company said Tuesday that Micky Pant, 60, is now the CEO of its China division. He replaces longtime leader Sam Su, who is retiring. Pant has been the CEO of KFC since the beginning of 2014 and now takes over the business that Yum Brands describes as the single biggest contributor to its profits.

Yum Brands also named new CEOs of its KFC and Pizza Hut businesses in China.

Yum Brands has more than 6,800 locations in China, but the business has been damaged by bad publicity connected to poor food handling by a former supplier a year ago. In the second quarter its revenue from China fell 4 percent to $1.64 billion. Sales in China division restaurants open at least a year, a key metric of a retailer’s health, slid 10 percent during the quarter. That was the fourth straight quarter of double-digit declines. (AP)

British motor insurer posted a slim but forecast-beating one percent rise in first-half pre-tax profits on Wednesday, helped by growing customer numbers and the release of reserves held against future claims.

The profit of 186.1 million pounds ($291.6 million) came in above analysts’ expectations of 163 million pounds, according to a company-supplied consensus forecast, driving Admiral’s shares 3 percent higher by 0730 GMT.

Admiral’s profits from its UK car insurance business, which provides around 80 percent of its customers, rose 6 percent, mainly as a result of higher releases of reserves set aside to cover the cost of future claims.

Britain’s banking and insurance regulator has warned motor and home insurers about the risks of drawing on the reserves they have built up against future

claims to boost profits.(RTRS)

Swiss mining giant on Wednesday reported a first-half loss of $676 million (620 million euros), a performance hit by what the company called the worst commodities market since the financial crash of 2008-09.

In the first half of 2014, Glencore recorded profits of $1.7 billion.

Its shares have fallen by 40 percent this year, a plunge that has been driven in part by growing fears about a slowdown in China — the world’s top commodities consumer.

But Glencore’s record has also been dampened by an impairment of its recently acquired oil operation in Chad as well as bankruptcy proceedings at its Optimum Coal mine in South Africa. (AFP) Germany’s biggest lender, is considering selling its stake in Chinese group

and divesting its retail banking activities in India, the business daily Handelsblatt reported on Wednesday.

Deutsche Bank spent a total 1.3 billion euros ($1.4 billion) in amassing a stake of nearly 20 percent in Hua Xia Bank between 2006 and 2010, the newspaper said.

At current prices, that stake is now worth around 3.3 billion euros, but no formal decision to sell it has been taken at this stage, Handelsblatt said.

Deutsche Bank, which unveiled a massive restructuring plan at the end of April, is also considering selling its retail activities in India, where it currently has 17 branches, the newspaper added. (AFP)

Swedish automaker owned by China’s reported Wednesday a drop in first half profits as sales tumbled in its biggest market, China.

Net profit plunged by 60 percent to 173 million kronor (18.3 million euros, $20 million), while turnover climbed by 12 percent to 75.2 billion kronor.

Operating profit surged by more than 70 percent to 1.66 billion kronor, thanks to a strong US currency and robust sales of Volvo’s SUV model XC60.

Volvo’s overall car sales in terms of units rose by 1.4 percent to 232,284 during the first half. (AFP)

Hong Kong flag carrier said Wednesday firsthalf profit rose almost sixfold from a year earlier, helped by lower fuel prices, but shares fell to a nine-month low as the result missed expectations.

Net profit in the six months through June rose to HK$1.97 billion ($254 million) from HK$347 million in the same period last year, helped by a slump in world oil prices that cut fuel costs by over a third.

But around half of the HK$7.08 billion gain was offset by losses from oil hedging, and profits missed the HK$2.22 billion median estimate of six analysts polled by Bloomberg News. (AFP)

on Wednesday announced “significant investment” in the India arm of controversial app-based taxi hailing firm, with a source describing the investment pact as worth between $75$100 million.

“TOF will make a significant investment in Uber, the first such investment made by TOF in a global company with headquarters outside India and underscores the confidence in Uber,” a press note issued by TOF said. (AFP)