RAMSEY CROOKALL & CO

MIDDAY REPORT 3 February 2011

Royal Dutch Shell is a faller even though the oil titan more than quadrupled fourth quarter profits thanks to higher energy prices, an increase in production and cost- cutting. Earnings for the last three months of 2010 on a current cost of supplies (CCS) basis surged to $5.7bn from $1.2bn a year ago. They grew 90% to $18.6bn for the full-year. Excluding certain items, earnings grew to $4.1bn from $2.8bn last time. "We are making good progress against our targets, and there is more to come from Shell," said chief executive Peter Voser. The dividend stays at 42 cents a share.

Elsewhere, the turmoil in Egypt and Tunisia threatens to reverse an improving trend at holiday group TUI Travel. The operator of brands such as Thomson and First Choice, whose shares are lower, posted higher revenues in the three months to 31 December and said it has had a good start to 2011. However, the problems in North Africa could impact results for the current quarter by £25m to £30m. Holidays to Egypt from mainland European destinations such as Germany and France have been cancelled. TUI is still sending holidaymakers from the UK to Red Sea resorts.

Finally, Unilever has taken a €110m provision to cover possible competition law breaches in the European consumer detergents market. The Anglo-Dutch food and households goods giant, which owns the Domestos bleach brand, said it had concluded it is now 'appropriate' to take a provision following an European Commission investigation that began in 2008.

THE FTSE 100 AT NOON IS DOWN 22 @ 5977 THE DOW JONES CLOSED UP 1 @ 12,041

THE NASDAQ COMP CLOSED UP 1 @ 2749

Exchange Rates

GBP – USD 1.62 GBP - EURO 1.17 ??

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