Online job vacancies down in July August 13, 2012 The number of jobs being posted online dropped in July for the first time in 30 months, the Monster employment index claimed this morning. The index fell three per cent compared to the same time in 2011. The government sector posted a sharp rise in jobs, however, due to part time vacancies.
Petrofac slumps despite upbeat growth targets August 13, 2012 PETROFAC said yesterday it is confident it will deliver full-year profit growth of “at least” 15 per cent in 2012, despite the award of several contracts being delayed. Net profit for the international oil and gas company was up 32 per cent to $325.3m (£207.3m) in the first half of the year, with the dividend [...]
Oil giant BP nets $2.5bn payday from sale of Californian refinery August 13, 2012 BP has sold its Californian oil refinery to a Texan-based refinery firm for $2.5bn, the oil major announced yesterday. The sale, to Tesoro Corporation, is the latest move to restructure its US business, which has suffered since the Deepwater Horizon oil spill in 2010. Tesoro will acquire the 266,000 barrel-per-day refinery near Los Angeles, as [...]
Analyst Views | What do you think of Petrofac’s first half results? August 13, 2012 JONATHAN JACKSON KILLIK & CO The results were ahead of market expectations. The group remains well placed for the long term to meet increased demand for new infrastructure to meet rising energy needs with strong exposure to the Middle East and national oil companies. ANDREW WHITTOCK LIBERUM CAPITAL These are good numbers (earnings of $325m [...]
Lloyds contract bolsters Mitie August 13, 2012 MITIE has enjoyed a solid start to 2012, thanks to a lucrative contract with Lloyds Banking Group. The FTSE 250 company said yesterday that by 30 June, it had secured 87 per cent of budgeted revenues for the financial year, up from 85 per cent last year. The five-year contract with Lloyds, worth £775m, is [...]
E.ON first-half profits triple August 13, 2012 E.ON, Germany’s biggest energy company, has seen its profits triple in the first half of 2012. Net income for the six months to the end of June was €3.3bn (£2.1bn), up from €900m a year ago. E.ON cited Germany’s accelerated phase-out of nuclear energy, which benefited first-half earnings to the tune of €1.5bn, and a [...]
WPP buys out Turkish agency August 13, 2012 Advertising giant WPP yesterday said yesterday it has bought out Turkish agency Manajans Thompson Reklam Isleri AS for an undisclosed sum. WPP has owned a minority stake in the firm since 1985. Istanbul-based Manajans employs around 70 people and saw revenue of 8m Turkish lira (£2.8m) last year. The agency’s clients include Nokia, Shell and Byer.
Tata Steel misses profit forecast August 13, 2012 Tata Steel yesterday missed quarterly profit expectations, hit by weakening demand and prices in its main European market, offsetting a solid performance at home. The steelmaker, whose European operations account for two thirds of its capacity, said consolidated net profit for the quarter to the end of June fell to 5.98bn rupees from 53.5bn in [...]
Elan to spin off research arm August 13, 2012 Ireland’s Elan is to spin off its Neotope drug discovery business platform as a separate public company, making Elan immediately profitable and potentially more appealing as a takeover target. The decision to split the company comes hard on the heels of the failure of an experimental Alzheimer’s drug being developed with Johnson & Johnson and [...]
Drake & Morgan opening more quirky City bars August 13, 2012 CITY WORKERS rejoice. Drake & Morgan, the quirky bar and restaurant group behind the Anthologist and the Folly in the City, is set to launch two more venues for thirsty employees to visit after a hard day’s work, this time nearer to Holborn and St Paul’s. Fund manager Axa Real Estate revealed yesterday it has [...]