Tesco says £1bn plan on track as troubles mount December 4, 2013 TESCO boss Philip Clarke insisted yesterday that his £1bn investment plan to turn the retailer around was “firmly on track” despite posting a slump in trading across all of its markets. UK like-for-like sales fell 1.5 per cent in the third quarter to 23 November compared with flat sales in the second quarter and in [...]
Statoil sells Shah Deniz stake to Malaysian firm Petronas in $2bn deal October 13, 2014 STATOIL has exited the Shah Deniz oilfield in Azerbaijan, selling its 15.5 per cent stake to Malaysian oil and gas company Petronas for $2.25bn (£1.4bn). Norwegian firm Statoil’s withdrawal from Shah Deniz, which is operated by BP, comes into effect from 1 January 2014 for accounting purposes, although the deal is expected to complete in [...]
Shares down at industrials after Investec downgrades 15 firms October 13, 2014 INVESTEC sent share prices tumbling yesterday after it downgraded several UK industrials companies yesterday, blaming the deteriorating economic environment in Europe. The bank said that in light of recent profit warnings in the industrials sector, it had identified vulnerable companies, downgrading 15 of the most affected. Investec said it had focused on those with “significant [...]
Oil company to list in Kenya October 13, 2014 AFRICA Oilfield Logistics revealed yesterday that it intended to list on the Growth Enterprise Market Segment (Gems) of the Nairobi Securities Exchange, the first time an Aim-listed company had joined the Kenyan exchange. The firm plans to make a private placement of up to 10 per cent of its share capital, and said that any [...]
Brand Index: Never mind the hare and bear – Brits are going budget December 17, 2013 OUR RECENT online focus group of people from the so-called “squeezed middle” revealed that they are not feeling the benefits of the economic recovery and also have virtually no faith in politicians (from any political party) to help improve their lot. This week I will delve into which brands the squeezed middle are warming to this [...]
Money for old rope as Melrose pulls in £365m October 13, 2014 MELROSE Industries is selling its rope-manufacturing arm Bridon to the Ontario Teachers’ Pension Plan (OTPP) for £365m. As part of the deal, British investment company Melrose will contribute £6.7m towards the Bridon Group (2013) pension scheme, which will remain with Bridon on disposal. Melrose said it intends to use the proceeds of the sale to [...]
London Mining administration announcement expected today October 13, 2014 London Mining is expected to announce it is going into administration today, after revealing at the end of last week that it was temporarily suspending trading on the Aim “pending clarification of the company’s financial position”. A source told City A.M. that London Mining was in acquisition talks yesterday with Indian company JSW Steel, and [...]
Insurers should invest in tech, report warns October 12, 2014 INSURERS need to make significant investment in technology and improve how they analyse data in order to keep pace with newer entrants to the market, according to a new report from State Street. The report, Platforms for Growth: Technology Innovations in the Insurance Business, claims that although insurers show an appetite for change, they are [...]
GDF Suez considering new bid for Talisman’s North Sea assets October 12, 2014 FRANCE’S partially state-owned gas and electric utility GDF Suez has revived interest in buying some or all of Talisman Energy’s North Sea oil and gas assets. GDF Suez, which owns International Power, was reported to have approached Canadian firm Talisman towards the end of 2013, with market sources telling Reuters that GDF had offered a [...]
New Britain Palm Oil share price up 75pc as Sime Darby Plantation announce $1.1bn takeover bid October 9, 2014 London-listed New Britain Palm Oil (NBPOL) saw its share price shoot up by almost 75 per cent yesterday after Malaysian company Sime Darby Plantation announced a £1.1bn (£682m) takeover bid. NBPOL, which opened a refinery in Liverpool in 2010, is based in Papua New Guinea. Sime Darby stated last week that it would not [...]