Seplat launches £301m London and Lagos float April 9, 2014 NIGERIAN oil and gas explorer Seplat yesterday said it has raised £300.9m in its initial public offering in London and Lagos, valuing the company at around £1.14bn. The deal is London’s biggest oil industry flotation in years and will provide a significant boost for Nigeria’s energy sector, which has seen an exodus of international players [...]
Rame Energy to list on Aim as it targets Latin America expansion April 3, 2014 RAME Energy, an energy consultant, engineer and power generator, is listing on Aim today to finance new projects in Chile. The company, which provides power generation solutions to firms including Anglo American, Barrick Gold and BHP Billiton, is raising up to £2.1m to fund its participation in three wind projects in Chile with a combined [...]
Rio Tinto hires new head of strategy April 3, 2014 Rio Tinto has hired former BHP Billiton executive Peter Toth as its new head of strategy, a spokesperson from the miner confirmed to City A.M. yesterday. He will be reporting to finance chief Chris Lynch. Toth resigned as boss of manganese miner OM Holdings in January.
London Report: Rise in miners and banks helps drive FTSE to 3-week high April 2, 2014 BLUE chip shares inched higher yesterday, propped up by cyclical banks and mining companies on encouraging economic news in the United States. The FTSE 100 ended up 6.43 points, or 0.1 per cent, at 6,659.04 points, its highest close since 11 March, with the UK banking index up 0.7 per cent, and the mining index [...]
Miner BHP lifted by plan to spin off $20bn arm April 1, 2014 MINING giant BHP Billiton’s share price climbed over two per cent yesterday, after it confirmed that it is considering spinning off a portfolio of non-core assets. “We believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in free cash flow [...]
London Report: FTSE spurred to three week high by US outlook April 1, 2014 THE UK’S top share index touched a three-week high yesterday, with cyclical stocks rallying on the back of an improving US economic outlook and expectations of more stimulus from China. The blue-chip FTSE 100 index extended earlier gains to set its highest level since 12 March after data showed US factory activity accelerated for a [...]
What you need to know before the open April 1, 2014 European markets are expected to make a positive start to the day, with investors hopeful of US and Chinese stimulus to counter economic slowdown. Corporate data UK broker ICAP has announced a fall in revenue for February and March of 14 per cent. The company believes it will achieve results in line with market expectations, [...]
BHP Billiton reacts to demerger speculation April 1, 2014 BHP Billiton has issued a statement in response to so-called “market speculation” about its decisions on simplifying its portfolio. The response comes after the Australian Financial Review reported that the miner has been weighing up different options for over a year, including spinning off non-core assets, in a move that could see a new $20bn [...]
What the other papers say this morning – 31 March 2014 March 31, 2014 FINANCIAL TIMES SocGen accused over Libya deals The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi. The claim was made in a $1.5bn lawsuit filed against the French bank in London’s [...]
London Report: Ukraine strife and China data hit FTSE shares March 24, 2014 BRITAIN’S top share index fell yesterday on concerns about the situation in Ukraine and a slowdown in Chinese growth, while energy providers were hit by worries they may be forced to break up their businesses. The blue-chip FTSE 100 index ended 0.6 per cent lower at 6,520.39 points, falling for nine of the past 12 [...]