Rio Tinto paid less tax last year but warns of higher costs ahead March 17, 2014 RIO TINTO paid 19 per cent less tax in 2013, but warned that new regulations would raise future costs. In its latest annual tax report published late on Sunday, the FTSE 100 mining giant said it paid $7.5bn (£4.5bn) of taxes in 2013, $5.7bn of which were paid in Australia. This was a 19 per [...]
Smiths News to change name to Connect Group March 17, 2014 SMITHS News yesterday announced a rebrand to Connect Group next month as the company continues to diversify its business to become a specialist distributor. Britain’s biggest supplier of newspapers and magazines, that was spun out of stationers WH Smiths eight years ago, said the change aligns with its move away from a being pure newspaper [...]
Capital & Counties seals £665m loan for Covent Garden portfolio March 17, 2014 CAPITAL & Counties (Capco) said yesterday that it has secured a new £665m loan to help expand its huge £1.2bn Covent Garden estate. The developer said the five-year unsecured debt facility will replace three existing secured loans and provide “improved operational and financial flexibility” to support its expansion. Capco has been sprucing up its Covent [...]
John Lewis awards £94m online contact centre contract to Capita March 17, 2014 OUTSOURCING firm Capita yesterday said it has been selected by John Lewis to provide its online contact centre, as the department store chain looks to expand its digital presence. Under the agreement, which is worth £93.5m over five years, the FTSE 100-quoted firm will deliver a service that integrates with John Lewis’ existing range of [...]
Royal Mail wins work with 14 London boroughs March 17, 2014 ROYAL Mail has seen off competition from two other postal companies to sign a two-year deal to deliver council documents for nearly half of London’s boroughs, the firm confirmed yesterday. The postal group, which was part-privatised in a stock market float in October, has provided the service for several boroughs previously, but the new contract [...]
Pennon jumps as South West Water accepts Ofwat guidance March 17, 2014 PENNON’S share price jumped yesterday, after its water company subsidiary South West Water agreed to regulator Ofwat’s guidance in order to fast-track its business plan for the next five years. Morgan Stanley-backed Affinity Water, which supplies water to parts of central England, Essex and Greater London, also accepted the risk and reward guidance. Ofwat had [...]
Fastnet starts drilling off Morocco March 17, 2014 Fastnet Oil & Gas, the Aim-listed energy explorer focused on Africa and Ireland, yesterday said that drilling off the coast of Morocco has started on schedule. The well is the first of a two-well programme. “The results from the…well will allow us to further evaluate and potentially de-risk the varied and near-term drilling targets in [...]
Rusal partners with Israel’s Omen March 17, 2014 Moscow-headquartered global aluminium producer UC Rusal yesterday said it has agreed to a joint venture with Israeli company Omen High Pressure Die Casting called VolkhOR, which will produce automotive parts from non-ferrous metals. Each party will invest $1m (£601,000) in the project and secure external financing to cover the rest. It is estimated that $20.6m [...]
Bunzl buys Brazilian firm Lamedid March 17, 2014 FTSE 100-quoted distribution and outsourcing group Bunzl yesterday said it has acquired Lamedid, a Brazilian company that distributes medical consumable products to hospitals and laboratories. Lamedid reported revenues of £12m in 2013. “The purchase of Lamedid has significantly increased the size of our healthcare business in Brazil, having entered the healthcare sector there with the [...]
City Moves for 18 March 2014 | Who’s switching jobs March 17, 2014 Management Consultancies Association Chris Cooper has been elected president of the Management Consultancies Association. He is currently head of Challenge Consulting. Cooper has previously held positions at BDO and OASiS. Nikko Asset Management The asset management firm has announced the appointment of Al Clark as global head of multi-asset. Clark has over 20 years’ experience [...]