Listing of Petronas division could raise as much as $5bn November 1, 2010 STATE-owned Malaysian oil and gas group, Petronas could raise up to $4.8bn (£2.9bn) from an initial public offering (IPO) of shares in its newly formed chemicals subsidiary, more than double earlier market estimates. The prospectus for the IPO of Petronas Chemicals Group reveals shares will be priced at between MS$4.50 and MS$5.20. But the group [...]
MOSS DEBUTS FINAL TOPSHOP COLLECTION November 1, 2010 Supermodel Kate Moss celebrated the launch of her final seasonal collection for British retail chain Topshop (owned by Philip Green, left) last night with a party at its flagship London store at Oxford Circus. The final collection includes “Biba-esque” floral printed day dresses, shift dresses with cross stitch panels, a pair of midnight blue velvet [...]
Ryanair profit rises despite volcano losses November 1, 2010 Ryanair, the low cost airline, yesterday announced profits of €452m (£392m) for the half year to 30 September, an increase of 17 per cent on the same period in 2009. The profits came on the back of a 23 per cent increase in revenues to €2.2bn. The airline increased its prediction for full-year net earnings, [...]
Airline security expert Smiths sees a boost in its share price November 1, 2010 Shares in Smith Group, a company which manufacturers security equipment for airports, leapt 3 per cent yesterday to 1,232p on speculation that airports will have to increase security measures for cargo planes following the Yemeni bombs. Smiths makes explosives detectors which are widely used in America, where regulations that came into force on 1 August [...]
CITY VIEWS: DO YOU AGREE WITH RYANAIR’S CALL FOR FEWER SECURITY CHECKS AT AIRPORTS? November 1, 2010 ASRAR HUSSAIN | FDM GROUP “The more checks, the better. I would happily stand in a queue for hours if it means I get to the other end safely. Though the checks need to be the same in every country if they are going to make a difference.” JOE KAEMPER | DAIWA CAPITAL “It’s a [...]
Weir hikes its profit target November 1, 2010 engineer Weir Group yesterday raised its forecast for full-year profits after oil company appetite for pumps spiked in the third quarter. The maker of pumps and valves said order input from customers operating in the upstream oil and gas space rose 232 per cent in the 39 weeks to the beginning of October, compared to [...]
Desire Petroleum well in the Falklands hits another delay November 1, 2010 OIL explorer Desire Petroleum said a closely-watched sidetrack well on its prospect in the Falkland Islands was unable to reach target depth, meaning a further delay before the firm can produce oil. The company said last month that the original Rachel well near the islands did not find oil but that it was going to [...]
Weir Group November 1, 2010 WEIR Group is notoriously conservative with its forecasts, so yesterday’s profit upgrade came as little surprise to shrewd investors. Growth in its minerals order book of 24 per cent is encouraging, up on 21 per cent in its first half. Its oil books also rocketed 91 per cent (compared to 47 per cent in the [...]
Terry Smith launches new fund manager November 1, 2010 CITY veteran Terry Smith is today set to launch his new fund management venture Fundsmith, which aims to shatter preconceptions about the industry by offering investors low fees and a risk-adjusted long term strategic focus. Smith said he aims to capitalise on a “groundswell of opinion” against what he views as the “utterly unsupportable” industry [...]
De Blonay set to go it alone November 1, 2010 FUND management firm Jupiter said yesterday that Guy de Blonay is to take over as sole manager of its flagship £1bn financial opportunities fund, having co-managed it with star fund manager Philip Gibbs since June. De Blonay joined Jupiter at the beginning of the year from Henderson, where he managed the New Star global financials [...]