Russia’s Lukoil doubles quarterly profit June 2, 2010 LUKOIL, Russia’s number two crude oil producer, yesterday said first-quarter net profit more than doubled, beating analysts’ forecasts, due to rising oil prices. Lukoil, in which US rival ConocoPhillips decided to sell half of its 20 per cent equity stake, said first-quarter net profit, attributable to shareholders, jumped to $2.05bn against a forecast of $1.84bn. [...]
BEST OF THE BROKERS June 2, 2010 FERROVIAL Citigroup issues Ferrovial with a “buy” recommendation and said that since January 2009 Ferrovial has sold €3bn (£2.5bn) of assets. Citi said new greenfield projects which require less up-front equity are the preferred target for new investments and management noted higher returns due to more limited competition. DIAGEO Evolution Securities said Diageo is increasingly [...]
EX-CITI BANKER CLAIMS UNFAIR DISMISSAL – FOR BEING GORGEOUS June 2, 2010 WE’VE all heard of lawsuits being fired back and forth due to foxy females being sexually harassed at work, but bringing a legal complaint because managers insist a lady is too attractive to wear her normal office attire? That’s got to be a new one. Latino bombshell Debrahlee Lorenzana has filed a lawsuit in New [...]
Mortgage lending in slim rise June 2, 2010 MORTGAGE approvals by a forecast-beating two per cent in April. The Bank of England said approvals edged up to 49,871 in April from 49,008 in March and the highest since December. However, net mortgage lending rose less than expected, up £490m in April from £168m in March and below forecasts for a rise of £700m. [...]
Red Knights shelve Man Utd bid June 2, 2010 THE group of wealthy thy Manchester United fans dubbed “The Red Knights” have shelved plans to make a bid for the club. The members said media speculation had triggered “inflated valuation aspirations” and contributed to the sidelining of a bid. It said it would only pay a sensible price for Manchester United, with £1bn the [...]
Jupiter sets price for listing June 2, 2010 FUND management house Jupiter has set a price range of 150-210 pence for its London listing, valuing the company between £718m and £868m. It also confirmed that it expected to raise gross proceeds of about £220m by issuing just over 122m new shares. It had mentioned that figure last month when it announced its decision [...]
New Look profit rises – but silence on IPO June 2, 2010 BUDGET fashion retailer New Look posted a 17.7 per cent rise in annual profit but has remained silent about its ambitions for a stock market return after postponing its flotation in February. The chain, which blamed volatile financial markets for derailing an expected £1.7-£2bn listing, said higher taxes and unemployment, and a weaker pound, would [...]
Prudential ditches AIA deal June 2, 2010 INSURER Prudential has ditched plans to buy AIA after a last ditch bid to renegotiate the price failed. The deal – for AIG’s Asian arm – had been beset by problems after a shareholder rebellion. In March, Prudential agreed to buy AIA for $35.5bn (£24.6bn), but last week asked for the price to be cut [...]
CRUNCH TIME June 1, 2010 PRUDENTIAL’S future was hanging in the balance last night after its dream of taking over AIA died, drawing a line under what one shareholder called “an unprecedented shambles”. The insurer is expected to tell the London stockmarket this morning it will abandon its calamitous $35.5bn (£25bn) pursuit of AIG’s Asian operation. Following a series of [...]
FBI set to probe BP’s oil disaster June 1, 2010 PRESSURE on BP mounted last night as the US attorney general said he would launch a criminal and a civil investigation into its massive Gulf of Mexico oil spill. Eric Holder said the federal agencies, including the FBI, would participate in the probe and warned: “If we find evidence of illegal behaviour, we will be [...]