Maaden and Alcoa in $10.8bn JV December 20, 2009 State-run Saudi Arabian Mining Company and US aluminium giant Alcoa agreed yesterday to build a $10.8bn (£6.7bn) aluminium complex in the world’s top oil exporter, targeting the Middle East from 2013. Under the deal, the companies form a joint venture to set up a 1.8m tonne-per-year refinery and a bauxite mine with an annual capacity [...]
Avatar rakes in $73m in the US December 20, 2009 Titanic director James Cameron’s Avatar, the 3D film hyped as a giant leap in cinematic prowess, earned an estimated $73m (£45m) during its first weekend at the North American box office, distributor 20th Century Fox said yesterday. The opening for the costly sci-fi film fell short of industry forecasts in the $85m range. But News [...]
Copenhagen meeting ends on flat note December 20, 2009 British businesses have slammed the Copenhagen climate summit as a “missed opportunity” as fears grow that London’s leading position in the carbon trading market is under threat. CBI director-general Richard Lambert said the climate-change meeting was “a disappointing conclusion” to two years of negotiations. “Business needs a clearer sense of direction if it is to [...]
Apollo enters the running for Gala Coral with £250m offer December 20, 2009 A LAST-MINUTE attempt by US private equity firm Apollo to muscle into the rescue of ailing bookmaker and bingo group Gala Coral is likely to be rebuffed, sources said yesterday. Apollo has submitted a proposal to the board which would see it pump in £250m in exchange for 50 per cent of the company’s equity. [...]
Google avoids UK tax by routing £1.6bn revenue through Dublin December 20, 2009 GOOGLE, the internet search giant, avoided UK tax of around £450m last year by diverting its substantial advertising earnings from customers in Britain to its Irish subsidiary. The Californian technology company used a legal arrangement to route £1.6bn UK advertising revenues via Dublin. Google paid £141,500 in UK tax for the 12 months, which constituted [...]
Shell to sell Nigeria fields December 20, 2009 OIL giant Royal Dutch Shell could sidestep tougher restrictions on foreign companies in Nigeria and constant violence against its workers by selling its onshore assets in the turbulent African country in deals that would deliver the company an estimated £3bn. Shell yesterday declined to comment on reports that it had already put some of its [...]
Opec tipped to keep supplies unchanged at key oil meeting December 20, 2009 OPEC will keep supply unchanged when it meets tomorrow in Angola, Algeria’s energy minister Chakib Khelil said yesterday. “There will be no change in OPEC supply of crude oil. OPEC will not reduce supply and it will not increase supply,” Khelil told reporters. A meeting of the producer group on Tuesday in Luanda is widely [...]
HUGH’S NEW HORIZON December 20, 2009 PIZZAEXPRESS and Punch Taverns founder Hugh Osmond has moved a step closer to floating his latest investment venture Horizon, with the appointment of bankers Credit Suisse and Numis to advise on going public. Horizon, which is understood to have raised £500m from investors, will debut on the market in the first half of January, according [...]
Execution ups stakes with Noble buyout December 20, 2009 STOCKBROKER Execution has bought its smaller rival Noble in a move the firm said would turn it into a major league player in the mid-cap investment banking and broking sector. The combined company, which will be named Execution Noble, will employ around 250 staff and will be led by Execution founder Nick Finegold, who will [...]
Darling urged to boost SMEs December 20, 2009 A TRADE body representing small and mid cap listed companies has written to chancellor Alistair Darling criticising the government’s haphazard approach to growth markets. The Quoted Companies Alliance (QCA) raised concerns over a range of proposals which it said could seriously damage markets such as Aim and Plus. It called for either the Treasury or [...]