Anglo to sell off assets in restructuring October 22, 2009 ANGLO AMERICAN, the resources group which owns stakes in the biggest diamond and platinum producers in the world, has unveiled massive restructuring plans in a bid to focus on mining. Anglo said it was reorganising into seven arms, whose directors will report straight to chief executive Cynthia Carroll. Ian Cockerill, boss of the miner’s coal [...]
Pubcos cheer OFT decision October 22, 2009 Beer campaigners have failed in a bid to force leased pub operators to allow their landlords to buy beer supplies from rivals, boosting shares in the sector. The Office of Fair Trading (OFT) has rejected a complaint from the Campaign for Real Ale (Camra), which claimed that tied arrangements forcing pub tenants to buy solely [...]
City Moves for 23 October 2009 | Who’s switching jobs October 22, 2009 Grosvenor Fund ManagementThe fund management firm has hired Dominic Field as director of business development, responsible for advising on and supporting new business initiatives and investor relations. Field was previously director of the real estate private fund group at Credit Suisse, where he worked on over 30 fund raisings across Europe, the US and Asia. [...]
China growth picks up in third quarter October 22, 2009 CHINA saw its rate of annual GDP growth pick up in the third quarter as a combination of breakneck investment and buoyant bank lending compensated for a slump in exports. Growth accelerated to 8.9 per cent in the third quarter, from 7.9 per cent last quarter. The figures came a day after the government said [...]
Luminar sees profits slump October 22, 2009 NIGHTCLUB owner Luminar yesterday said profits for the first half of the year almost halved as the leisure market continues to suffer from the lack of ready cash lining consumers’ pockets in the downturn. Pre-tax profits for the half year to 27 August fell to £4.9m, from £8.4m a year ago, which the firm blamed [...]
Pinewood expansion plan refused October 22, 2009 Film studios Pinewood Shepperton said its second-half trading to date was in line with market expectations while revenue remained below year-ago levels. But the company also said the South Bucks District Council (SBDC) refused the company’s planning application for Project Pinewood, a long-term scheme to expand its famous studios in the south east. It said [...]
Petrofac confident on earnings October 22, 2009 Oil and gas services company Petrofac said it was confident it would deliver full year earnings growth of at least 20 per cent after continued contract wins and healthy bidding activity. The company said that contract activity was lively in both its construction and offshore businesses.
Lonmin warns of metal pressures October 22, 2009 Lonmin, the world’s third-largest platinum producer, said precious metal miners in South Africa would likely face continued challenges in 2010 as it posted a 25 per cent drop in fourth-quarter platinum sales. Chief executive Ian Farmer said above-inflation wage increases are putting cost pressures on the miners.
Aid plea over Japan Airlines October 22, 2009 Ataskforce working on plans to save Japan Airlines from collapse has asked for over 550bn yen (£3.62bn) of debt waivers and debt-for-equity swaps in a frantic bid to save the carrier. The task force, which reports to transport minister Seiji Maehara – has asked for the aid from Development Bank of Japan and has also [...]
Axa looks to offload its stake in Chinese Taikang Life arm October 22, 2009 FRENCH insurer AXA has started the ball rolling on a Chinese asset sale that could raise as much as $1bn (£604m). Axa will sell the 15.6 per cent Taikang Life Insurance Company stake it took on when it bought Swiss group Winterthur in 2006. The group has enlisted US investment bank Morgan Stanley to advise [...]