Lonmin share price dips as it reveals plans for cash call in the face of debt crunch October 21, 2015 Embattled Lonmin has become the latest miner to ask for cash from its shareholders, as it struggles with an unwieldy debt load taken on at the height of the commodities boom. The South African platinum producer outlined plans for a $400m (£259m) rights issue, which it needs for banks to agree to $370m in debt facilities that will [...]
NewRiver Retail eyes a move from Aim to the main market after £54m Punch Taverns deal October 21, 2015 Retail and pub landlord NewRiver Retail said a recent acquisition spree helped assets under management to top £1bn in the second quarter, paving the way for a move from Aim to the main market next year. NewRiver, which owns shopping centres including Regents Court in Leamington Spa and The Martlets in Burgess Hill, said assets [...]
London-listed Russian hypermarket chain Lenta raises $150m for expansion October 21, 2015 Russia's second biggest hypermarket chain Lenta has raised $150m (£97m) through the sale of new shares to fund its expansion, despite a tough economic backdrop at home. The London-listed company, which has 122 hypermarkets in 63 cities across Russia and 27 supermarkets around Moscow, said it sold 21.1m new global depositary receipts (GDRs) through an accelerated [...]
Reckitt Benckiser share price climbs 2.5 per cent as Nurofen owner posts hike in sales October 21, 2015 Shares in Reckitt Benckiser climbed higher today after the Nurofen and Strepsil owner posted better-than-expected third-quarter sales and boosted its full-year guidance. The FTSE 100 company, which owns everything from Finish dishwasher tablets to Durex condoms, said like-for-like sales rose by seven per cent in the third quarter, beating analyst expectations of around 5.2 per [...]
BHP Billiton share price rises as it goes full steam ahead with iron ore October 21, 2015 BHP Billiton yesterday showed no signs of slowing down during the commodities rout, as it reported record iron ore production over the last quarter. The FTSE 100 mining giant said iron ore production had risen by seven per cent year-on-year to a record 61m tonnes. Full-year guidance remains unchanged at 247m tonnes. BHP, alongside its peers [...]
Argos owner Home Retail Group hits back at claims it could be the next Comet October 21, 2015 Home Retail Group’s boss hit back at claims that Argos was at risk of becoming the next Comet, the collapsed electronics chain, after a profit warning sent shares crashing yesterday. The FTSE 250 retailer, which also owns Homebase, said investment in its new same day delivery service, weak sales of electrical goods, and uncertainty around [...]
UK Oil and Gas share price dips, despite report backing up Weald Basin oil find claims October 21, 2015 A US-based oil specialist today released another report adding weight to claims by British explorer UK Oil and Gas (Ukog) that there are billions of barrels of oil beneath the ground in the Southeast of England. Nutech said there could be as many as 15.7bn barrels across Ukog's eight licences in the Weald Basin. Of this, 3.9bn barrels are attributable [...]
Starbucks and Fiat EU tax ruling: Luxembourg and Netherlands no longer corporation tax sweethearts October 21, 2015 Starbucks and Fiat are in for a very large tax bill. €30m to be exact. Each. The EU has ruled that “sweetheart” tax deal arrangements between large corporations and individual countries amount to state aid and are therefore illegal. "All companies, big or small, multinational or not, should pay their fair share of tax,” said [...]
Coca-Cola gulps down quarterly decline in sales as emerging markets prove difficult October 21, 2015 The third quarter proved less than sweet for Coca-Cola, which has unveiled a five per cent decline in reported net revenue to $11.4bn (£7.4bn) during the three months to the beginning of October. The company, which has been grappling with a new-found desire among its traditional customers to stay healthy, as well as volatile currencies, [...]
EE’s Olaf Swantee: The BT merger is “good for Britain” October 21, 2015 EE is “very confident” that the £12.5bn deal with BT will be approved, as a competition watchdog’s decision on the takeover draws near. Olaf Swantee, the telecoms company’s chief executive, said to City A.M. that the merger would be “good for Britain”, following the company’s third quarter results posted on Wednesday: We’re excited about creating [...]