Tullow profits triple August 28, 2008 Shares surged in Tullow Oil yesterday after the British-based oil explorer reported an almost 250 per cent rise in first half net profit, due to high global oil prices. The oil firm, led by chief executive Aidan Heavey, said its profit was £126m in the first six months of the year, compared to £37m in [...]
Lose customers’ details and you lose something else too – their trust August 27, 2008 As technology infiltrates all parts of business, it pays to be aware of the weak spots, writes David Crow Barely a week goes by without yet another loss of personal data by someone who should be trusted. Yesterday, it was the bank details of over a million Royal Bank of Scotland, NatWest and American Express [...]
Profits boost for Talksport owner August 27, 2008 UTV Media, the owner of Talksport radio station and the Northern Ireland ITV franchise, saw its half year profits rise by 12 per cent to £10.4m despite a downturn in its hitherto core television business. The company, which recently raised £50m from shareholders, attributed its profits growth to revenue improvements from its radio business – [...]
Guinness gears up to offer retail fund August 27, 2008 Guinness family wealth-management office Iveagh yesterday announced the launch of its first retail fund, the Iveagh Wealth Fund. The fund’s objective is wealth preservation, rather than rapid growth, and it is aimed at families seeking to pass wealth on to future generations. In a statement, Iveagh said the fund had been launched to meet demand [...]
Profits at Rio Tinto jump on high demand August 27, 2008 Bid target miner Rio Tinto posted a better-than-expected 55 per cent rise in first-half profit yesterday, boosted by its takeover of aluminium producer Alcan and strong Asian demand for commodities. The company, which bought Canada’s Alcan, for $38bn (£19bn) just over a year ago, said its pre-tax profit to the end of June rose to [...]
Imperial sells out to Indian rival for £1bn August 27, 2008 Oil explorer Imperial Energy recommended a £1.4bn takeover offer from Indian state-controlled rival ONGC yesterday. A bid battle had broken out between ONGC and China’s biggest state-owned oil company, Sinopec, which conducted due diligence on the London-listed firm but has not yet submitted a formal offer. But a counterbid from the Chinese firm cannot be [...]
Liberty surges on speculation over fierce bidding war August 27, 2008 Liberty International saw its shares receive a welcome fillip yesterday as US mall owner Simon Property Group upped its stake in the UK shopping centre specialist to 4.22 per cent, prompting speculation of a bidding war. Australian property group Westfield, the world’s largest shopping mall owner by market cap, also confirmed yesterday that it had [...]
Make money from money with the three key tactics in Forex trading August 26, 2008 Understand the basic trades and you can profit from foreign exchange, writes Phil Thornton With equity, property and bond markets going through a rough time, investors are increasingly tempted to see currency trading as a safe haven. However newcomers should remember that while the gains can be impressive, those without a clear strategy can suffer [...]
Second top executive quits troubled TNK-BP venture August 26, 2008 Russia’s third-largest oil producer TNK-BP has announced the departure of the second senior executive this month, further fuelling the crisis that has engulfed the firm. Executive vice president Tony Considine resigned yesterday after five years heading the refining, trading and marketing businesses at BP’s joint Russian venture. Considine cited personal reasons for the departure adding [...]
Lonmin boss sells shares August 26, 2008 Lonmin chairman’s vigorous opposition to a £33-a-share takeover approach from mining group Xstrata is likely to be overshadowed by revelations that he sold his personal shares in the company for only £1 more than Xstrata’s offer. Earlier this month John Craven, who has been chairman of Lonmin since 1997, defined Xstrata’s proposal as “opportunistic” and [...]
