Tungsten’s float raises £160m to buy e-invoicing company OB10 October 16, 2013 INVESTMENT vehicle Tungsten has floated on London’s junior stock market after agreeing to buy an e-invoicing company. Tungsten, founded by Edmund and Danny Truell to acquire a business, raised £160m in an oversubscribed placing yesterday, giving the firm a starting market cap of £225m. Institutional investors in the placing included Fidelity, Wellington, BlackRock and L&G. [...]
4G price war to begin with new EE mobile deals October 16, 2013 MOBILE operator EE has beaten O2 and other rivals to market by introducing the UK’s first pay-as-you-go 4G plan, and a new cheaper £18.99 4G contract. The new plans are expected to open up super fast mobile internet to a large number of new customers, with 4G pay as you go starting at just £129.99 [...]
Marketing budgets revised up at record rate as online ads boom October 16, 2013 MARKETING budgets have been revised upwards for the three months to the end of September at a record rate, according to an influential survey. A net balance of 12.3 per cent of firms upped their budgets during the third quarter, compared to just 7.3 per cent for the second quarter, according to The Institute of [...]
Northern ups stake in joint venture October 16, 2013 Aim-listed oil and gas explorer Northern Petroleum yesterday said Wessex Exploration, its joint venture partner in an offshore French Guiana project, has decided not to invest further cash into the programme until its contribution has reduced by up to £1.5m. Northern Petroleum will fund the shortfall and increase its stake in the venture to 56 [...]
Anite tanks after profit warning October 16, 2013 Shares in Anite plunged more than 30 per cent to 76.75p yesterday after the software company warned that revenues in its handset business are likely to be down 25 per cent on the same period last year. Anite said the ongoing shake-up of the handset market, with mergers and takeovers for the likes of Nokia, [...]
Netplay jumps on strong update October 16, 2013 Gaming firm Netplay TV saw its share price leap nearly six per cent yesterday on news of its strong third quarter performance in a trading update. The company reported a 19 per cent increase in net revenue for the quarter to £6.5m, leading its share price to close at 17.88p. Netplay said it is pleased [...]
New scary book by Terrifying Tim October 16, 2013 THE GLOBAL financial system is mired in unsustainable debt but it is the ever rising cost of energy in particular that we should be worrying about, according to Tim “Terrifying” Morgan. The former chief economist at Tullett Prebon, whose theories have also earned him the nickname “Dr Doom”, has published a book called Life After [...]
All-weather cycling for Saxo Bank clients October 16, 2013 Saxo Bank hadn’t planned on the autumn rain when it arranged for its top clients to ride the 2012 Olympic route in Box Hill this week. Despite appalling conditions, two-time Tour de France champion Alberto Contador (pictured, right) and Saxo Bank cycling team director and Tour de France winner Bjarne Riis led 40 dripping participants [...]
888 expects US gambling profit to jump in 2014 October 16, 2013 BETTING firm 888 Holdings yesterday said trading was on track and that it would start seeing the benefits next year from the decision of several US states to lift internet gambling bans. 888 said revenue rose two per cent to $94m (£58.8m) in the three months to September compared to the third quarter last year. [...]
Analyst Views: What do you make of 888 Holding’s third quarter trading update? October 16, 2013 RICHARD CARTER DEUTSCHE BANK “The current rating is now full when set against the group’s high and growing proportion of unregulated and untaxed revenues, slowing revenue growth, rising UK marketing costs… and the over estimation of how quickly US online gaming regulation will occur. We therefore rate the shares a ‘hold’. NICK BATRAM PEEL HUNT [...]