IPC writedown pushes group earnings lower October 9, 2013 MAGAZINE and digital publisher IPC Media reported annual pre-tax profits down 75 per cent to £11.4m in 2012, following a one-off writedown of £24.8m on the company’s fixed assets. Even before the company’s impairment charge, operating profit still fell 24 per cent to £28.2m. Revenues for the UK’s biggest consumer magazine publisher, which is owned [...]
Murdoch faces shareholder crunch vote on chairman role October 9, 2013 PROXY advisory group ISS has urged Twenty-First Century Fox shareholders to vote against the reelection of chairman Rupert Murdoch and some other board members at a shareholders meeting this month, criticising the company’s adoption of a poison pill. News Corp in May put in place a poison pill provision for one year after the splitting [...]
Blur slumps after boss sells shares October 9, 2013 Online services exchange Blur Group saw its shares plummet seven per cent yesterday as chief executive Philip Letts announced he would sell 900,000 shares in the company. Richard Bourne-Arton, a non-executive director of Blur Group, is also planning to sell 95,000 shares. The group said the main purpose of the transactions was to increase institutional [...]
Arriva chief joins Ladbrokes board October 9, 2013 Ladbrokes yesterday announced the appointment of Arriva chief executive David Martin as a non executive director. Martin, who will join the board on 31 October, took over as the chief executive of Europe’s largest transport provider Arriva in 2006. Chairman Peter Erskine said, “His extensive management experience, notably of international operations, is particularly relevant at [...]
Hewlett Packard head is upbeat October 9, 2013 Hewlett Packard chief executive Meg Whitman expects revenue to stabilize in 2014 with “pockets of growth” before the business accelerates again in 2015, sending the stock up as much as 9.5 per cent yesterday. HP’s shares were up about 8.6 per cent at $22.53 yesterday. That is still down from $25.38 in mid-August, just before [...]
Vedanta posts a rise in zinc and oil production October 9, 2013 OIL AND mining conglomerate Vedanta Resources yesterday reported a rise in oil, gas and zinc production in the second quarter and said it expected to resume mining iron ore in the southern Indian state of Karnataka shortly. But shares in the FTSE 100 group tumbled 4.67 per cent after Morgan Stanley downgraded its rating on [...]
Liberum wins another broking mandate after employee raid October 9, 2013 LIBERUM, the investment bank and research house, has won its second new broking client in the wake of its hiring of 14 people from Espirito Santo in July. Workspace, the office rental group focused on new and growing companies, said yesterday it had appointed Liberum as its broker alongside Investec, the South African bank. The [...]
Centamin’s Egyptian mine is on course to beat output forecasts October 9, 2013 EGYPTIAN gold producer Centamin said yesterday that production dipped in the third quarter of the year, but it expects to beat its full-year output forecasts. The firm produced more than 84,700 ounces of gold at its Sukari mine in the three months to the end of September, down from 93,600 in the previous quarter but [...]
Explosives suspension lifted at Fresnillo mine but two still shut October 9, 2013 SHARES in miner Fresnillo remained flat yesterday despite the group’s announcement that a temporary suspension on explosive use at its Noche Buena mine has been lifted. The Mexico-focused firm said the country’s Ministry of Defence had reversed a court ordered suspension of its explosive permits following a dispute over land boundaries. Operations have already restarted [...]
LaSalle buys London Bridge site October 9, 2013 LaSalle Investment Management has bought Two London Bridge on the south bank from a private client of its property advisory arm Jones Lang LaSalle for £33m. The 51,977 square feet building is let to eight tenants and has a passing rent of £42 per sq ft. LaSalle director Gary Player said: “This is a rare [...]