Petroplus gets first offers for German plant April 2, 2012 SEVERAL interested parties have submitted offers for insolvent refiner Petroplus’ Ingolstadt plant in Germany, a spokesman for the refinery’s administrator said yesterday. “We’ve received non-binding offers and are now organising plant visits,” said the spokesman for administrator Jaffe Rechtsanwaelte Insolvenzverwalter. “We hope to be able to conclude negotiations in the second quarter,” he added. The [...]
PROFITS DIP AT WORLD’S BIGGEST CHOCOLATIER April 2, 2012 BARRY Callebaut, the world’s largest maker of chocolate products, warned yesterday that markets in Western Europe and North America remained fragile as it reported a slight dip in first-half profits, down 11.3 per cent in local currencies to SFr121.8m (£84m). The company makes chocolate for retailers including Nestle, Hershey, and Kraft.
CITY MOVES WHO’S SWITCHING JOBS April 2, 2012 Marsh The global insurance broking and risk management firm, a subsidiary of Marsh & McLennan Companies, has announced the appointment of Edwin Charnaud as chairman of its global infrastructure practice. Reporting to chairman, global industries Jim Pierce, he will continue to be based in London. Charnaud will retain his current responsibilities as leader of Marsh’s [...]
BEST of the BROKERS April 2, 2012 TALKTALK Credit Suisse rates the telecoms group “outperform” with a target price of 166p. The broker believes TalkTalk’s new TV platform YouView, to be launched this spring, could add 36p per share to its discounted cash flow. RANDGOLD Nomura has a “neutral” rating on the miner and has knocked its target price from £71.15 to [...]
Total moves in relief wells to gas leak zone April 2, 2012 French oil major Total has mobilised rigs from its Fettercairn and West Franklin fields in the North Sea to drill two relief wells at its gas leaking Elgin platform, the company said on Monday. Two other vessels are also standing by near the platform to start underwater inspections and seabed surveys, Total said. “Both vessels [...]
Eurozone manufacturing weak April 2, 2012 The euro zone’s manufacturing sector shrank for an eighth month and at a faster pace in March, adding to signs the bloc is in recession as the downturn spread to core members France and Germany, a survey revealed. Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) dropped to 47.7 last month from 49.0 in February, in [...]
British Bankers’ Association head Knight to quit April 2, 2012 British Bankers Association head Angela Knight, who had to defend the industry during the 2008 credit crisis which rocked the sector, is to step down this summer, the BBA said. Knight said she would remain at the organisation while they search for her successor. “I have been at the British Bankers’ Association at a time [...]
UK manufacturing growth at ten-month high April 2, 2012 British manufacturing activity expanded at its fastest pace in 10 months in March, driven by a pick-up in new orders and increasing the chance that Britain’s economy grew in the first three months of 2012 and avoided a recession. Together with signs that a surge in firms’ costs could fuel inflationary pressures, the improvement in [...]
Entwhistle looks to raise £75m to launch new UK bank Scoban April 2, 2012 British financier Ray Entwistle is hoping to raise £75m to get his new private bank, Scoban, up and running although he said the process was taking longer than planned. Entwistle, who spent much of his career at private bank Adam & Co and helped sell the firm to Royal Bank of Scotland in 1993, said [...]
Irish Life & Permanent losses widen April 2, 2012 Irish Life & Permanent’s banking arm reported a wider full-year loss due to soaring impairment charges ahead of a split from the group’s life division and a government decision on whether it can remain as a standalone lender. Once lauded as the only Irish lender to avoid a state bailout due to its lack of [...]