Investors rebel against Plus Markets sale June 6, 2012 INVESTORS in troubled exchange owner Plus Markets yesterday called for leading directors to step down after they accepted a controversial takeover bid from ICAP. One investor told City A.M. that he hasn’t “spoken to anyone who is going to vote in favour” of the bid and that he believes the board is “very, very worried”. [...]
African Barrick soars as parent firm’s CEO goes June 6, 2012 BARRICK Gold has ousted its chief executive Aaron Regent and promoted chief financial officer Jamie Sokalsky to the top job, as its founder admitted that its recent performance had been “disappointing”. Shares in Barrick’s London-listed subsidiary, African Barrick Gold, shot up 14.5 per cent yesterday on the news, but Barrick’s Toronto-listed shares slid almost five [...]
News Corp buys Disney stake in Asian sports joint venture ESS June 6, 2012 RUPERT Murdoch’s News Corp has taken full control of its Asian joint venture ESPN STAR Sports (ESS), buying out Walt Disney’s 50 per cent share to end a 16-year partnership in the region. ESS has rights to this year’s Olympics in London and also screens Formula One motor races, another of the top attractions in [...]
Chemring sells to Drew Marine June 6, 2012 British military equipment maker Chemring said it plans to sell its marine interests to Drew Marine for £32m to help it cut debt, buy back shares and fund pension liabilities. It said it no longer considers Chemring Marine, which supplies marine distress signals to the commercial and leisure markets, core to its operations.
GetTaxi hails $20m funding June 6, 2012 GetTaxi, which has developed a mobile app for calling the nearest cab, has raised $20m (£13m) before its New York launch. Len Blavatnik led the round through Access Industries, and was joined by GetTaxi’s founders, chief executive Shahar Waiser and Roy More.
Nokia fights back in phone race June 6, 2012 Struggling mobile phone maker Nokia has unveiled its first full touchscreen phones aimed at the budget end of the market, looking to fill a gap in its product range and catch up with rivals, particularly in emerging markets. Nokia hopes the three new models will help claw back lost ground at its basic phone arm.
Manchester Airport fuel runs out June 6, 2012 Delays are possible at Manchester Airport today after supply problems meant it briefly ran out of aviation fuel. Problems at Essar Energy’s Stanlow refinery meant up to 150 flights were at risk of delay or cancellation yesterday, though supplies resumed shortly after the airport ran dry of fuel at 6pm and no flight disruption had [...]
RSA expands in Canada with a £94m purchase June 6, 2012 RSA, Britain’s biggest commercial insurer, has agreed to buy Canada’s L’Union Canadienne for £94m, more than doubling its share of the lucrative Quebec market. “Our group strategy is to drive continued growth and strong profitability in our overseas markets,” RSA chief executive Simon Lee said in a statement. RSA, Canada’s third-largest general insurer after its [...]
Buffett bullish over American economy June 6, 2012 THE RISK of a double dip recession in the US is “very low”, according to billionaire investor Warren Buffett, “unless events in Europe develop in some way that spill over here big time”. The so-called Sage of Omaha hailed America’s “secret sauce”, yet warned that the Eurozone crisis remains the biggest threat to the global recovery. [...]
Open government comes to the back yard of Number 10 June 6, 2012 INSPIRED by the success of the Jubilee celebrations perhaps, The National Trust yesterday announced that the garden of 10 Downing Street will be among the 200 venues involved in the Open Garden Squares Weekend taking place this Saturday. The L-shaped plot, shared by both 10 and 11 Downing Street, will host 25 lucky ticket holders [...]