Compass acquires Dora Gastro February 6, 2012 Compass Group, the world’s largest caterer, said yesterday it had completed its acquisition of Dora Gastro in the Czech Republic. The group announced that it had agreed to acquire the food services provider in December. However, it required the green light from the Office for the Protection of Competition in the Czech Republic. Compass, which [...]
Red Rock sells Mount Ida slice February 6, 2012 Red Rock Resources said yesterday it had sold a 50 per cent stake in its Mount Ida royalty for $14m. FTSE 250-listed Anglo Pacific is paying $14m (£8.8m) for the interest in the iron ore project, which is based in western Australia and is being developed by Jupiter mines. The acquisition will be paid for [...]
CITY MOVES | WHO’S SWITCHING JOBS February 6, 2012 Deloitte Mark Williams has been appointed as a partner in Deloitte’s economic consulting practice. Williams, who joins Deloitte from the World Bank, will join a team of more than 30 in Deloitte’s economic consulting practice, where he will focus on telecoms clients. He worked at the World Bank for five years, where he led the [...]
BEST OF THE BROKERS February 6, 2012 ROYAL DUTCH SHELL Credit Suisse downgrades the oil major from “outperform” to “neutral” and cuts its target price from 2,750p to 2,600p after a key part of the broker’s positive investment case – the long-awaited inflection point in free cash flow in 2012 – failed to materialise. Capex has been re-estimated to a higher figure [...]
Episode 45: a very private conversation February 6, 2012 “Is this where I’m supposed to – what? – just talk?” I ask eventually. “I wouldn’t say ‘just’ talk,” my interlocutor replies. “But yes, talking, freely, about whatever strikes you as interesting would be, well, interesting.” Silence.“Perhaps you could start by exploring why you’re here.” “I’ve just been to Perth. Well, a few hundred miles [...]
FTSE down as Greek deal delayed February 6, 2012 The FTSE 100 dipped 0.2 per cent on Monday after doubtssurfaced about Glencore’s potential merger with Xstrata and banks waned in the absence of a debt deal for Greece. The FTSE 100 index ended down 8.87 points at 5,892.20, remaining near six-month highs after strong U.S. jobs data boosted appetite for cyclical stocks. It had [...]
IMF warns that Eurozone recession would slash China growth February 6, 2012 A Eurozone recession could almost halve Chinese growth this year, the International Monetary Fund (IMF) has warned. The IMF forecasts China’s economy will grow by 8.2 per cent this year. However, a Eurozone recession could cut this to 4.2 per cent, it said. The warning came as Greece was facing default if it failed to [...]
FTSE dips as Greece D-Day arrives February 6, 2012 The FTSE 100 slipped as the deadline for Greece to accept a new bailout or face a default which could trigger financial shockwaves across the globe arrived. Greece must tell the European Union by the end of today whether it accepts the stringent terms of a new bailout deal amid reports of divisions within the [...]
Vodafone abandons talks with Wind Hellas February 6, 2012 Vodafone has abandoned plans to merge its operations in Greece with Wind Hellas, in a major blow to the debt-laden smallest operator and throwing into doubt consolidation elsewhere in Europe. The third-biggest Greek telecoms operator is owned by its bondholders and needed a deal to better compete in the market that has been hit by [...]
Randgold profits soar by 250pc February 6, 2012 Randgold Resources’ profit soared by 259 per cent to $433.4m for 2011, its annual results showed. The board has proposed a $0.40 annual dividend, up 100 per cent on 2010. Production for the year rose by 58 per cent to 696,023 ounces, reflecting increased ouput from a string of operations in Mali. Chief executive Mark [...]