London on top but IPO market sinks in Europe January 10, 2012 THE EUROPEAN market for flotations slumped further in the final three months of last year, driven by turmoil in the single currency area, new data shows. PwC said 78 initial public offerings (IPOs) raised €866m (£715m), down 81 per cent on the third quarter and 83 per cent down year on year. London remained at [...]
Sales soar for spread better January 10, 2012 Spread betting firm London Capital Group yesterday said it had benefitted from market volatility last year. Revenue rose 13 to £39m, driven by a surge in client wins in the second half. British spread betting hit record daily trade volumes with the average number of trades per day increasing 10.8 per cent to 33,042. In [...]
WebMD loses chief and scraps sale January 10, 2012 Popular health information website WebMD Health took itself off the auction block yesterday as it warned investors of lower 2012 profits as its advertisers in the drug industry pull back on spending. US-listed shares of WebMD, in which activist investor Carl Icahn owns a nearly 10 per cent stake, tumbled 27.4 per cent on the [...]
Tesco shuts 12 stores in the States January 10, 2012 Tesco, the world’s third-biggest retailer, is mothballing 12 stores at its loss-making Fresh & Easy business in the United States due to weak local economies, it said yesterday. The British group said it remained committed to the chain, which it is aiming to lift to break even by the end of its 2012-13 financial year. [...]
Cairn launches its $3.5bn payout plan January 10, 2012 OIL explorer Cairn Energy yesterday said it would return £1.60 per share in cash to investors as it activated its plan to distribute $3.5bn (£2.26bn) from the proceeds of the part sale of its Indian oil business. Cairn announced that shareholders could opt to receive the cash as income, capital or a combination of both. [...]
Takeover talk fuels share price boost for Gulf Keystone January 10, 2012 SHARES in oil explorer Gulf Keystone Petroleum climbed 21 per cent yesterday after city analysts suggested that the Kurdistan-focused company is likely be the subject of a takeover approach. The Aim-listed company’s shares have soared 26 per cent since the beginning of 2012, as an exploration well it is drilling in Kurdistan has thrown up [...]
Jubilant to spend $70m on Burmese gas project January 10, 2012 LONDON-LISTED explorer Jubilant Energy said yesterday it expects to initially invest between $70m (£45m) and $80m on an onshore oil and gas block it was recently awarded in Burma. The India-focused energy company, whose chairman Shyam Sunder Bhartia is in talks with the Southeast Asian country to buy a stake in another block, hopes to [...]
Centamin posts a 10pc rise in gold production January 10, 2012 GOLD miner Centamin posted a 10 per cent rise in fourth-quarter output yesterday, boosted by higher production rates at its flagship Sukari project in Egypt, lifting its shares 8.5 per cent. Egypt-focused Centamin was hit in the second quarter by local restrictions on blasting, which, along with supply disruptions in the first quarter, forced the [...]
Anglo sued by Codelco January 10, 2012 COPPER giant Codelco set out its lawsuit against Anglo American yesterday, asking Chilean courts to enforce its disputed option to buy a 49 per cent stake in the miner’s south Chilean properties. The move is the latest salvo in an increasingly bitter legal row, after Anglo last year announced it had sold a 24.5 per [...]
Petroplus runs at half capacity January 10, 2012 The two refineries owned by troubled Swiss group Petroplus that do not face immediate closure, out of the company’s total of five, are currently running at half capacity, trade sources claimed yesterday, The 240,000 barrel per day Coryton plant in the UK – the company’s most complex site – is running at roughly 45 per [...]