Family clings on to Hermés December 14, 2011 Fashion house Hermés has shielded itself from hostile takeover by creating H51, a holding company with a 50.2 per cent stake in the family business, amid fears that luxury brand LVMH was looking to make a bid after buying 17 per cent of its shares. Speculation of this bid has sent Hermés shares rocketing, up [...]
Peugeot expects a half-year loss December 14, 2011 French car maker PSA Peugeot Citroen expects its auto division to post a second-half operating loss of more than €405m (£340m) as Europe’s economic woes weigh on consumer demand. Chief executive Philippe Varin told France’s National Assembly yesterday that the company would also see negative free cash flow in the second half.
TNK-BP puts $10bn into Arctic plans December 14, 2011 RUSSIAN oil company TNK-BP, half-owned by BP, will invest up to $10bn (£6.4bn) in Arctic oilfield development and construction of a pipeline to link the fields with the export pipeline, the company said yesterday. Russia, the world’s top crude producer, is desperate to tap new hydrocarbon resources at the far-flung reaches of the Arctic and [...]
Opec sets production limit December 14, 2011 OPEC oil producers yesterday agreed to their first new production limit in three years in a deal that settles a six-month-old argument over output levels in Saudi Arabia’s favour. The Organisation of Petroleum Exporting Countries agreed on a new supply target of 30m barrels daily, Venezuelan oil minister Rafael Ramirez said, roughly in line with [...]
Coca-Cola seals $980m Saudi soft drinks deal December 14, 2011 COCA-COLA has acquired about half of the equity in the beverage business of Saudi Arabia-based Aujan Industries for $980m (£634m) to expand its presence in non-alcoholic beverages in the Middle East. Under the agreement, Coca-Cola will acquire a 50 per cent stake in the entity that holds the rights to Aujan’s brands and a 49 [...]
Gulfsands presses on in Syria despite sanctions December 14, 2011 GULFSANDS Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union sanctions on oil production in Syria. On Monday Gulfsands said production in the country would cease. “The company is continuing with drilling of the Khurbet East 102 appraisal well, which is anticipated [...]
BG Group sells 10pc stake in gas field to Kazakhstan’s government for $3bn December 14, 2011 BRITISH oil company BG Group said yesterday the Kazakhstan government has agreed to acquire a 10 per cent interest in its Karachaganak gas-condensate field for $3bn (£1.9bn). Under the terms of the agreement with the Kazakh government, each of the contracting companies, including Italy’s ENI, will transfer 10 per cent of their stake in the [...]
US offers first Gulf oil licences since BP spill December 14, 2011 THE UNITED States returned to selling deepwater drilling rights yesterday, more than a year and a half since the Gulf of Mexico disaster. The US Interior Department auctioned off rights to drill in the waters of the western Gulf of Mexico, with 20 parties submitting bids. ConocoPhillips bid $103m (£66.6m) for one block, edging out [...]
Southern Cross gets rid of its last care homes December 14, 2011 COLLAPSED care homes provider Southern Cross yesterday transferred the last of its homes to new operators. The firm handed over the final two of its 752 homes to conclude a break-up plan mooted in July, when the firm’s shares were suspended amid mounting debts. The board intends to put the company into solvent liquidation. Chairman [...]
UK Coal fined £1.2m for deaths December 14, 2011 UK Coal was yesterday ordered to pay £1.2m after four miners died following safety breaches at two of its collieries. The firm admitted offences under health and safety laws during an earlier hearing at Sheffield Crown Court. The deaths happened in near Coventry and in Nottinghamshire.