Tullow switches focus to combat falling oil prices November 12, 2014 LONDON-listed Tullow Oil announced yesterday that it is changing its focus to concentrate on its African assets in response to declining oil prices. The company said that given the current expectations for the oil price and reduced commercial success from offshore drilling, returns from drilling complex, deepwater wells are currently less attractive and so it [...]
Zurich reforms staff pensions November 11, 2014 INSURANCE group Zurich yesterday announced proposals to close its defined benefit pension scheme for its UK employees. The company revealed that almost half of UK staff were currently paying into such a scheme, and said the proposed changes reflected the fact that people were living for longer, and the low interest rate environment. The business [...]
Friends Life gets lift from market leading results November 11, 2014 INSURANCE firm Friends Life saw its share price lift by more than one per cent yesterday, after posting a total annual premium equivalent of £690m for the first nine months of 2014. This is a three per cent increase from the £670m reported in the same period of last year. Retirement income fell by 12 [...]
Analyst Views: Do these results give Friends Life a reason to be cheerful? November 11, 2014 EAMONN FLANAGAN | SHORE CAPITAL We remain concerned over the impact on the business model following the Budget changes to annuities. The income attractions remain considerable but uncertainties over its positioning in the market are likely to act as an overhang to the stock performance, in our view. GORDON AITKEN | RBC CAPITAL MARKETS As the [...]
Earnings double for Speedy Hire November 11, 2014 SERVICES company Speedy Hire has reported a 12 per cent jump in revenue for the six months ended 30 September, from £169m in 2013 to £189m. Pre-tax profit grew from £4.5m in the first half of the 2013 financial year, to £10.3m. Mark Rogerson, Speedy Hire chief executive, said there were “major opportunities ahead” as the [...]
Egdon positive despite decline in oil revenues November 11, 2014 UK OIL and gas firm Egdon Resources reported a loss of £460,000 for the year ended July 2014, compared with a loss of £720,000 in 2013. Oil and gas revenues dipped to £2.96m from £3.34m, despite production increasing. Mark Abbott, managing director at Egdon, said this was primarily down to declining oil prices. However, he [...]
Petra Diamonds expands audit committee with new director November 11, 2014 MINING company Petra Diamonds has welcomed Octavia Matloa as a non-executive director of the firm, and appointed her to its audit committee. Matloa, 38, is a chartered accountant and has worked with PwC, as well as founding Tsidkenu Chartered Accountants and Mukundi Mining Resources. According to Petra, which owns five mines in South Africa, she [...]
Serco share price plummets after profit warning November 10, 2014 Outsourcing firm Serco sent share prices tumbling by almost 33 per cent yesterday, after issuing a profit warning and revealing that it was seeking to raise up to £550m with a rights issue in the first quarter of 2015. The company announced that its forecast profit for 2014 had been reduced by approximately £20m, [...]
Discovery pays £155m for remaining stake in Prudential’s UK subsidiaries November 10, 2014 SOUTH African health insurance firm Discovery has purchased PruHealth and PruProtect from parent company Prudential Assurance, the UK subsidiary of Prudential. Discovery paid £155m for the remaining 25 per cent equity stake in the joint venture, which was initially established as an equally owned venture between Discovery and Prudential. In 2010, Discovery upped its shareholding [...]
Aviva closes IPO of Turkish arm November 10, 2014 INSURANCE company Aviva yesterday confirmed the closing of its Turkish arm’s IPO, following its announcement in September that it was offering to the public market a minority stake in the shares of its joint venture with Sabanci Group, AvivaSA. The company, which will be listed as Avisa on Borsa Istanbul, the Turkish stock exchange, from [...]
