London Mining enters administration October 16, 2014 London Mining has entered administration. The steel mining company, which suspended trading on Aim last week, said the board had decided to put the company into administration after a “longer than expected period of negotiations between the senior lenders and the potential acquirers of the Marampa mine, as well as a lack of liquidity [...]
Tobacco firm Philip Morris got more revenue from Europe than Asia last quarter October 16, 2014 Tobacco group Philip Morris International got more of its revenues from Europe in the third quarter of this year than it did in Asia. According to PMI's results for the three months to September, sales grew 3.3 per cent year-on-year in the European Union to $2.36bn, while they dropped 12.2 per cent in Asia [...]
Tesco share price continues to fall as Warren Buffett’s Berkshire Hathaway reduces exposure to troubled supermarket October 16, 2014 Warren Buffett's Berkshire Hathaway has reduced its exposure to Tesco, as the troubled supermarket's share price tumbled further. Until yesterday the legendary investor had around a four per cent holding, the fourth largest stake in the grocer, but has sold more than 245 million shares, cutting that down to less than three per cent. [...]
Entu seeks London listing as it moves into smartphone-controlled energy October 16, 2014 Energy efficiency group Entu is going public with a listing on Aim as it mulls a move into smartphone-controlled heating and lighting products. The IPO is expected to value the Manchester-based company, which sells solar panels, A-rated windows and boilers and wall insulation, at £65.6m. The equity will be released from selling shareholders [...]
Police cordon off road around London’s iconic Blue Fin Building over “loose facade” October 15, 2014 It's home to Time Inc UK and a host of other companies, but today London's iconic Blue Fin Building became a health and safety hazard. According to people working in the Southwark-based Blue Fin – so called because of 2,000 blue aluminium fins that cover the facade and shade the interior – the authorities [...]
BBA dismisses new crackdown on bankers’ bonuses as “counterintuitive” October 15, 2014 The British Bankers Association (BBA) has dismissed moves by a European body to curb the use of fixed allowances as an alternative to traditional bonuses as “counterintuitive”. Today, banks were hit with the news that more stringent checks could be introduced to the pay of senior staff after an investigation found that several institutions [...]
Police called in to property fair Mipim over #BlockBoris protests October 15, 2014 Police were called in to the first day of property conference Mipim UK, after campaigners sought to disrupt London mayor Boris Johnson's opening address today with their #BlockBoris protests. Although the major made it to the podium for his speech at 10am this morning, this afternoon has seen the conference brought to a virtual [...]
UK unemployment at lowest rate since the recession October 15, 2014 The UK labour market is looking stronger than expected, with figures out this morning showing an above-consensus drop in unemployment. According to the Office for National Statistics, the unemployment rate reached six per cent between June and August, the lowest rate since late 2008. While analysts were expecting a drop from the previous [...]
EU urged to boost controls on bankers’ pay as investigation finds 39 institutions “circumventing” new rules October 15, 2014 European regulators have been urged to bring in more stringent checks on bankers' pay after an investigation suggested a number of institutions were "circumventing" new European Union rules. The European Banking Authority (EBA) has called for the EU and the European Commission to introduce supervisors to ensure banks keep within the EU Capital Requirements Directive. [...]
Diageo to appeal ASA ruling on “irresponsible” Parrot Bay advert October 15, 2014 Drinks firm Diageo is planning to appeal the Advertising Standards Authority's ruling that its advert for an alcoholic frozen cocktail could have “strongly” appealed to children. The TV ad, for Parrot Bay Freeze and Squeeze cocktails, was shown at 6pm during the film King Solomon's Mines and featured a colourful animated parrot in a tropical [...]
