Diageo in talks to buy stake in United Spirits September 25, 2012 Spirit group Diageo this morning confirmed it is in talks to acquire a stake in United Spirits. It is understood that Diageo, the world’s largest spirits maker, is trying to buy a 15 per cent stake from Indian billionaire Vijay Mallya’s group, to ramp up its presence in the Indian spirits market. In 2008, the [...]
Cairn Energy nets $910m from Cairn India stake sale September 25, 2012 Cairn Energy has sold eight per cent of its shareholding in subsidiary Cairn India, it said today, netting $910m (£560m). The oil and gas exploration company will retain a 10 per cent stake in Cairn India, after selling over 150m shares yesterday. The proceeds from the sale will be used to fund Cairn’s capital programme, [...]
Daily Mail boosted by B2B operations September 25, 2012 Daily Mail and General Trust (DMGT) said this morning that full-year results would be in line with expectations, driven by strength in the business-to-business operations. DMGT, which publishes the Daily Mail and the Mail on Sunday, said underlying revenue for the year to the end of August was up three per cent on the previous [...]
Glencore agrees new deal for Kazzinc stake September 25, 2012 Glencore has watered down its plans for an increased stake in zinc producer Kazzinc, announcing today it to acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazzinc, was targeting an acquisition of up to 48.73 per cent from Verny Capital. Glencore [...]
Foxconn factory reopens after riot September 25, 2012 A Foxconn factory in China, which makes parts for the iPhone 5, opened this morning after a riot involving 2,000 workers forced it to close. The factory, which employs nearly 80,000 workers, erupted on Sunday night in a riot that started as a dispute between a worker and security guards. The violence continued into Monday [...]
FTSE 100 falls on weakness in mining shares September 24, 2012 The leading share index opened down this morning, as headline mining shares dropped on concerns over the weak global outlook. Miner Bumi led the fallers in early trade, as it announced it is to investigate its Indonesian operations for alleged financial irregularities. Miners Evraz, Anglo American and Ferrexpo lost 3.75 per cent, 3.3 per cent [...]
Bumi plummets on probe into financial irregularity claims September 24, 2012 Shares in miner Bumi plunged by more than 35 per cent this morning, as it announced it would investigate alleged financial irregularities at its Indonesian operations. The company, co-founded by financier Nat Rothschild, said this morning that allegations related to PT Bumi Resources, in which Bumi owns a 29 per cent stake. An independent investigation [...]
Promsvyazbank unveils plans for London-Moscow listing September 24, 2012 Russian lender Promsvyazbank said this morning it is proceeding with a dual London-Moscow initial public offering, becoming the latest Russian company to tap the London markets for funding. It is understood the IPO is hoping to raise up to $500m (£308m). The IPO follows news that Russia’s top lender Sberbank raised just over $5bn by [...]
QinetiQ enjoys strong first half September 24, 2012 Defence technology company QinetiQ this morning reported better-than-expected first-half performance, boosted by its global products and UK services divisions. In the first half, FTSE 250-listed QinetiQ delivered two key orders for the Q-Net vehicle survivability product, which protects vehicles from rocket-propelled grenade attacks, earlier than planned. It reported strong performance in its UK services unit, [...]
Aberdeen sees modest summer outflows September 24, 2012 Fund manager Aberdeen Asset Management reported a net outflow over the summer, while assets under management edged up to £184.3bn at the end of August. Aberdeen, led by chief executive Martin Gilbert, said today that strong fund performance outweighed the outflows. Overall, the group attracted £6.1bn of new business during July and August, while outflows [...]
