Heineken nears deal with Tiger Beer September 19, 2012 Dutch brewer Heineken has struck a deal with the makers of Tiger Beer after gaining the support of a Thai billionaire. Charoen Sirivadhanabhakdi’s Thai Beverage and TCC Assets agreed to support the sale of Singapore conglomerate Fraser and Neave’s stake in Tiger Beer maker Asia Pacific Breweries to Heineken. In return, the world’s third-largest brewer [...]
Miners and financials fall on the FTSE 100 September 18, 2012 The blue chip index sank in early trading, as headline mining and financial shares pulled it down. Electrical connections provider Volex was down by more than 30 per cent in early trading as it announced it expects full-year profit and revenue to fall short of expectations. Miners Ferrexpo and Eurasian fell by 4.68 per cent [...]
Inflation drops to 2.5 per cent in August September 18, 2012 Inflation fell to 2.5 per cent in August, spurred by a fall in the price of gas, household equipment and clothing, according to official data out this morning from the Office for National Statistics. The Consumer Prices Index measure of inflation, fell to from 2.6 per cent in July. It was partially offset by a [...]
Fortescue agrees $4.5bn debt respite September 18, 2012 Australia-focused Fortescue Metals Group has agreed a $4.5bn (£2.7bn) debt facility, as it moved to shore up its balance sheet in the wake of falling iron ore prices. The debt, underwritten by Credit Suisse and JP Morgan, gives the Perth-based company until November 2015 to make its first repayment. “Fortescue has moved quickly to ensure [...]
Debenhams posts strong growth September 18, 2012 Debenhams has posted “strong” like-for-like growth over the year, with sales up 3.7 per cent in the 10 weeks to 1 September. The clothing retailer, which has 167 stores in the UK, Ireland and Denmark, said pre-tax profit was expected to be up on last year. Online sales were up 40 per cent in the [...]
Sberbank unveils £3.3bn stake sale September 17, 2012 Russian state bank Sberbank is to list in London this week in a $5.4bn (£3.3bn) share sale, it announced today. The sale of a 7.6 per cent stake in Sberbank, which is seeking a joint London-Moscow listing, has been held back for more than a year by weak financial markets. Russian stocks rallied by eight [...]
FTSE 100 slips after touching highs last week September 17, 2012 The main share index opened down this morning, as it retreated after touching six-month highs on Friday thanks to the US Federal Reserve’s annoucement of unlimited stimulus. Miners led the index down, as slowing growth in China forced base metal prices lower. Ophir Energy lost 4.06 per cent in early trading, despite it announcing better-than-expected [...]
Two South African mines reopen this morning September 17, 2012 Two South African mines suspended over the weekend reopened this morning, as labour unrest continues to swathe the country’s platinum belt in uncertainty. Aquarius Platinum shut its Kroondal mine over the weekend, while Xstrata’s chrome mine was also shut. Anglo American Platinum, the world’s largest producer of the silver metal, said its Rustenberg operations would [...]
Smith & Nephew CFO joins Reckitt Benckiser September 17, 2012 Consumer goods firm Reckitt Benckiser has appointed Adrian Hennah as new chief financial officer. Hennah joins from Smith & Nephew, and will assume the position at the end of December, to replace Liz Doherty, who is stepping down next March. He has held the position of chief financial offer at the medical devices group since [...]
Shell delays search for oil offshore Alaska September 17, 2012 Anglo-Dutch oil giant Shell has delayed its drilling offshore Alaska until next year, after a piece of equipment used in the test was damaged. Shell, which has been drilling for oil and gas offshore Alaska in the icy Arctic sea, said today it would suspend drilling as a containment dome used to hold oil was [...]
