TEN YEARS ON FROM BURBERRY IPO July 19, 2012 BURBERRY chief executive Angela Ahrendts (left) and LSE boss Xavier Rolet (right) commemorate the tenth anniversary of Burberry’s flotation on the London markets. Burberry’s share price has increased 436 per cent since its flotation, a reminder that there was once a way to make good money from London IPOs.
Wood Group’s board reshuffle sparks bid talk July 19, 2012 OIL INDUSTRY services firm Wood Group said yesterday its chief executive Allister Langlands will step up to the chairman’s role and Bob Keiller, currently in charge of the part of the business that maintains oil pipelines, will replace him. The sweeping shake-up at the top of the company also sees Ian Wood, who has been [...]
Actelion raises its earnings forecast thanks to cost cuts July 19, 2012 ACTELION raised its earnings outlook for 2012 yesterday as cost cuts helped Europe’s biggest biotech company to post a first-half profit despite its most important drug facing tough competition in the US. Actelion said it now expects core earnings to grow in a mid single-digit percentage range for 2012, compared with previous guidance for no [...]
Shanks units hit by slowing trade amid gloomy economy in some July 19, 2012 SHANKS yesterday warned that the tough economic climate had hit some sections of its business. In particular, the company said that its solid waste section was suffering. Chief executive Peter Dilnot said: “While market conditions continue to be challenging, particularly in our Solid Waste businesses, our organics, UK municipal and hazardous waste businesses are performing [...]
LONDON 2012 IMAGE OF THE WEEK July 19, 2012 A GOLDEN BMW convoy will journey across London between the 20 and 25 July. If you want the chance to experience the Games, spot a golden BMW, snap a picture and share it via Twitter @GoldenBMW to win a pair of tickets to the Games every day. Between now and the start of the Olympics, [...]
Avocet names new chief executive July 19, 2012 West Africa-focused Avocet Mining has named engineering veteran David Cather as its new chief executive, as it seeks to reassure the market on its operations and boost shares battered by reduced output outlook and worries over expansion plans. The miner said yesterday it had accepted Brett Richards’ resignation, appointing mining engineer Cather, who joined the [...]
Gulf Keystone lifts oil estimate July 19, 2012 Gulf Keystone yesterday upgraded its oil estimates for the for the Shaikan field in the Kurdistan Region of Iraq to a mean value of 13.7bn barrels. The field has between a probable value of 12.4bn barrels to a proven value of 15bn barrels of oil-in-place, giving an average of 13.7bn, compared to the previously announced [...]
Heritage Oil gets forecast boost July 19, 2012 The Nigerian oil mining lease in the process of being bought by UK independent Heritage Oil has 58 per cent more proved and probable reserves than previously estimated, Heritage said yesterday citing a report by industry specialists RPS Energy Consultants. The independent report, commissioned to assess OML 30, has increased the block’s proved and probable [...]
Poor economic data knocks US recovery hopes July 19, 2012 AMERICA’S recovery is struggling to gain momentum according to several pieces of economic data that disappointed analysts yesterday, including a sharp upturn in the number of new claims for unemployment benefit. Initial claims for state unemployment benefits increased 34,000 last week, reaching a seasonally adjusted 386,000, the US Labor Department revealed. The news came after [...]
Spain’s borrowing costs climb after disappointing bond sale July 19, 2012 TEN-YEAR Spanish bond yields rose above the psychologically worrying seven per cent line yesterday, after the country paid euro-era record yields for five-year funding as investors remain concerned about its finances and growth prospects. Spain sold at the top of its €2bn to €3bn target range, but borrowing costs for two-, five- and seven- year [...]
