Auhua starts trading on Aim April 2, 2012 Auhua Clean Energy, a Chinese energy firm specialising in environmentally–friendly power, has debuted on the Alternative Investment Market with shares closing at 44.5p, up from a launch price of 40p. Auhua manufacturers solar powered water heating systems and will use the proceeds of the IPO to fund expansion.
Profits slip at Nationwide arm April 2, 2012 Profits at Nationwide Accident Repair Services dropped eight per cent in 2011 as customers put off making cosmetic repairs to their car. Chairman Michael Marx said: “In a tough year for the industry, Nationwide has performed robustly … with profit before tax excluding non-recurring items at £5.5m on sales of £172.9m.”
Friends Life on negative watch April 2, 2012 Two major ratings agencies have put insurer Friends Life on negative watch. Both Fitch and Standard & Poor’s say that the business, owned by FTSE 100 group Resolution, has failed to reach the expected level of profitability.
Bloomsbury buys Conde Nast unit April 2, 2012 Bloomsbury Publishing has bought Fairchild Books for $6.5m (£4.1m) to “bolster Bloomsbury’s US presence”. Previously owned by Conde Nast unit Fairchild Fashion Media, the company publishes educational resources for fashion, retailing and interior design students. Bloomsbury said the move will “raise its profile through an association with a leading brand in a market niche where [...]
Total unveils plan to tackle gas leak crisis April 2, 2012 FRENCH oil major Total yesterday moved two rigs to drill relief wells in a bid to make its leaking Elgin platform safe. The leak is costing Total $2.5m (£1.6m) a day in lost production and the relief operations, the firm said in a conference call yesterday. Reconnaissance aircraft assessed the scene after a flare on [...]
Desire halves losses as it puts faith in Falklands exploration April 2, 2012 DESIRE Petroleum announced yesterday that it had halved its losses and said it would press on with its oil exploration in the Falklands. The group’s 2011 losses were $42.5m (£26.5m), compared with $113.9m the year before. Desire said it would not be drilling new wells but moving ahead with current operations in the region, which [...]
ENRC investors back $650m coal purchase April 2, 2012 INDEPENDENT shareholders in ENRC yesterday approved the Kazakh miner’s $650m (£405.7m) acquisition of the outstanding 75 per cent of Kazakh coal producer Shubarkol Komir from its founder investors. At a meeting yesterday, 96 per cent of the shareholders that voted supported the deal, ENRC said. Shareholders – excluding the three founder investors – had been [...]
Polyus gets gold price boost April 2, 2012 Russia’s Polyus Gold yesterday posted a 57 per cent increase in annual net profit, boosted by strong sales and high prices. Polyus, partly owned by oligarch Mikhail Prokhorov, added that earnings before interest, tax, depreciation and amortisation reached $1.1bn (£686m) in 2011, up 55 per cent year-on-year.
BHP in force majeure at mines April 2, 2012 The world’s biggest miner, BHP Billiton, is declaring force majeure – which allows it to opt out of a contract – at its coal mines in Australia’s Bowen Basin due to prolonged union strikes and heavy rain. About 4,000 workers went on strike last Tuesday and may remain out indefinitely, depending on union talks.
Providence makes £63m placing April 2, 2012 Providence Resources yesterday placed 13.15m new shares at 480p per share, a five per cent premium on the pre-placing closing price, raising £63.1m. The money will be used to repay a $40m bond, which the oil explorer issued to fund a bigger stake in the just-completed Barryroe drilling operation. The bond matures in July.
