Real potential is in emerging markets February 13, 2012 WHEN I first met Alastair Lukies back in 2009, things were not looking good for his company, the mobile payments provider Monitise. The firm’s share price was languishing at 5p, way below its IPO price of 21.25p, and it was operating in not one but two troubled sectors: tech and financial services. To make matters [...]
Olympus wants to go it alone despite falling to £260m loss February 13, 2012 OLYMPUS, the scandal-hit technology company, said it may shun outside investment as it forecast it would fall to a ¥32bn (£260m) full year loss. It had been considering a cash injection from other Far East electrical companies but its medical equipment arm appears solid. When asked if Olympus could continue without a capital boost, president [...]
GELDOF AFRICA FUND RAISES $200M February 13, 2012 IRISH rock star Bob Geldof has raised $200m (£126.4m) for his “8 Mile” African private equity fund, cementing a shift in his global anti-poverty crusade from rich world debt forgiveness to promoting private enterprise. “Private equity is one way to support the enterprise and dynamism of the people of the continent and help provide the [...]
Why Barclays Capital is set to go marching on February 13, 2012 WHENEVER I speak to a director at Goldman Sachs or Morgan Stanley about BarCap, Barclays Bank’s investment banking arm, I am reminded by them that it takes a very long time to build up a sustainable leading position in the equity markets. As Barclays geared up for publication of its financial results last Friday, questions [...]
Merchant House slumps February 13, 2012 SHARES in broker Merchant House dropped by a sixth yesterday after it said it was transferring money from Dorset stockbroker Pritchard, whose activities have been restricted by the Financial Services Authority. The stock closed down 16.67 per cent at 0.1p. Merchant said the cash held by Pritchard, in the structured products group, is safe because [...]
Heiress quits L’Oreal as firm reveals profit February 13, 2012 FRENCH cosmetics maker L’Oreal said yesterday it expected increased revenue and profits again this year, with emerging markets set to eclipse Western Europe as the biggest contributor to sales. The group also said that L’Oreal heiress Liliane Bettencourt, 89, France’s richest woman with a 30 per cent stake in the €49bn (£40.1bn) company, was leaving [...]
Obama unveils defence cuts February 13, 2012 US PRESIDENT Barack Obama unveiled a 2013 defence budget yesterday that proposes cuts in Pentagon spending for the first time since 1998, slashing military personnel costs and weapons purchases as it trims $487bn (£308.7bn) in projected outlays over the next decade. The President’s spending plan calls for a Pentagon base budget of $525.4bn, about $5.1bn [...]
Anglo American Platinum dented by mine stoppages February 13, 2012 ANGLO American Platinum, the world’s largest platinum producer, yesterday said its production continued to be dented by safety issues which have triggered a string of shutdowns. Amplats, which had 81 government-enforced safety stops in 2011, over double the number the year before, said production in 2012 was likely to be flat. The firm is listed [...]
Barrick to offload stake in Russia’s Highland Gold February 13, 2012 BARRICK Gold, the world’s largest gold producer, plans to sell its 20 per cent stake in Russia’s Highland Gold, it announced yesterday. Barrick bought the stake in Highland, a venture backed by tycoon Roman Abramovich, almost a decade ago, with the aim of using it to gain a foothold to grow in Russia, home to [...]
Dairy Crest warns investors over £4m hit as Quadra calls in administrators February 13, 2012 DAIRY Crest said yesterday it had made a £4m provision for bad debt after one of its customers, Quadra Foods, appointed administrators. The group said it was in a strong position to absorb the debt and its dividend would not be adversely affected. In a statement the foods group Dairy Crest said: “This is the [...]
