Weir expands Indian business September 2, 2010 ENGINEERING company Weir Group expanded its presence in the Indian market with the purchase of BDK Engineering Industries yesterday. BDK specialises in valve manufacturing for energy sectors, and is based in the southern state of Karnataka and generated £20.9m in the year to March, with gross assets of £16.7m. The firm did not disclose the [...]
Spice set to give thumbs-up to £247m offer from Cinven by end of September September 2, 2010 UTILITIES services company Spice is expected to recommend a £247m offer from buyout house Cinven by the end of the month after announcing advanced talks yesterday. Cinven has locked Spice into exclusive discussions with a hefty break fee, meaning the prospect of an expensive bidding war with a mystery third party has receded. Spice has [...]
Firestone meets mining targets at its key BK11 diamond mine in Botswana September 2, 2010 Firestone Diamonds said it reached production plant capacity targets ahead of schedule and recovered a high quality diamond at its BK11 mine in Botswana, raising its expectations for the average value of output at the mine. It said early diamond recoveries included a 13.74 carat stone, with value estimated at $5,000 (£3,428) per carat. “This [...]
McBride warns of costs after 38pc rise in profit September 2, 2010 EUROPE’S biggest maker of own-brand household and personal care goods McBride said it faced rising raw material costs and weak retail markets as it met forecasts with a 38 per cent rise in annual profit. The group said yesterday it was better placed to cope with challenging conditions than in the past, and that recent [...]
BEST OF THE BROKERS September 2, 2010 PERNOD RICARD Standard & Poor’s rates the drinks firm a “buy” with a target price of €72, adding the company’s recent results proved its theory of an improving trend in underlying sales. The broker has raised its earnings per share forecast for 2010 to reflect currency benefits, and said sales in emerging markets are performing [...]
BLANK GETS READY FOR TRIP BACK TO LLOYDS September 2, 2010 SIR Victor Blank, who quit Lloyds Banking Group last year in the aftermath of its controversial merger with HBOS, is returning in a few days’ time for a happy occasion. Blank is there as the guest of current chairman Sir Wyn Bischoff who is hosting an unveiling ceremony of a portrait of his predecessor in [...]
More traffic but less profit for Go-Ahead September 2, 2010 RAIL and bus group Go-Ahead posted a 24 per cent fall in annual pre-tax profit yesterday, as passenger numbers grew but margins fell. The group’s profit of £88.7m, which was slightly ahead of expectations, was boosted by a 7.7 per cent increase in revenues from bus ticket sales. Go-Ahead bus and train services, which include [...]
Ofgem to probe energy firms September 2, 2010 ENERGY regulator Ofgem is launching an investigation into whether four major gas and power suppliers are mis-selling products to customers. Ofgem’s probe will determine if EDF Energy, RWE Npower, Scottish and Southern Energy (SSE), and Scottish Power are complying with obligations brought in last October that aimed to stop miss-selling of energy contracts. “Suppliers have [...]
Xstrata pushes ahead to build $4.2bn Peru mine September 2, 2010 ANGLO -SWISS miner Xstrata signed a deal with Peru yesterday giving it rights to start building its Las Bambas copper mine, a $4.2bn project president Alan Garcia called “the contract of the century.” Xstrata’s investment is about equal to three per cent of Peru’s gross domestic product and – unlike hundreds of other projects in [...]
Tullow buys six exploration licences in East Africa to repeat Ugandan oil find September 2, 2010 OIL explorer Tullow is buying 50 per cent stakes in six exploration licences in Kenya and Ethiopia as the hunt for oil in East Africa gathers pace. Tullow said yesterday the positions it is acquiring are in the East African Rift Basin, which has a similar geology to Uganda’s Lake Albert Rift Basin where it [...]
