Shaftesbury raises £157m to help acquisition spree in China Town March 6, 2014 SHAFTESBURY has bought a landmark property at the heart of London’s China Town next to the famous pagoda for £54.4m after raising £157m through a share placing yesterday. The West End developer said it has added a 50,000 square feet building on Newport Place to its £460m China Town portfolio and hopes to submit plans [...]
Ex-Rio chief Albanese to lead Vedanta March 6, 2014 FORMER Rio Tinto chief Tom Albanese has been hired as the new head of Vedanta Resources, the Indian conglomerate said yesterday. Albanese left FTSE 100-quoted mining giant Rio in January 2013 after the firm’s misjudged acquisitions in the midst of the commodities boom led to a $14bn (£8.36bn) writedown. He will take up his new [...]
Oscar films help draw crowds at Cineworld sites March 6, 2014 CINEWORLD said the Oscars have helped lure more cinema-goers since the start of the year after its recent acquisition of Poland’s Cinema City group weighed on full-year profits. The cinema chain said the strong line-up of films released ahead of Sunday’s Oscars including 12 Years a Slave and American Hustle meant trading in the first [...]
App backed by Mike Lynch signs Warner Music and Capitol deal March 6, 2014 MUSIC fans will be given the chance to win concert tickets and get access to video content through a new deal signed between major record label Warner Music and Capitol Records, and an app called Taggar – backed by former Autonomy chief executive Mike Lynch. Taggar, which describes itself as ”the world’s first social augmented [...]
City Moves for 07 March 2014 | Who’s switching jobs March 6, 2014 London Offshore Consultants The marine and offshore energy consultancy has named Robin Bidwell as its chairman. He previously built and led global environmental advisory firm Environmental Resources Management. T Rowe Price Peter Hunt has been appointed vice president for UK and Ireland institutional business at the asset management firm. He was formerly a partner at TT International. Before [...]
DS Smith forecasts growth will beat targets after in-line results March 6, 2014 RECYCLED packaging supplier DS Smith yesterday reported in-line results for the third quarter and said growth remains ahead of its medium-term financial targets. The FTSE 250 firm said that like-for-like corrugated box volume growth has remained good, with a particularly strong performance from Germany and central and eastern Europe. The company, which packages McVities Hobnobs [...]
EasyJet and Ryanair lift traffic March 6, 2014 EasyJet carried 4.2m passengers in February, up 2.9 per cent on a year ago, the budget carrier announced yesterday. Its 12-month traffic is up 3.5 per cent on the previous year. Meanwhile, Ryanair hailed its new customer service upgrades for helping boost passenger numbers seven per cent to 4.5m last month, taking its rolling annual [...]
Kentz wins Mozambique contract March 6, 2014 Engineering firm Kentz yesterday said it has been awarded the second phase of a project in Mozambique by mining giant Vale. The FTSE 100 firm was awarded the first phase of the project in 2009, which is one of the largest coal mining operations on the African continent. No deal value was given but it [...]
Genel’s profits double in 2013 March 6, 2014 Kurdistan-focused oil explorer Genel Energy, which is led by former BP chief executive Tony Hayward, yesterday said pre-tax profits had more than doubled in 2013 to $186.5m (£111.4m), in what it called a “transformational year”. The FTSE 250 firm said success in Kurdistan and the completion of an oil pipeline will lead to a 50 [...]
Best of the Brokers for 07 March 2014 March 6, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com FOXTONS Canaccord Genuity has cut the estate agent from “buy” to “hold” but kept its target at 320p to reflect the stock’s recent strength. The broker is upbeat about Foxtons growing alongside the economy, but points out that the firm can only expand [...]
