Gulfsands starts drilling in Morocco October 28, 2013 Aim-listed oil and gas producer Gulfsands Petroleum yesterday said that it has started drilling in Northern Morocco. The new well is the first of nine wells to be drilled in the Rharb Centre Permit area and drilling operations are expected to be completed within 28 days.
LV= expects motor insurance prices to rise in the new year October 28, 2013 INSURER LV= yesterday said it expects the cost of motor insurance to rise next year because new laws designed to reduce spurious claims have not had the desired effect. Mike Rogers, chief executive of the mutual, said some rivals had “over anticipated” the impact of the rules and cut car insurance premiums too much. “Looking towards [...]
Russian miner Alrosa raises £810m in float October 28, 2013 RUSSIAN state-owned diamond miner Alrosa yesterday raised $1.3bn (£810m) through a public offering in Moscow, with shares sold at the bottom of the price range. Russian federal and regional governments together sold a 14 per cent stake in the miner and an Alrosa subsidiary sold two per cent to repay existing debt. The share sale [...]
Balfour Beatty awarded coastal defence contracts in North West October 28, 2013 FTSE 250-listed infrastructure group Balfour Beatty yesterday said it has won two UK coastal defence contracts in the north west of England, totalling £73m. Under the £20m deal with Blackpool Council and the £53m agreement with Wyre Council, the firm will replace over 2,900m of the original 1930s seawalls as part of the promenade renewal [...]
Transport bosses in stay-at-home storm October 28, 2013 READERS that chose to stay at home rather than face the chaos that was the St Jude storm yesterday were in excellent company. Several witnesses due in front of the House of Commons transport committee, including representatives of British Airways, Heathrow, Gatwick and the Local Government Association, were unable to show up. Even some of [...]
City A.M. reader scoops £1,000 art prize October 28, 2013 CONGRATULATIONS to City A.M. reader Nina Epstein from DTZ who won a piece of art, to the value of £1,000, courtesy of Towry. Nina (pictured above with her prize) chose her picture from The National Open Art Exhibition. The exhibition will continue at the Royal College of Art in Kensington Gore, until Thursday 7 November. [...]
Toyota on course to keep its title as the world’s biggest car maker October 28, 2013 TOYOTA kept its lead over rivals General Motors and Volkswagen this year, January-September global sales figures showed, as the Japanese carmaker closes in on a record annual profit. Toyota’s groupwide sales totalled around 7.412m vehicles, up 0.1 per cent from the same period a year ago, the company said yesterday, as strong sales in the [...]
Pendragon lifts forecasts as its sales rise again October 28, 2013 CAR DEALERSHIP Pendragon raised its profit forecast for 2013 yesterday and said it was “cautiously optimistic” about next year. The firm, which trades as Stratstone, Evans Halshaw and Quicks, reckons profits will be materially ahead of expectations as sales of new and used cars continued to rise over the last three months. New car sales [...]
Ferrovial hails rising toll road traffic and more building work October 28, 2013 FERROVIAL, the Spanish infrastructure giant that owns a 25 per cent stake in Heathrow Airport, yesterday posted a 4.9 per cent rise in revenues to €5.9bn (£5.03bn) for the first nine months of the year. The firm posted earnings of €632m, down from €658m a year ago, as a rise in international contracts was offset [...]
Japan’s Mizuho in the clear over loans to yakuza October 28, 2013 MIZUHO Financial Group did not intentionally cover up loans to yakuza mobsters, an outside panel said yesterday, a verdict that increases the likelihood Japan’s second-biggest bank by assets will escape serious penalty over the scandal. Mizuho said its president and CEO, Yasuhiro Sato, would keep his job but have his pay suspended for six months. [...]
