UK deals still 60pc down on pre-crisis highs September 11, 2013 THE FINANCIAL sector across the world has still not recovered from the credit crunch, with deal levels a quarter below 2007 levels, law firm Allen and Overy said yesterday. And in the UK the picture is even worse, with deals – from mergers and acquisitions, and bond and equity fundraising – down 63 per cent. [...]
African Barrick shares plunge as exec resigns September 11, 2013 STRUGGLING Tanzania-focused miner African Barrick Gold yesterday said that its chief operating officer had resigned with immediate effect, less than a month after the departure of its chief executive. The FTSE 250-listed firm issued no timeframe for the appointment of Marco Zolezzi’s replacement. Chief executive Brad Gordon, who only took over three weeks ago from [...]
Trouble at the top September 11, 2013 African Barrick Gold is just one of scores of miners to have shaken up its management of late, prompted by challenging market conditions and a renewed focus on cost cuts after years of wayward spending during the heady days of the mining boom. New chief executive Brad Gordon – who is luckily used to challenges [...]
African Minerals back in the red September 11, 2013 African Minerals, the Aim-listed iron ore miner founded by the colourful former boss of Regal Petroleum Frank Timis, yesterday posted half-year earnings of $99m (£63m) and a net loss of $29.4m. Full-year sales guidance was reduced from 13 to 15m tonnes to 11 to 13m tonnes, due to operational issues with trans-shippers. “The reduced guidance [...]
Ithaca well test turns up trumps September 11, 2013 Aim-listed oil and gas explorer Ithaca Energy yesterday said it has completed a successful well test in an area of the North Sea. The well flowed at a rate of 10,835 barrels of oil equivalent a day and the test confirmed the high oil content of the resource. “This is an enormous leap forward in [...]
States sell down General Motors September 11, 2013 The US and Canadian governments have sold off shares in General Motors in recent days, taking the car firm closer to escaping state control. America’s Troubled Asset Relief Program (Tarp) raised $811m (£513m) by selling down its stake in GM during August, a report to the Treasury revealed, taking the total it has recovered from [...]
Banks’ UK focus pays off as the recovery begins September 11, 2013 THE RECOVERY in the UK and the slowdown in emerging markets mean banks focusing on Britain offer increasingly good value to investors, a top analyst said yesterday. Global economic trends are starting to feed through to individual firms, said JP Morgan’s Kian Abouhossein, marking a significant turnaround for a sector which has suffered in the [...]
Miliband poll ratings slump to record low September 11, 2013 LABOUR leader Ed Miliband yesterday saw his personal popularity slump to its lowest-ever level, amid mounting criticism of his performance with just over 18 months to go until the next general election. Six out of 10 people surveyed by Ipsos MORI said they were not satisfied with Miliband’s performance – equivalent to the ratings endured by [...]
KPMG: Piecemeal changes to capital rules could increase risk September 11, 2013 CHAOTIC changes to banks’ capital rules could mean that instead of ending lenders’ worries over Basel 3 regulations, the sector could be heading for another round of negotiations, KPMG said yesterday. The rules were intended to be a global plan to banking safer. But regulators from the US, EU, UK and more have tweaked the [...]
Prime Minister unveils £69m of backing for start-up businesses September 11, 2013 PRIME Minister David Cameron will today launch a £69m package of funding for government schemes to help young businesses get off the ground. The cash will allow the New Enterprise Allowance mentoring scheme to continue until the end of 2014, while there will be £34m for start-up loans to support 7,600 businesses. Start-up loans are [...]
