‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Morgan Sindall profit misses target February 22, 2011 Construction group Morgan Sindall posted a full-year pretax profit below expectations as the challenging market environment continued to impact its performance. The company, which recently won part of a large tunnelling contract for the £15bn east-west commuter link Crossrail project, said pretax profit for the year ending 31 December fell nine per cent to£ £40.7m. [...]
BAA losses narrow to £317m February 22, 2011 UK airports operator BAA has reported a pre-tax loss of £317m for 2010 – a year blighted by volcanic ash, strikes and snow. The loss is an improvement on 2009’s £822m, which included hits from its forced sale of Gatwick airport and a £218m charge for its pension deficit. The Competition Commission wants BAA to sell [...]
BP and Reliance in £4.4bn partnership February 21, 2011 BP has entered into a “transformational” oil and gas partnership with Reliance Industries, which involves the oil major paying $7.2bn (£4.4bn) to the Indian company. Under the terms of the deal, BP will take a 30 per cent stake in 23 oil and gas blocks and form a 50:50 joint venture between the two companies [...]
Euro zone business activity bounces back February 21, 2011 Eurozone manufacturing and service activity in February hit the highest level since July 2006, according to figures released today. The Eurozone composite output index compiled by the Markit research firm rose 1.4 points from January to 58.4 points this month. It said the latest reading “signalled the strongest monthly expansion since July 2006 and one [...]
Diageo seals £1.3bn deal for Turkish spirits firm February 21, 2011 Diageo, the world’s biggest spirits maker, has confirmed a deal to buy the Turkish spirits group Mey Icki for £1.3bn to give it access to this fast-growing emerging market. The London-based maker of Johnnie Walker whisky and Smirnoff vodka is buying Turkey’s biggest spirits company from investment firms TPG Capital LP and Actera. The agreement [...]
JJB raises £31.5m in life-saving share sale February 21, 2011 Struggling sportswear retailer JJB Sports has raised £31.5m in a share sale that represents an essential first step towards survival. The firm, in which America’s richest man Bill Gates holds a stake of about 5.5 per cent, said on Monday the cash was raised in a firm placing and a placing and open offer of [...]
CSR in £417m deal for Zoran February 21, 2011 British chipmaker CSR said it had agreed to buy US group Zoran Corporation to add imaging and video to its wi-fi, bluetooth and location technology offer. Under the terms of the agreement, Zoran shareholders will receive 1.85 shares in CSR in the form of American Depository shares for each Zoran share, valuing Zoran at about [...]
Oil price jumps on Middle East unrest February 21, 2011 Oil jumped by over $1 a barrel, as violent clashes in OPEC-member Libya heightened fears of social unrest spreading across the Middle East and North Africa and disrupting supplies in the major oil-producing region. Protests against Muammar Gaddafi, leader of Libya which produces 1.58m barrels per day of crude, spread to the capital Tripoli and [...]
Essar buys Shell refinery for £215m February 18, 2011 Essar Energy said it has agreed to buy Royal Dutch Shell’s Stanlow refinery in northwest England for $350m (£215.7m) in cash, giving the Indian focussed oil and gas business direct access to the UK market. Essar Energy, which has a majority stake in India-listed Essar Oil, said it had entered into an exclusive agreement until [...]
King warns over protectionism February 18, 2011 The world is at risk of renewed protectionism or financial crisis if policymakers do not agree to currency and other reform, Bank of England Governor Mervyn King said. “Improved financial regulation will help to intermediate the flows associated with global imbalances. But the global economy will remain vulnerable to the risks associated with imbalances if [...]
