Cosalt chair talks up his offer December 12, 2011 Cosalt chairman David Ross has written to investors urging them to accept his offer to buy their shares in the embattled firm. Ross, who wants to de-list the company, has made a £400,000 offer for the marine safety equipment provider Cosalt. Carphone Warehouse founder Ross said in the letter, published yesterday: “Without a sufficient inflow [...]
Xcite looks to appease investors December 12, 2011 Xcite Energy said yesterday a “viable and more financially efficient” means of commercialising the Bentley North Sea oil field was being investigated, after shareholders had expressed concerns over an apparent lack of progress. The department of energy and climate change must first sign-off the Bentley field development plan. Xcite’s shares fell 4.8 per cent.
Essar execs charged with fraud December 12, 2011 India’s federal police yesterday filed fraud charges against five executives at Essar Group – the parent company of London-listed Essar Energy – and Loop Telecom, as part of a sprawling probe into a multi-billion-dollar telecoms case. Fraud and criminal conspiracy charges have been filed against billionaire Ravi Ruia, vice chairman of Essar Energy, and his [...]
Lippe plans to retire early from Swiss Re December 12, 2011 SWISS Re said yesterday chief executive Stefan Lippe (pictured) will take early retirement after roughly three years at the helm, in a surprise move that analysts said added a new element of uncertainty to a company which Lippe had helped stabilise. No reason was given for the departure, which Swiss Re said would take effect [...]
CPP shares slump on profit warning and probe worries December 12, 2011 SHARES in CPP Group plunged by nearly a sixth yesterday after the credit card insurer said a regulatory probe would drag down profits. Its stock closed at 117p last night, down 15.83 per cent, 21 months after listing at 235p. The group said it does not know how long the Financial Services Authority will spend [...]
Strike action adds to a slide in traffic at BAA’s Heathrow December 12, 2011 BAA reported a slowdown in the number of passengers visiting its airports last month after London’s biggest airport Heathrow was impacted by public sector strike action. The airports operator said passenger numbers at Heathrow fell 0.5 per cent to 5.2 m, compared with the same time last year. An estimated 50,000 fewer passengers flew “after airlines [...]
Sino-Forest to put off results December 12, 2011 TORONTO-LISTED Chinese forestry firm Sino-Forest is further delaying the release of its third-quarter financial results until unnamed “outstanding issues” have been resolved to the satisfaction of its board of directors. Sino-Forest, whose shares have been halted for months following allegations of fraud, yesterday said executives were considering several options for the firm including a sale. [...]
ANALYST VIEWS: WILL CPP GROUP RECOVER AFTER A WEAK PERFORMANCE? December 12, 2011 HENRY CARVER | PEEL HUNT The FSA investigation remains un-resolved and the UK business is still materially impeded….Our estimates and recommendation remain under review. ALEX HUGH | UBS We think new income has worsened in Q4 to date due to card protection being a more mature product, and Spain having deteriorated further. HUGO MILLS | [...]
Train stations to house offices December 12, 2011 Workers struggling to get to the office during the Olympics will be able to work from train stations through a new venture by Network Rail. The £40m move, made in conjunction with The Office Group, will see flexible office space spring up at five London stations. The first drop-in hub, which should be ready by [...]
Centaur Media in new Venture December 12, 2011 Centaur Media, the business information and events group, has acquired Venture Business Research (VBR), a specialist digital data and analytics business in the clean energy and global security sectors, for a maximum payment of £7.5m. The cash consideration comprises an initial payment of £2.5m at completion and a further payment, subject to VBR’s performance in [...]
