CROZIER’S MOMENT IN THE SPOTLIGHT AS HE WINS INDUSTRY GONG November 30, 2011 ITV is already riding high in the stock markets, having advanced this week after a favourable UBS note and ongoing speculation it could be the target of a premium private equity bid. But last night the broadcaster had another reason to celebrate, after chief executive Adam Crozier picked up the Institute for Turnaround’s (IFT) annual [...]
Glencore in retreat from $475m deal November 30, 2011 COMMODITY trader and miner Glencore has pulled out of its planned $475m acquisition of the owner of Peru’s Mina Justa copper project, saying the seller failed to satisfy necessary conditions. Glencore, the world’s largest diversified commodity trader, had announced in July it planned to buy a 70 per cent interest in Marcobre — owner of [...]
Cairn hit by another setback as drilling in Greenland fails November 30, 2011 CAIRN Energy has been hit by another blow after it announced that it had failed to find oil in two more wells in Greenland. The company’s shares fell yesterday, after the failure followed the closure of three other wells earlier in the year, leaving its $600m exploration project in trouble. Edinburgh-based Cairn launched its exploration [...]
Former Scotland rugby cap can’t pull off India success in Greenland November 30, 2011 “THERE’S a whole ocean of oil under our feet! No one can get at it except for me!” So screams Daniel Day Lewis as Plainview in Hollywood blockbuster There Will be Blood. Sir Bill Gammell, then chief executive of Cairn, must have expressed similar sentiments when he struck lucky in India in 2004. The former Scotland [...]
Severstal to spin off Nord Gold November 30, 2011 Severstal, Russia’s biggest steelmaker, is set to spin off its Nord Gold unit and could list the standalone business in London, less than a year after being forced to pull a planned $1.5bn (£950m) public offering. A London listing for Nord Gold would raise the profile of the gold unit and allow it direct access [...]
Chariot hit by rig demand November 30, 2011 African-focused oil and gas explorer Chariot said it was being hampered by the difficulty in hiring a rig at the right price as demand made it more expensive. The rig it had anticipated to be available for the fourth-quarter for drilling on its Tapir South well has been contracted by another operator for a longer [...]
Carillion could cut 4,500 jobs November 30, 2011 Construction giant Carillion has warned 4,500 UK staff they could lose their jobs because of the government’s decision to slash subsidies on solar energy. Carillion blamed the cuts on the government’s decision to cut the so-called “feed-in tariffs” – payments to owners of solar panels for the electricity they generate for the National Grid. The [...]
CBI: high pay must match performance November 30, 2011 THE PAY of top company executives should be more closely aligned with their performance, employers’ organisation the CBI will say today. In response to a government paper on executive remuneration, authored by Vince Cable’s business department, the CBI will call for remuneration committees to use simpler and more transparent criteria when setting executive pay. And [...]
Starbucks drive-thrus to create thousands of jobs November 30, 2011 COFFEE chain Starbucks has unveiled plans to launch 200 new drive-thru stores across Britain over the next five years, creating 5,000 new jobs. The US giant, which currently has nine drive-thrus in the UK and opened its first outlet in Cardiff in 2008, said it was responding to strong demand for better quality coffee on [...]
Tesco launches second inflation linked bond November 30, 2011 TESCO Bank yesterday launched a follow-up to its sell-out retail bond, offering investors a return of retail price inflation (RPI) plus one per cent over the next eight years. The inflation-linked bond will pay interest twice a year, with the full amount repaid at maturity even if RPI has fallen. Tesco’s latest issue comes a [...]
