TNK-BP co-owner invites in bidders for the business May 31, 2012 TNK-BP, British oil major BP’s Russian joint venture that is embroiled in a shareholder dispute, may get a third investor, co-owner and former chief executive Mikhail Fridman. Fridman, one of the four Soviet-born tycoons who share control of the 50-50 venture via the AAR consortium, quit as chief executive on Monday, deepening a leadership crisis [...]
Rockhopper narrows its losses to $53m May 31, 2012 FALKLANDS oil explorer Rockhopper yesterday said it had reduced its annual pre-tax losses by $33m. (£21.4m). The drop in the year to 31 March to $53m came as exploration expenses went down. Meanwhile the company said it was making progress on its Sea Lion field. Chairman Pierre Jumgels said: “Recent 3D seismic and further interpretation [...]
Tax deals may cost Swiss £160bn May 31, 2012 Swiss banks could see assets from western European clients fall 28 per cent because of deals to tax undeclared accounts, potentially forcing the industry to cut up to 15,500 jobs to stay profitable, the Boston Consulting Group (BCG) said yesterday. In its annual global wealth report BCG said that western European assets booked in Switzerland [...]
S&P shifts insurers’ ratings rule May 31, 2012 Standard & Poor’s will change the way it assigns global ratings to insurers, in part to increase the consideration of country risk in the way a company is evaluated, the credit ratings agency said yesterday. The changes will apply to all insurance lines except bond and mortgage. In a statement, S&P analysts said the “significant [...]
BHP wins approval for £6bn deal May 31, 2012 BHP Billiton yesterday cleared the last external hurdle for a planned $10bn (£6.46bn) expansion of its Port Hedland harbour in Western Australia that would help the world’s biggest miner double output of iron ore. The expansion is one of the top three projects BHP has outlined in an $80bn capital spending plan.
CITY MOVES | WHO’S SWITCHING JOBS May 31, 2012 Brooks Macdonald Funds The fund management firm has appointed Christine Tacon as chairman of UK Farming, its new asset-backed UK farming business. Tacon was managing director of Co-operative Farms from 2000 to December 2011, and an executive board member of Co-operative Food Retail. UK Farming targets investment in existing arable farmland. Kleinwort Benson Valentina Tacchino [...]
BEST of the BROKERS May 31, 2012 ITV Liberum rates the TV group a “buy” with a target price of 77p. It is expecting that July and August will be difficult months as advertisers scrap planned campaigns across the sector. But Liberum believes ITV can keep its head above the rest of the market, which it reckons will lose 10 per cent [...]
FTSE suffers worst month in three years on credit woes and US data May 31, 2012 BRITAIN’S top share index suffered its worst month in more than three years in May after data suggesting the US economy is struggling triggered a late sell-off yesterday, and may be vulnerable to further declines as Eurozone worries persist. The FTSE 100 index gave up most of the strong gains it had recorded earlier in [...]
US stocks fall as investors fret over debt May 31, 2012 US stocks fell modestly yesterday to close out the worst month since September as investor sentiment sank on Europe’s deepening credit problems. The broad S&P 500 index fell 6.3 per cent in May, its largest percentage drop since September. The Dow’s 6.2 per cent drop and Nasdaq’s 7.2 per cent loss are their largest monthly [...]
The Fugue set to grab centre stage for Lloyd-Webber in today’s Investec Oaks May 31, 2012 Fourteen fillies have been declared for this afternoon’s Investec Oaks, the highlight of Investec Ladies’ Day, and Aidan O’Brien saddles an astonishing six of them. Admittedly, the master of Ballydoyle has issued a word of warning about Kissed’s participation if the ground is not suitable, but even five fillies makes for a monster team. O’Brien [...]
