Big Yellow hit by tax raid on storage space May 22, 2012 STORAGE giant Big Yellow yesterday reported annual losses of £35.6m – triggered by writedowns linked to an impending tax rise. The government is planning to slap VAT on self storage payments, which means that storage costs could shoot up as much as ten per cent. The company’s losses in the year to the end of [...]
Glencore takes over Congolese copper mine May 22, 2012 COMMODITIES giant Glencore yesterday announced that it had taken control of the Mutanda copper operation in Congo for $480m (£304.4m). Glencore had a stake in the company but is now in the driving seat. The move marks the first step in a planned merger of the mine with its nearby Kansuki concession. Mutanda, in central [...]
Cobham extends deadline for Thrane as paperwork piles up May 22, 2012 DEFENCE technology group Cobham yesterday extended the deadline for shareholders in Thrane and Thrane to decide whether to accept its £275m offer for their firm. Thrane, a Danish satellite communications company, will have until 18 June to decide on the bid. The delay was triggered by the amount of paperwork associated with the deal, the [...]
Greencore earnings on the rise May 22, 2012 Anglo-Irish convenience food company Greencore yesterday reported climbing revenue and profits. The company, which is making special Jubilee themed sandwiches to be stocked in Sainsbury’s and Waitrose, said first-half revenue soared 49.9 per cent to £567.7m. Operating profits were up 36.7 per cent to £31.7m for the six months to the end of March. The [...]
UK Mail delivers strong revenues May 22, 2012 Logistics and parcel delivery firm UK Mail yesterday said its revenue jumped 8.4 per cent to £429m in the year to the end of March. The group said its figures were helped by a rise in parcel prices, which were introduced in May last year. But profits before tax and exceptional items fell from £16.1m [...]
Sechin takes the helm at Rosneft May 22, 2012 Russian Prime Minister Dmitry Medvedev yesterday appointed Igor Sechin as chief executive of state-controlled Rosneft, putting the man who ran energy policy in the last government in charge of Russia’s largest oil company. Sechin recently masterminded three offshore deals with western oil majors. He pledged to boost Rosneft’s production in taking the post.
CITY MOVES | WHO’S SWITCHING JOBS May 22, 2012 Artesian Solutions Dr Steve Garnett has been appointed chairman of the brand surveillance software firm. He is currently chairman, Europe at salesforce.com. Garnett started his career at Oracle, prior to its initial public offering, where he was director of UK sales and vice president of European marketing and alliances. He has also served as vice [...]
BEST of the BROKERS May 22, 2012 DOMINO’S PIZZA Liberum Capital has upgraded the pizza delivery company from “sell” to “hold” with a target price of 414p, and raises its full-year earnings per share by five per cent. The broker says Domino’s should benefit from the recent bad weather, and expects a strong trading update on 23 July. INVESTEC Numis rates the [...]
Miners push up FTSE 100 May 22, 2012 Britain’s leading share index jumped yesterday, driven by gains in mining stocks as the demand picture for metals was brightened by hopes of fresh moves by China to boost its economy. At the close, the FTSE 100 index was up 98.80 points – or 1.9 per cent – at 5,403.28 points, adding strongly to Monday’s 0.7 per cent [...]
Wall Street flat after volatility May 22, 2012 AMERICAN stocks closed mostly flat yesterday after volatilility late in the session, with weakness in materials and energy shares offsetting strength in financials. Shares traded higher for much of the session following unexpectedly strong figures on existing home sales, which lifted banks. But those gains dissipated in the last half hour of trading. Facebook shares [...]
