Ophir hails strong 2011 trading March 21, 2012 Ophir Energy, the Africa-focused energy company which began trading in London last year said 2011 had been a strong year. Revenue lifted from $530,000 (£334,000) in 2010 to $14.68m in the 12 months ended 31 December 2011. The company’s fortunes were boosted by a farm-out from its AGC Profond interests to Noble Energy. Meanwhile, the [...]
Petroplus courted by Russian March 21, 2012 A former Russian energy minister is planning to bid for three refineries owned by bankrupt oil refiner Petroplus, giving hope to workers who fear refinery shut downs and potentially dashing rivals’ expectations that industry overcapacity might be reduced. Fund Energy, an investment vehicle founded by Igor Yusufov, who still sits on the board of directors [...]
Hardy snapped up by US rival CNA in £143m deal March 21, 2012 SHARES in Lloyd’s of London insurer Hardy Underwriting soared yesterday after it said it had accepted a 280p per share cash takeover offer from US rival CNA Financial, valuing it at about £143m. “The board believes that CNA’s offer represents the most attractive outcome for our shareholders and will enhance Hardy’s business,” Hardy chairman David [...]
ARM names new chairman March 21, 2012 CHIP designer ARM Holdings said yesterday it had picked John Buchanan to succeed Doug Dunn as chairman. Buchanan is chairman of artificial knee and hip maker Smith & Nephew, deputy chairman of Vodafone and a senior independent director of BHP Billiton. Dunn, who has been chairman of the Cambridge-based company since 2006, will step down [...]
Elpida’s Irwin is M&B director March 21, 2012 EDWARD Irwin, a representative of investment vehicle Elpida, has been named as a non-independent non-executive director of Mitchells & Butlers (M&B). Elpida, a major shareholder in M&B, is owned by racing tycoons JP McManus and John Magnier. Interim chief executive Bob Ivell also said the company’s search for a new boss was going well.
Bank worried by oil prices March 21, 2012 RISING oil prices are worrying senior Bank of England officials, it emerged yesterday, as the Monetary Policy Committee (MPC) published the minutes of its March meeting. The Bank voted 7-2 to keep monetary policy on hold, with only a pair of doves – Adam Posen and David Miles – calling for even more quantitative easing. [...]
No US candidate as World Bank deadline nears March 21, 2012 NIGERIAN Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank, sources with knowledge of emerging market efforts to find candidates said yesterday. The candidacies of Okonjo-Iweala and Ocampo, who have credentials as both economists and diplomats and according to sources the respective [...]
Green shoots for retailers and the housing industry March 21, 2012 CONSUMER spending has been “a little more resilient than expected” in the opening months of the year, a survey from the Bank of England revealed yesterday. While consumer demand was only growing “at a gradual pace”, the summary of business conditions offers a glimmer of hope for the economic recovery. “Annual growth of spending on [...]
Portugal edges closer to second Eurozone bailout March 21, 2012 PORTUGAL’S government successfully issued short-term debt yesterday, despite growing worries the country may follow Greece in requiring another bailout. The country’s core public deficit nearly tripled in the first two months of 2012, showing a deepening slump is denting tax collection and stoking concerns the country may miss its budget targets. The gap widened to [...]
Dutch minister warns EC not to use Tobin tax March 21, 2012 DUTCH finance minister Jan Kees de Jager said yesterday that he wanted the European Commission to look for alternatives to a proposed financial transaction tax, which studies had shown to be inefficient and not helpful in stabilising the financial sector. De Jager said in a letter to parliament he wanted the commission to look for [...]
