Endace to miss its profit target March 19, 2012 ENDACE, a network monitoring solutions group, warned yesterday that its revenues for the year to the end of this March would be 10 per cent short of expectations. The group blamed economic uncertainty and slow decision-making by a number of clients. It said that limited budgets, especially in the UK government customer base, had resulted [...]
Arbuthnot sells Swiss business March 19, 2012 FINANCIAL services group Arbuthnot has sold its Swiss subsidiary to Ducartis for SFr2m (£1.38m) in cash, netting a profit of £800,000. The group said in a statement that it had set up Arbuthnot AG to develop a Swiss banking subsidiary for the firm, but in light of the offer made by Swiss firm Ducartis, “it [...]
Exillon losses widen due to currency hits March 19, 2012 EXILLON Energy said yesterday its full-year loss widened as the positive effects of increased production and higher crude prices were offset by a foreign exchange loss and a loss on disposal of non-current assets. The Russia-focused oil producer also pushed back its expectation of achieving a production level of 17,000 barrels per day (bpd) to [...]
Carrefour closes China store March 19, 2012 EUROPEAN retail giant Carrefour is to temporarily close one of its stores in China, a local government official said yesterday, days after state media said the chain was passing off regular chicken as free-range meat. The closure is the latest case of Chinese officials cracking down on foreign brands and comes after food safety authorities said [...]
D&B shuts Shanghai unit in privacy investigation March 19, 2012 DUN & Bradstreet, a global business information firm, said some of its local employees in China may have violated US anti-bribery laws and has suspended operations at one of its local units pending an inquiry. The company said it is investigating allegations that data collection practices at Shanghai Roadway D&B Marketing Services, which it formed [...]
Cable unit of India’s Reliance looks into a $1bn-plus Singapore market listing March 19, 2012 THE UNDERSEA cable unit of India’s Reliance Communications has applied to list in Singapore, two sources with direct knowledge of the matter said yesterday, potentially raising between $1bn and $1.5bn to help its parent pare a heavy debt burden. The unit will list as a business trust and has been keen to raise up to [...]
Wessex shares surge as Total lines up bid to snap up more assets in Guiana March 19, 2012 SHARES in oil company Wessex Exploration soared more than 30 per cent yesterday after French major Total said it is looking to buy the company for around £71m. Total confirmed it has made an approach with a potential cash offer to buy the company for 10p a share. Wessex owns a 1.25 per cent interest [...]
CITY MOVES | WHO’S SWITCHING JOBS March 19, 2012 Patron Capital The pan-European institutional investor has appointed Mark Collins as chairman of its UK investment division, as it looks to invest over £1bn in the UK market over the next year. Collins will also become a partner of Patron Capital Advisers, the investment adviser to Patron’s funds. Collins was formerly managing director of the [...]
BEST OF THE BROKERS March 19, 2012 JD WETHERSPOON JP Morgan Cazenove rates the pub chain “underweight” and has raised its target price from 381p to 390p. The broker has trimmed its like-for-like sales growth for 2012, from two per cent down to one per cent, following half-year results earlier this month that showed a sales dip. However, JP Morgan’s earnings per [...]
Dim view of banks puts the brakes on FTSE 100’s rally March 19, 2012 BRITAIN’S top shares eased back from last week’s 2012 highs yesterday, as weakness in banks after recent strong gains overshadowed a late-session recovery from miners, with investors awaiting the next catalyst to drive the market. The benchmark FTSE 100 index closed down 4.47 points, or 0.1 per cent, at 5,961.11. Banks, which spearheaded the FTSE [...]
