DAVOS DIARY January 25, 2012 IS Lord Mandelson missing the limelight? The dark prince was all over the forum like a rash yesterday, hot-footing it from one engagement to another. Before any sign of sun was showing through the thick snowclouds covering Davos yesterday, Mandy suited and booted for a breakfast hosted by WPP chief executive Sir Martin Sorrell. Demonstrating [...]
Ericsson sees share price drop by 15pc January 25, 2012 SHARES in the Swedish telecoms company Ericsson plummeted 15 per cent yesterday – to the lowest point since 2008 – on a dismal set of fourth quarter results. Net income came in at SEK1.5bn, just a third of last year’s 4.4bn Swedish krona (£400m) and shocking analysts who were expecting to see net income nearer [...]
Government loses its solar panel appeal January 25, 2012 THE SOLAR power industry has received a boost in the courts, after judges upheld a decision blocking the government’s attempts to cut solar subsidies. The Court of Appeal case involved the government’s move to halve the payments made to households with solar panels. Under the programme the households are paid for the electricity they generate. [...]
BEST OF THE BROKERS January 25, 2012 PHOSAGRO UBS has upgraded the London GDR listing of the Russian fertiliser group from “sell” to “neutral” after a sell-off over the past couple of months that has seen the stock lose nearly 30 per cent. The broker sees no reason to change its 2012 estimates or price target of $9, despite a weak market [...]
Weir buys US pump firm in £113m deal January 25, 2012 ENGINEER Weir Group yesterday announced that it had bought Dallas pump maker Novatech for £113m. The FTSE 100-listed company said the deal would give it a stronger foothold in the lucrative US oil and gas market. Last November, Glasgow-based Weir acquired Texas-based Seaboard Holdings for £430m. Novatech specialises in pumps which can work at high [...]
Renishaw sees record revenues but suffers a dent to earnings January 25, 2012 BRITISH engineers Renishaw said yesterday it enjoyed revenue growth of 11 per cent during the half of 2011 compared with last year. The company said its total revenue of £147m for the period is a half-year record. Renishaw also said it is expecting recovery in the electronics sector, while global investment in production systems in [...]
CONOCOPHILLIPS TO PAY £100M FOR SPILL January 25, 2012 US OIL company ConocoPhillips yesterday agreed to pay one billion yuan (£101m) in compensation for damages caused by a huge oil spill in the north east of China. The leak last June from an offshore field released more than 3,000 barrels of oil and lubricant off the coast, sparking anger among local people. Picture: REX
Forth Ports takes over London site January 25, 2012 Forth Ports has taken full ownership of a container terminal in London, it announced yesterday. The firm bought up the remainder of Tilbury Container Services, which is on the River Thames about 30 miles from central London, from the other co-owners. The centre handled 314,000 containers last year. DP World said it sold its 34 [...]
Heritage in Tanzania expansion January 25, 2012 Oil exploration and production firm Heritage Oil has been awarded further acreage in Tanzania through the Kyela production and sharing agreement (PSA). The Kyela PSA has an area of 1,934 square kilometres but has never been previously targeted for hydrocarbon exploration. However, Heritage said “gravity data over the area suggests the presence of a sedimentary [...]
Kenmare sees revenue soar January 25, 2012 Irish mining company Kenmare Resources yesterday reported “robust” demand for its products in 2011, with revenues up 83 per cent year-on-year. Revenue rose from $91.6m in 2010 to $167.5m in 2011. Quarter-on-quarter, the volume of finished products shipped in the fourth quarter rose from 188,200 tonnes to 192,400, while production of Ilmenite and zircon was [...]
