Saudi prince buys $300m Twitter stake December 19, 2011 SAUDI Prince Alwaleed has bought a $300m (£193m) stake in social networking company Twitter, leading to speculation that the micro-blogging site is inching closer to a public offering. However, it has been revealed that this transaction will not affect Twitter’s bank balance, as the shares were bought in a secondary purchase from existing stakeholders and [...]
Lucky 888 as gamers stay in December 19, 2011 BRITISH online gaming business 888 yesterday said its full-year earnings are set to be “significantly ahead of market expectations” due to an increasing trend of cash-conscious Britons staying at home and gambling online. The rosy forecast comes despite rising gaming duty and the company’s plans to invest in several newly-regulated markets across Europe. 888, which [...]
Yell gets time to sort its debt December 19, 2011 SHARES in directories business Yell rose yesterday, although they remain at a fraction of the 592p peak they reached five years ago, as the group’s lenders agreed to amend financial covenants. The new deal will see Yell’s creditors increase the headroom under the search company’s £2.6bn net debt, giving Yell more time to deliver on [...]
Gulf Keystone soars on talk of Exxon bid December 19, 2011 SHARES in oil explorer Gulf Keystone closed up 7.7 per cent yesterday on reports that Exxon Mobil was lining up a takeover bid. Its shares had rocketed as much as 32 per cent during the day, and was the second most-traded stock on AIM, with 46.8m shares changing hands. Gulf released a statement at 16.10 [...]
Qatar waiting on sidelines in Goldfields deal December 19, 2011 QATAR Holdings could yet provide some of the financing for the development of European Goldfields’ mining assets despite its deal being wrecked by a Canadian takeover. Eldorado Gold announced yesterday that it will acquire European Goldfields for C$2.5bn (£1.55bn) through a share swap that it aims to complete by the end of February. The deal [...]
Ocado slumps after grocery profits go off December 19, 2011 SHARES in Ocado took a battering yesterday after the online grocer warned that full-year profits would come in below expectations, due to problems at its main distribution centre in north London. The company, which sells goods from high-end supermarket chain Waitrose, said underlying earnings for the year would be within a range of £27.5m–£28.5m, down [...]
Delivery pioneer lacks capacity to grow December 19, 2011 EIGHTEEN months post float, and those distinctive delivery vans just aren’t looking so special anymore. Yesterday’s profit warning from chief executive Tim Steiner may have been expected at some point, but analysts clearly thought the company had some breathing room – now it’s going to be more under scrutiny than ever. And it’s not as [...]
CITY VIEWS: are you surprised by the slump at ocado? December 19, 2011 Nico Tyabji Bloomberg “I can see how Ocado didn’t do very well this year because of the difficult economic climate. I don’t use it although I shop at Waitrose – I find it hard to take the leap to an online service like Ocado.” Reza Kaci City Index “I remember Ocado has had trouble before, [...]
COCKTAILS AT DAWN AS MAHIKI BRINGS POLYNESIAN FUN TO DUBAI December 19, 2011 IT WAS strictly guest-list only at last night’s opening party for Mahiki Dubai. “We are expecting 500-plus and queues out of the door,” said a spokesperson for the club, which opens to the public today in the basement of the Jumeirah Beach Hotel. The Jumeirah is a venue “completely given over to the pleasures of [...]
His Margins Vanish as Fox mulls live sale December 19, 2011 HMV has warned that tough trading conditions “may cast significant doubt” over its future after reporting widening losses and revealed it is looking to sell its Live music business. The ailing music retailer has appointed Citigroup to find a buyer for its fast-growing music venue and festival business, in its efforts to cut its £163m [...]
