Pandora sees stock surge on its debut June 15, 2011 PANDORA yesterday became the latest technology IPO to set the markets on fire, climbing over 60 per cent during the day after pricing well above the top of its range. The music streaming service floated at $16 (£9.86) a share after naming a range of between $10-12, a price that had already been increased from [...]
Facebook hires Clinton’s former press secretary June 15, 2011 FACEBOOK has hired Bill Clinton’s former press secretary to head up its policy and corporate comms team. Joe Lockhart was the chief spokesman and senior adviser to President Clinton between 1998 and 2000. Lockhart is the latest marquee appointment for the world’s largest social network. In May it hired two former officials who worked for [...]
Mouchel says trading will remain tough June 15, 2011 TROUBLED support services firm Mouchel has said it faces “very challenging” trading conditions over the coming year. The firm said government cuts and cost cutting measures had slashed its clients’ budgets and could further impact on its financial performance. It also said a protracted offer period for the company, which included repeated bids from peers [...]
Symbolic sacrifice of FD won’t save the day June 15, 2011 WHEN Costain offered 164.3p-a-share for Mouchel, someone should have bitten its hand off. Yesterday, its shares closed at 59.75p, less than half of the amount that was on the table. Management said the bid was too low – but it wasn’t as low as a preceding offer from Interserve, which reduced its own bid from [...]
Miner rocked by Tanzania tax June 15, 2011 THE Tanzanian government has approved a five-year development plan that includes a proposal for a super-profit tax on mining companies. Mustafa Mkulo, the Tanzanian minister of finance, told City A.M.: “The proposal is in the white paper, however the tax has not been included in my tax measures for the next financial year.” Mkulo, who [...]
Amec eyes new growth in Australasia and America June 15, 2011 BRITISH engineering group Amec has zoomed in on growth opportunities in South America and Australia, said the firm’s chief financial officer, as he shrugged off the impact of a tax hike in the North Sea. “Brazil and South America and Australasia we would see as a focus for development. Where we are underweight, where we [...]
Rio Tinto to accelerate $676m iron ore expansion plans on growing demand June 15, 2011 RIO Tinto will spend US$676m (£418m) to speed up its iron ore expansion plans in western Australia, benefitting from strong demand as new supplies from other miners continue to lag behind. The mining group said yesterday it intends to bring forward work on its mines, ports and railways by six months, increasing its annual capacity [...]
Baltic Oil suspended from trading on accounts delay June 15, 2011 SHARES in Aim-listed Baltic Oil Terminals were suspended yesterday, after the company admitted it would miss a deadline to provide shareholders with its audited accounts. Baltic was forced to refile its accounting records after irregularities were uncovered relating to its operations in Kaliningrad in Russia. Changes in the senior management team at Kaliningrad earlier this year [...]
Core inflation edges up in US June 15, 2011 AMERICA is facing the dreaded prospect of “stagflation”, key economic data releases suggested yesterday. Underlying inflation rose to its highest in almost three years in May, while separate reports exposed disappointingly flat industrial and manufacturing activity. US industrial output edged up just 0.1 per cent in May as supply chain disruptions from Japan’s earthquake stalled [...]
Unemployment falls across the OECD members June 15, 2011 UNEMPLOYMENT rates in the Organisation for Economic Co-operation and Development (OECD) area fell to 8.1 per cent in April, continuing the downward trend that began in October 2010, while Euro area figures remained stable at 9.9 per cent. Just five of the 34 member countries of the OECD reported a rise in unemployment, including the [...]
