Melrose ahead of expectations May 12, 2011 Manufacturing buyout firm Melrose reported yesterday that current trading was marginally ahead of its expectations and it expected to make further progress in 2011, helped by a strong order intake. Melrose said sales so far this year were up eight per cent at constant exchange rates, excluding the three businesses sold for £20.5m in February.
Parkmead and DEO team up May 12, 2011 Parkmead Group and DEO Petroleum have teamed up to hunt for oil in the North Sea, the firms announced yesterday. The 50-50 joint venture will focus on three areas in the central North Sea, ahead of the next UK continental shelf licencing round, as well as looking for joint acquisition opportunities. The collaboration agreement is [...]
Shoes and bags boost Tod’s May 12, 2011 Italian luxury goods maker Tod’s said yesterday that its operating profit rose 36 per cent in the first-quarter, with particular growth in China bolstering its bottom line. The firm, which makes shoes, bags and other leather goods, said earnings before interest and taxes hit €55.9m (£48.9m) during the quarter, on sales 17 per cent higher.
Bowleven clarification May 12, 2011 Yesterday we reported that oil explorer Bowleven had found more oil at its Sapele-1 well off the coast of Cameroon. Bowleven in fact found oil at Sapele-1 in January, and yesterday announced a find of 35m of hydrocarbons at its nearby Sapele-2 well, which is being prepared for further testing.
Assets rise at 3i despite cut to Enterprise May 12, 2011 PRIVATE equity firm 3i Group was the highest climber on the FTSE 100 yesterday, after writing off the value of its fourth-largest company, Enterprise Group, and laying out new targets to promise investors higher and more stable returns. Despite the Enterprise Group write-off, 3i’s net asset value was six per cent higher at 351p at [...]
Revenues down at Tullett as BGC lawsuit drags on May 12, 2011 INTERDEALER broker Tullett Prebon said “unsettled” markets and office closures pulled revenue down for the first four months of the year, adding that it was pushing ahead with legal action against rival BGC Partners. London-based Tullett said yesterday that trading this year to April was flat on last year, leading to a three per cent [...]
Tullow Oil to up production at key Africa wells May 12, 2011 UK OIL major Tullow Oil has issued an upbeat production update so far this year, and said it is targeting further growth and increased output in Ghana. The company’s drive to bring four extra production wells online at its Jubilee field in Ghana was on track, it said yesterday, with planned production of 120,000 barrels [...]
CITY MOVES | WHO’S SWITCHING JOBS May 12, 2011 KPMG International Michael Andrew has been elected chairman of KPMG International to lead the firm’s global network for a four-year term, effective from 1 October. He succeeds Timothy P Flynn, who will retire at the end of September after 32 years with the company. Andrew, who will be based in Hong Kong, is currently chairman [...]
BEST OF THE BROKERS May 12, 2011 ITV Morgan Stanley has cut the broadcaster from “overweight” to “equalweight” and has lowered its target price by 25p to 75p following results on Wednesday. The broker has reduced its advertising forecasts for 2011 from three per cent growth to 1.1 per cent contraction, and warns that all revenue drops will filter through to ITV’s [...]
FTSE rattled again by falling commodities and China stats May 12, 2011 THE FTSE 100 was rattled yesterday as global growth concerns triggered a fall in commodity-linked stocks and boosted appetite for defensive assets. Miners and oil stocks retreated as commodities continued their worst rout since 2008, after China surprised analysts by lifting bank reserve requirements by 50 basis points yesterday, a day after data showed China’s [...]
