Shaftesbury raises cash to expand March 3, 2011 LONDON landlord Shaftesbury yesterday tapped investors for £102m in a share placement to help fund acquisitions as more assets come up for sale in its core West End market. The real estate investor, which owns more than 500 shops, restaurants and bars in the West End, said it had placed 22.7m new ordinary shares at [...]
BP cancels its bonuses after Gulf disaster March 3, 2011 BP scaled back its staff pay-outs in light of the Gulf of Mexico disaster last year, according to its annual report released yesterday. Chief executive Bob Dudley, who took the top job in October after Tony Hayward stepped down, has not received a performance bonus following the Gulf spill, which killed 11 people and could [...]
Profits up 60pc at Glencore March 3, 2011 GLENCORE unveiled a trading update showing a 60 per cent rise in pre-tax profit yesterday, with the results particularly buoyed by rising prices for metals and agricultural products. The privately owned Swiss commodities trader is currently lining up investors for an initial public offering (IPO), with its chief executive Ivan Glasenberg making a major presentation [...]
Share issue nets London fire engine owner £16m March 3, 2011 THE OWNER of London’s fire engines, AssetCo, has successfully raised £16m through a new share placement in order to tackle its debt problems. The outsourcing firm, which maintains the capital’s fire engines, was facing serious financial problems and a High Court winding-up petition. However, the new placement of 160m ordinary shares, underwritten by Arden Partners, [...]
Total spends $4bn to tap Novatek’s Arctic gas find March 3, 2011 FRENCH oil giant Total has done a $4bn (£2.46bn) deal to explore gas deposits in the Arctic with Russian independent firm Novatek, it announced yesterday. Total has signed up for a 20 per cent stake in the Yamal liquefied natural gas project, which contains an estimated 802bn cubic metres of natural gas and 31m tonnes [...]
Nord Gold unlikely to retry London float this year as Severstal looks for growth March 3, 2011 RUSSIAN mining and steel group Severstal is unlikely to bring its Nord Gold arm back to the market for another IPO attempt this year, the firm’s chief financial officer told City A.M. yesterday. “Definitely we believe we will come back to the market when we are ready,” said Alexey Kulichenko. “We really need to focus [...]
Rusal snubs Norilsk’s offer to buy a 20 per cent stake March 3, 2011 THE board of Russian aluminium giant Rusal yesterday rejected Norilsk Nickel’s offer to buy out 20 per cent of its shares, RIA news agency said, quoting sources close to the Rusal board. Last month, Norilsk offered to buy 20 per cent of its shares from Rusal for $12.8bn, which would leave the aluminium giant – [...]
Tullow finds oil in Ghana March 3, 2011 Shares in Tullow Oil rose 3.9 per cent yesterday, among the top risers on the FTSE 100, after the oil explorer announced that it had found oil in excellent quality sandstone reservoirs at its well off the coast of Ghana. Exploration director Angus McCoss said it is a highly encouraging step towards the firm’s goal [...]
Kazakhmys forecasts flat sales March 3, 2011 FTSE 100-listed copper producer Kazakhmys forecast no output growth this year after shutting mines to save cash in 2009 and seeing fourth-quarter production slide by 25 per cent. The firm, which posted a 35 per cent rise in revenue to $3.2bn (£1.97bn) on rising commodity prices, said it will focus on managing costs and working [...]
Churchill suffers licence setback March 3, 2011 Churchill Mining shares were suspended from AIM for most of yesterday ahead of the news that an Indonesian tribunal has supported a decision to cancel four of the firm’s mining licences in the country. Churchill’s shares tanked 69.7 per cent to close at 27.25p when reinstated at 3pm, after it said it is working on [...]
