Telenor in key ruling to stop Vimpelcom dilution March 1, 2011 NORWAY’S Telenor faced a London court for a second time yesterday, seeking to protect its voting rights in Russian cellphone company Vimpelcom. Telenor is asking for an injunction to prevent the dilution of its 36 per cent stake in Vimpelcom, which is buying $6bn (£3.7bn) in telecom assets from Naguib Sawiris’s Wind Telecom. Telenor is [...]
Revenue up at Promethean World but forecasts fall as government cuts bite March 1, 2011 INTERACTIVE education technology company Promethean World reported better-than-expected annual revenue yesterday, sending shares up more than one per cent, but forecast lower 2011 revenue. Revenue for the year was up 15 per cent at £235.3m. However, chief executive Jean-Yves Charlier said that 2011 revenue would be lower, but would not say by how much. “While [...]
UBM invests in emerging markets as shifts focus March 1, 2011 United Business Media (UBM) yesterday posted a 5.3 per cent drop in full-year pre-tax profit as the events and publishing group increased investment in data services and emerging markets. UBM, which has rationalised its print titles as advertising has moved online and shifted its focus to events and data services in faster-growing emerging markets and [...]
GAM plans to buy back shares March 1, 2011 Swiss fund manager GAM Holding said yesterday it would buy back up to 20 per cent of its shares and reported strong new money inflows as clients invested in emerging markets and in US and Asian equities.Net new money rose to SwFr8bn (£5.3bn) from less than SwFr500m the previous year, the highest since the start [...]
Carlyle buys bearings maker March 1, 2011 Carlyle Group will buy Japanese ball bearing maker Tsubaki Nakashima from Nomura Holdings for about $800m (£491.5m), the largest acquisition by a buyout firm in Japan in more than a year. Nomura said yesterday that its principal finance arm would sell a 95.56 per cent stake in Tsubaki Nakashima to Carlyle, estimating the company’s value [...]
KGHM doubles quarterly profit March 1, 2011 The fourth-quarter net profit of Poland’s KGHM almost doubled to 1.324bn zlotys (£283.3m), coming in above market expectations, as Europe’s number two copper producer benefited from surging metal prices. Analysts saw the state-controlled miner earning 1.22bn zlotys in the last three months of the year. The figure pegs KGHM’s full-year bottom line at 4.57bn zlotys, [...]
CITY MOVES | WHO’S SWITCHING JOBS March 1, 2011 Safestore Holdings The self-storage retailer has appointed Peter Gowers as chief executive, following the retirement of his predecessor Steve Williams. Gowers, 38, joins from InterContinental Hotels Group (IHG), where most recently he was chief executive, Asia Pacific. Gowers began his career at Arthur D. Little before joining the strategy group of Bass in 1999. He [...]
BEST OF THE BROKERS March 1, 2011 LOGICA JP Morgan Cazenove rates the technology group “underweight” and has raised its target price from 100p to 130p. The broker has lifted its revenue forecasts to £3.825bn in advance of an expected recovery in the Benelux market, which has previously dragged on growth. The broker expects margins of 6.2 per cent during the first [...]
FTSE falls on worry political unrest will increase oil price March 1, 2011 BRITAIN’S leading share index fell one per cent yesterday on concerns that political unrest could spread to top oil exporter Saudi Arabia, pushing crude prices higher and sending oil-sensitive travel firms lower. Brent crude rose 1.8 per cent to above $113 a barrel on a report, promptly denied, of Saudi involvement to try and quell [...]
Wall Street’s fear gauge leaps 13pc March 1, 2011 CONCERNS that rising oil prices could hurt economic recovery prompted investors yesterday to sell stocks and hedge against further declines. The CBOE Volatility Index (VIX), Wall Street’s so-called fear gauge, jumped 13.1 per cent to 20.75 on growing uncertainty about oil. The index measures the cost of using options as insurance against a decline in [...]
