Shares in Chalco are suspended as deal with Rio nears July 28, 2010 Shares in Aluminium Corp of China (Chalco) were suspended yesterday, as a deal with Rio Tinto is expected to be finalised by this morning. Chalco shares stopped trading in both Shanghai and Hong Kong as the company said it was “discussing important issues”, according to announcements in both markets. A signing ceremony will be held [...]
Arcelor Mittal profits surge 43pc July 28, 2010 Steel giant Arcelor Mittal yesterday reported a big jump in profits between April and June, with sales up as the global economy picks up. Net profit was $1.7bn (£1.1bn), compared with a loss of $792m in the same period a year earlier and a profit of $679m in the previous quarter. Revenue for the period [...]
FSA bans Simply Trading bosses July 28, 2010 The Financial Services Authority (FSA) has publicly censured three traders and banned them from senior management positions for falling short of FSA standards. The FSA said the three directors of Simply Trading relied too heavily on consultants for advice on how to run the business.Stephen Coles, Luke Ryan and Michael Yamoah also failed to properly [...]
Yell warns on revenues for 2010 July 28, 2010 Yellow Pages firm Yell has warned revenues will remain under pressure as small businesses continue to fret about the pace of economic recovery. The directories firm reported a 10.6 per cent drop in revenues for the three months to 30 June and said underlying earnings were down by a similar rate.
Migrant row overshadows Indian deals July 28, 2010 DAVID Cameron yesterday smoothed the way for a flurry of deals with India on a trade mission to the emerging superpower, but simmering tensions over plans to cap immigration in Britain threatened to turn into a full-scale row. The Prime Minister is leading a 90-strong delegation, which includes top business figures like Barclays boss John [...]
Lloyds to hold its stake in St James’s Place July 28, 2010 LLOYDS BANKING GROUP yesterday said it would keep its 60 per cent share in St James’s Place (SJP) for the timebeing, extending uncertainty over the timing of an eventual sale. Lloyds said it had “no intention to sell down or dispose of its stake in St. James’s Place at this time”. Management hoped the announcement [...]
Rathbones keeps banking licence and grows profits July 28, 2010 LLOYDS BANKING GROUP yesterday said it would keep its 60 per cent share in St James’s Place (SJP) for the timebeing, extending uncertainty over the timing of an eventual sale. Lloyds said it had “no intention to sell down or dispose of its stake in St. James’s Place at this time”. Management hoped the announcement [...]
Brewin Dolphin investment fee income surges July 28, 2010 INVESTMENT management firm Brewin Dolphin saw income jump by almost a fifth over the third quarter of its financial year, though it warned the performance of the group going forward would be at the mercy of the financial markets. Brewin’s investment management revenue soared 27.5 per cent to £55.3m over the quarter, though this was [...]
Brit in talks after £850m Apollo offer July 28, 2010 BRIT INSURANCE is sounding out its largest investors after opening its books to US private equity house Apollo on the basis of a £850m indicative offer yesterday. Brit agreed to due diligence after Apollo raised its approach for the third time to £10.75 per share, just shy of the magic £11 per share touted by [...]
Independent FinnCap doubles revenue amid market turmoil July 28, 2010 FINNCAP, the broker chaired by private equity stalwart Jon Moulton, more than doubled its turnover over the last year after making strides in new client wins and completing a management buyout from its former parent JM Finn. FinnCap’s sales rose 56 per cent to £7.8m over the year to April, while the firm confirmed it [...]
