Qatar to fine Qtel over Virgin July 25, 2010 Qatar Telecom faces an unspecified fine and possible further legal action over violations during its launch of Virgin Mobile services into the Gulf state, telecoms regulator ictQATAR said. “Qtel should be compelled to pay an appropriate fine for its unlawful actions during the period from 13 to 18 May 2010 and has referred this matter [...]
Business angels helping growth July 25, 2010 Business angels are playing an increasingly important role in the funding of growing businesses, according to research by academics at the University of Strathclyde in Glasgow and Queen’s University Belfast. The report, published today by the Department for Business, Innovation and Skills (BIS), shows that business angels are increasingly investing in organised groups and alongside [...]
British Gas to post record rise in profits July 25, 2010 BRITISH Gas owner Centrica is expected to post a record jump in profit for the first half of the year on Wednesday, thanks to the coldest winter in 30 years. Some analysts have predicted up to a 95 per cent increase in profits, but the record sums could anger customers who called for the energy [...]
Virgin Active eyes £1bn sale as an alternative to floating July 25, 2010 VIRGIN ACTIVE, the gym chain owned by Sir Richard Branson, is considering a secondary private equity sale that could value the business at £1bn. Virgin is known to have been considering an initial public offering (IPO) as a way of raising capital for growth for some time, but stockmarket turbulence has made that route less [...]
Heritage must pay full taxes on Ugandan oil deal, says minister July 25, 2010 PETROLEUM explorer Heritage Oil must pay the full amount of tax on earnings from the sale of assets in Uganda before the government fully endorses the deal, the country’s energy minister said yesterday. The Ugandan government said on 6 July it had given Heritage conditional approval to sell its exploration assets in the country to [...]
Spill liabilities expected to reach $30bn July 25, 2010 BP IS expected to reveal that liabilities connected to the Gulf of Mexico spill have reached $30bn (£20bn) when it announces second quarter results tomorrow. The group has already ring-fenced $20bn into an escrow fund to help pay out liabilities and claims, but it is expected that all legal, clean up and fine related costs [...]
Relief well rig back at BP oil spill site in Gulf July 25, 2010 A RIG that had been drilling a relief well to plug the Gulf of Mexico oil leak was back on site yesterday after storm fears forced it to leave the area on Friday. The Transocean rig “is on location, and beginning the process of reconnecting,” a BP spokesperson said. Other vessels that had left the [...]
European bank stress tests were too soft, analysts say July 25, 2010 LONDON’S stockmarket will give its verdict on the European Union’s bank stress tests today after analysts warned they were not tough enough to give investors real confidence. Only seven of the 91 institutions investigated failed to meet the capital requirements demanded by the Committee of European Banking Supervisors under three “economic shock” scenarios. Five Spanish [...]
WH Ireland to hire new boss July 25, 2010 STOCKBROKER WH Ireland has taken on former Toscafund fund manager Paul Compton as its new chief executive, in an attempt to turn the ailing business around. Compton joins the firm at a torrid time for the small-cap broking industry. WH Ireland said on Friday that it had fallen into the red over the first half [...]
McLaren gets £260m boost for new sports cars July 25, 2010 FORMER Formula 1 racing boss and executive chairman of the McLaren Group Ron Dennis has successfully raised £260m to help fund a new sports car manufacturing business. McLaren Automotive, a subsidiary to the racing group, raised the new finance through a collection of new investors with a small portion of the funding raised through debt. [...]
