Supreme Court rules in favour of London property aristocrats October 10, 2012 THE SUPREME Court yesterday ruled in favour of a controversial appeal by two London landlords, protecting their estates against a loophole that would have allowed commercial tenants the right to buy freeholds to properties that were once houses. The landmark ruling draws a line under a long-running battle by the Day Estate, which owns swathes [...]
SAB Miller speeds up move into Africa’s low-cost beer market October 10, 2012 SAB MILLER yesterday said it has expanded its Chibuku beer brand, into ten countries across Africa as it increases its hold on the low-cost market traditionally served by “informal” home brew drinkers. The beer giant has invested around $16m into expanding the production of the cheap low-alcohol beer over the past 18 months, in a [...]
Three bids are on the table for Rabobank arm October 10, 2012 DUTCH bank Rabobank is weighing three offers for its asset management arm Robeco, facing a choice between bids to split the €2bn-plus (£1.6bn) business or sell it in one piece, people familiar with the situation said. The Netherlands’ largest retail bank received bids from a private equity consortium of Advent International and CVC, and from [...]
Smythson steps up expansion with a new Sloane Street store October 10, 2012 SMYTHSON, the upmarket stationer and leather goods retailer where Samantha Cameron is a creative consultant, is set to open a large flagship store in Sloane Street as part of its ambitious expansion plans. The group currently leases a smaller store at Sloane Street, which its landlord the Cadogan Estate plans to redevelop. Smythson has signed [...]
Costco profit up on higher members fee October 10, 2012 COSTCO Wholesale posted a higher-than-expected quarterly profit yesterday after the US warehouse retailer raised membership fees. Costco, which has millions of members who pay annual fees to shop at its giant stores, earned $609m, or $1.39 per share in the fiscal fourth quarter ended 2 September, compared with $478m, or $1.08 per share, a year [...]
Providence oil find lifts hopes for Irish boom October 10, 2012 IRISH explorer Providence Resources yesterday hailed its significant oil resources off the Irish coast as a positive step forward for the country’s oil business. The AIM-listed explorer, headed up by Tony O’Reilly Junior, the son of Irish billionaire Tony O’Reilly, said it expects to recover around 280m barrels of oil from the Basal Wealden reservoir [...]
Analyst Views | Is Providence‘s update as good as investors might at first think? October 10, 2012 SAM WAHAB SEYMOUR PIERCE The updated recovery rate is currently only applicable to the Basal Wealden where 756m barrels of oil is established. This represents a significant uplift from the prior 16 per cent recoverable guidance for the interval and the field as a whole. SANJEEV BAHL NUMIS SECURITIES Recovery factor will be determined by [...]
Ferrexpo reports slip in output October 10, 2012 Swiss iron ore company Ferrexpo yesterday announced a fall in total output in the year to date of 100,000 tonnes compared to the same period in 2011. In a production update, the FTSE 250-listed company said that iron pellet production from its own ore was up 2.8 per cent quarter on quarter, but overall production [...]
Mediterranean increases revenue October 10, 2012 Mediterranean Oil and Gas yesterday said that total revenues from its onshore and offshore gas production in the second quarter had risen to €4.3m (£3.5m), up from €4.2m over the previous quarter, thanks to strong performance from Guendalina, a gas field offshore Italy in which the company has a 20 per cent working interest. The [...]
Production up at Ithaca Energy October 10, 2012 North Sea oil and gas explorer Ithaca Energy yesterday reported a production increase of 28 per cent over the third quarter. Ithaca produced 5,061 barrels of oil a day over the period, up from 3,996 the previous three months. An anticipated reduction in two of its fields due to planned maintenance shutdowns was offset by [...]
