Lonmin slashes metal estimate amid job cuts September 18, 2012 PLATINUM producer Lonmin has slashed its estimate for the amount of metal it is able to sell this year by almost nine per cent to between 685,000 and 700,000 ounces, down from 750,000 as previously forecast. Ongoing strikes at its Marikana mine have left the firm unable to produce platinum. Lonmin warned in August it [...]
Ikea names its next chief and plans new store opening spree September 18, 2012 IKEA, the world’s largest furniture retailer, has promoted its current Sweden boss, company veteran Peter Agnefjall, 41, to the post of chief executive from September 2013. Mikael Ohlsson, leader since 2009, had informed the board he wished to step down after 34 years with Ikea. The reshuffle came as the firm pledged to speed up [...]
Former UBS trader’s spread betting losses September 18, 2012 KWEKU Adoboli, the former UBS trader accused in a case involving losses of $2.25bn (£1.39bn) for the firm, lost £123,000 in the year running up to his arrest as a result of personal trading on a spread betting account, a jury has been told. Adoboli, who is accused of fraud by abuse of position and [...]
China-Japan conflict hits trade September 18, 2012 THE FIERCE stand-off between China and Japan has taken its toll on the two countries’ trading, after numerous big Japanese firms temporarily closed operations in China yesterday. Yesterday saw a continuation of the widespread violent protests that erupted last week, with attacks on well-known Japanese firms including Toyota and Honda, which drove many, including Panasonic, [...]
Brokers stand behind BEADS deal as political talks continue September 18, 2012 ANALYSTS have thrown their weight behind the BAE/EADS deal, with Standard & Poor’s rating the combined body A. This is a higher rating than the standalone firms. “We believe that should the transaction proceed, the business risk profile of the combined entity would benefit from stronger diversification and earnings stability,” said S&P credit analyst Abigail [...]
Russian central bank to sell off Sberbank stake September 18, 2012 A MAJOR stake in Russia’s largest bank will go on sale this week, it was announced yesterday, as the country’s central bank takes advantage of positive market sentiment. The 7.6 per cent stake of Sberbank is expected to bring in roughly $5bn (£3.1bn) for the Russian state, with 85 to 90 per cent of the [...]
Coke bottler mulls London listing plan September 18, 2012 COCA-COLA Hellenic, the Athens based soft drink bottling firm, is exploring plans to ditch its main Greek listing and reactivate its London stock listing, in a move which would shrink the Athens stock exchange volumes by a fifth. The firm last night said it was exploring “all options”, including a listing on the New York [...]
Atkins teams up with Aveva September 18, 2012 FRENCH nuclear reactor maker Areva and British engineering consultancy Atkins have set up a joint venture to bid for decommissioning contracts in Britain’s ageing nuclear sector, the companies said today. AREVA-ATKINS Partnership UK will seek to secure subcontractor work with companies appointed to manage sites owned by the Nuclear Decommissioning Authority, the firms announced.
A few green shoots show their heads in the City September 18, 2012 WHISPER it quietly, but are there finally signs that, when it comes to initial public offerings, the City is limping back to life? Not everyone has been entirely welcoming of the growing trend of Russian firms looking to IPO over here, but the news of Sberbank’s $5bn offering was surely a welcome green shoot in [...]
Bankers discuss the disposal of shares in Alexander Forbes September 18, 2012 ALEXANDER Forbes, the financial services company that owns actuarial consultancy group Lane, Clark & Peacock, is considering listing up to 25 per cent of its shares on the Johannesburg stock exchange, according to City A.M. sources. The company is owned by a private equity-led group which consisted at the time of the 2007 $1bn buy-out [...]
