Schneider to spend €1.4bn on Telvent June 1, 2011 FRENCH power network equipment specialist Schneider Electric is to buy energy software provider Telvent for €1.36bn (£1.2bn) as part of its push into energy efficient grids and emerging markets. The takeover bid is backed by US-listed Telvent’s main shareholder and would give Schneider Electric a stronger presence in software to complement its equipment sales. Telvent’s [...]
Russian tax freeze set to hit Gazprom June 1, 2011 RUSSIA will not increase its mineral extraction tax for independent gas producers, finance minister Alexei Kudrin said yesterday, leaving state export monopoly Gazprom to bear the brunt of tax increases. Gazprom deputy chief executive Alexander Ananenkov warned that if the ministry carries through with proposed output levies, production would decline. “More gas will end up [...]
UN REPORT HIGHLIGHTS JAPAN NUCLEAR FAILURES June 1, 2011 JAPAN underestimated the risk of tsunamis and needs to closely monitor public health after the crisis at the Fukushima Daiichi nuclear plant, a team of international safety inspectors said in a preliminary review of the disaster. The report from the International Atomic Energy Agency highlighted some of the well-documented weaknesses that contributed to the crisis [...]
Rockhopper up on Falkland oil June 1, 2011 ROCKHOPPER Exploration yesterday reported “enormously encouraging” results at a Falkland Islands oil well and said it would conduct further tests over the next month to help establish its commercial viability. “The well has been highly successful, proving a very thick, high quality reservoir package and a substantial oil column,” the company said yesterday. “The geological [...]
Aquarius halts Blue Ridge mine June 1, 2011 AQUARIUS Platinum’s wholly-owned subsidiary Ridge Mining has decided to suspended the funding of the jointly-owned Blue Ridge Platinum mine. The suspension follows a review of its economic viability in the current group metals rand price environment, pending a decision by the board of Blue Ridge to place the mine on care and maintenance. Aquarius Platinum’s [...]
CITY MOVES | WHO’S SWITCHING JOBS June 1, 2011 Religare Capital Markets Richard Thompson has joined Religare Capital Markets as head of investment banking for the London listings and broking business. Thompson joins from Fox-Davies Capital, where he was head of investment banking. Three other members of the Fox-Davies Capital team have also joined RCML: Philip Davies, who will focus on equity capital markets [...]
BEST OF THE BROKERS June 1, 2011 FRANCE TELECOM Nomura rates the company a “buy” and has a target price of €19.20 (£16.84). The broker has raised its earnings forecasts ahead of consensus following an investor day. The broker also thinks that the company is well placed to step up its investment phase in the near term, and sees an opportunity for [...]
Economic shocks sent FTSE back below the 6,000 mark June 1, 2011 BRITAIN’S top share index dropped back yesterday as below-par US economic pointers and weak UK manufacturing and housing data intensified investor concerns about the strength of the global economy. At the close, the FTSE 100 index was down 61.38 points, or one per cent, at 5,928.61, reversing sharply in the afternoon after briefly pushing back [...]
Wall Street sell-off on recovery fears June 1, 2011 WALL Street ended a four-day rally with its worst session since August yesterday and could suffer more losses in coming days as investors faced more signs the economic recovery is fading. All 10 Standard & Poor’s sectors ended more than one per cent lower and all 30 stocks in the Dow industrials fell. Banks were [...]
Demographic trends set to lead to boom in healthcare June 1, 2011 INVESTORS have been profiting from a healthcare revolution sweeping the globe, which still has a long way to run. Stephen Barber of Selftrade notes two global demographic changes set to increase demand for healthcare: “The ageing population and the growth of the middle classes in the emerging world, led by China and India.” Across the [...]
