Protest vote at FirstGroup over executive pay July 17, 2013 ALMOST 30 per cent of FirstGroup shareholders voting in yesterday’s annual meeting refused to back the transport group’s pay plans for its top staff. And 22.7 per cent of shareholders voted against the reappointment of Martin Gilbert, who is stepping down as chairman once a replacement is found. Gilbert announced his departure in May alongside [...]
Philippines firm makes takeover bid for HR Owen July 17, 2013 LUXURY car retailer HR Owen yesterday received a takeover offer from its biggest shareholder. Philippines-based conglomerate Berjaya, which distributes Mazda’s cars in the Philippines, bought a 29.8 per cent stake in the firm for £8.3m last month. It said yesterday it was willing to pay 130p per share to buy the rest of the company, [...]
Walkie-Talkie awaits more calls July 17, 2013 PROPERTY giant Land Securities said yesterday that it expects the Walkie-Talkie skyscraper to be two thirds let by its completion next year, in a sign of growing confidence in the market. The City office market has seen a pick-up in leasing activity in the past year as companies who had previously shelved plans rushed to [...]
Derwent London plans to tap the bond market for £150m July 17, 2013 DERWENT London yesterday announced plans to launch £150m of unsecured convertible bonds, as it looks to lower debt costs and fund developments. The West End property firm said the move would help to extend maturities and provide “an appropriate mix of secured and unsecured debt, taking advantage of current favourable market conditions”. It also plans [...]
Bargain Booze owner to raise £65m in London Aim listing July 17, 2013 THE COMPANY behind Bargain Booze announced plans yesterday to launch on London’s Alternative Investment Market (Aim) as the north west-based off-licence chain looks to target thirsty shoppers in the south of England. Conviviality Retail, which also trades as Bargain Booze Plus, Select Convenience and Thorougoods, said it hopes to raise £60m to £65m through a [...]
BHP Billiton’s iron ore output beats forecasts July 17, 2013 FTSE 100-listed BHP Billiton yesterday said that production at two of its mines had beaten guidance this year and expansion of its iron ore division is running ahead of schedule. Yet despite petroleum output increasing by six per cent to 235.8m barrels of oil, it fell short of BHP’s 240m guidance. Total iron ore production [...]
BP asks US judge for temporary halt to Gulf of Mexico payments July 17, 2013 FTSE 100-listed oil giant BP has asked a US judge to temporarily halt payments to people and businesses who say they lost money after the Gulf of Mexico oil disaster. BP said in a New Orleans court filing that a “brief pause” is necessary until an investigation into alleged misconduct over the settlement claims is [...]
Hochschild tops FTSE 250 as pay and board cuts please investors July 17, 2013 LATIN American miner Hochschild topped the FTSE 250 index yesterday, after reducing the board and slashing directors’ salaries. Shares in the company, which produces silver and gold from mines in Peru and Argentina, jumped as much as 10 per cent in morning trade as investors reacted well to the cost cuts in the face of [...]
Fresnillo’s gold loses its lustre as silver shines July 17, 2013 FTSE 100-listed miner Fresnillo yesterday reported a 6.3 per cent increase in quarterly silver production but lowered its full-year guidance for gold output. The year-on-year increase in silver output was a result of increased volumes at two of the firm’s mines and silver will meet guidance this year, the company said. However, gold output fell [...]
Strauss-Kahn joins Russian bank July 17, 2013 Dominique Strauss-Kahn, the former head of the International Monetary Fund, has joined the supervisory board of a bank owned by Russian state oil major Rosneft. He will take a seat on the supervisory board of Russian Regional Development Bank, according to a regulatory filing by the bank.
