Oil explorer Tullow announces fresh discovery at Kenyan well November 26, 2012 TULLOW Oil confirmed yesterday that its Twiga South-1 well in Kenya had discovered oil, raising prospects that the region holds a significant reservoir. The British explorer said it had found 30 metres of net oil pay at the well, its second at the Lokichar Basin, onshore Kenya. The oil was of a similar quality to [...]
Rosneft may use TNK-BP cash and loans to fund takeover November 26, 2012 ROSNEFT may dig deeper into its pockets and raise funds from TNK-BP to help finance its $55bn (£34.3bn) takeover of the Anglo-Russian oil firm that will make it the world’s largest listed oil firm by output. Rosneft said in a Eurobond prospectus, dated 23 November, that it may use its and TNK-BP’s existing cash – [...]
Cobham recruits chief financial officer from listed peer Senior November 26, 2012 DEFENCE manufacturer Cobham yesterday poached the group finance director of its FTSE 250 aerospace technology rival Senior to become its new chief financial officer. Simon Nicholls will leave Senior at the end of April next year after five years in the post to replace outgoing Cobham CFO Warren Tucker, who will stand down at the [...]
Essar Energy gets boost from Stanlow as earnings increase November 26, 2012 POWER plant operator and oil refiner Essar Energy yesterday reported an 18 per cent rise in core earnings for the first-half as the benefit of a contribution from its Stanlow refinery in Cheshire offset its struggling Indian power business. The company, which is 77 per cent-owned by privately held Indian conglomerate Essar Group, said operational [...]
ILVA may close plant over seizure November 26, 2012 Italy’s ILVA said it may have to close Europe’s biggest steel plant after judges ordered the seizure of steel and semi-finished products in a corruption probe that saw several managers arrested yesterday. Justice system officials said the prosecutors arrested Emilio Riva, chairman of the group that owns ILVA, and six others including his son Fabio. [...]
Ex-SAC manager granted bail November 26, 2012 A former SAC Capital portfolio manager was released on $5m bail yesterday after making his first appearance in a New York court on charges of making illegal trades that hedge fund titan Steven A Cohen personally signed off. Mathew Martoma, 38, of Boca Raton, Florida, was charged last week in what US prosecutors called “the [...]
Regulators to discuss derivatives November 26, 2012 Global regulators will meet in New York tomorrow to hammer out a deal on how to supervise the $650 trillion derivatives market. The Commodity Futures Trading Commission has been criticised by other regulators for its aggressive stance in applying domestic US rules to traders abroad. Together with the Securities and Exchange Commission, it will now [...]
Who’s switching jobs November 26, 2012 Alvarez & Marsal The professional services firm has appointed Faisal Galaria as a senior director. He was previously vice president of Spotify, where he was responsible for mergers & acquisitions and strategic partnerships. Galaria has also held senior roles at Skype and eBay. Pinsent Masons Jonathan Beastall has been appointed to the law firm’s corporate [...]
Best of the Brokers November 26, 2012 BRITISH LAND UBS has upgraded the property firm from a “neutral” rating to “buy”, citing reduced risk from the company’s “ageing portfolio”. UBS upped British Land’s target price to 580p. COMPASS GROUP Analysts at Nomura have upped their guidance on the caterer, increasing the price target from 800p to 832p on the back of improving [...]
Black Friday hangover dogs Wall St stocks November 26, 2012 WALL Street slipped yesterday, pulling back from last week’s gains, as retailers fell on concerns about heavy discounts at the start of the US holiday shopping season and the overhang of the “fiscal cliff” kept investors wary of making big bets. The Nasdaq outperformed to close higher, led by gains in eBay and as Apple [...]
