Rockhopper set to invest £1.3bn in Falklands plan September 14, 2011 BRITISH oil group Rockhopper Exploration has unveiled plans for a $2bn (£1.3bn) investment in the Falkland Islands, a move which will transform the remote territory into a new oil province. The emergence of the British-governed territory as an oil producer will likely stoke tensions with Argentina, which 30 years ago fought a war against Britain [...]
UK energy firm Hargreaves in 18pc profit rise September 14, 2011 BRITISH energy support services firm Hargreaves Services posted an 18 per cent rise in full-year pre-tax profit yesterday, bolstered by robust coke and coal sales in Europe, and said it expects strong demand for high-grade coal from steel producers. The supplier of solid fuels and bulk material logistics said it would pay a final dividend [...]
RSM Tenon in share fall as dividend cut September 14, 2011 ACCOUNTANCY firm RSM Tenon saw its share price dented yesterday after announcing that it would slash its annual dividend. The company said the move was “prudent” in a tough trading environment, while also reporting a rise in profits. Pre-tax profits increased to £27.1m in the 12 months to 31 June, compared to £24.1m during the [...]
Mirrlees means it’s game over for 50p tax rate September 14, 2011 THE debate about the 50p tax swirls on, but there is only one question that really matters: does it work? Does it actually raise any money for the Treasury, that is? Opinion polls show that the public only supports the tax on the grounds that it raises money; if it doesn’t, then the majority are [...]
Pepsi shakes up drinks unit in bid to boost its business September 14, 2011 PEPSI announced a shake-up of its beverages unit yesterday, appointing a new head to try to turn around the business, which has lagged behind Coca-Cola in North America. Pepsi named Albert Carey, a 30-year PepsiCo veteran who most recently ran its Frito-Lay North America unit, to be chief executive of PepsiCo Americas Beverages, effective immediately. [...]
Allergan confident on Botox September 14, 2011 Allergan, the global pharmaceutical company that makes Botox and breast implants, has forecast nearly £1bn in Botox sales this year, and said the company continues to be robust in the US despite a sluggish economy. Botox, most commonly used to smooth wrinkles, has recently acquired US approval to treat migraine headaches and overactive bladders, positioning [...]
Wal-Mart invests in women September 14, 2011 Multinational retailer Wal-Mart has announced that it plans to commit $5bn (£3.2bn) annually by 2016 in the US to double the amount spent on training women, and sourcing from international suppliers run by women. Wal-Mart also plans to help train and educate 400,000 women into jobs, and in financial-related skills.
Brooks Macdonald profits rise September 14, 2011 Integrated wealth management group Brooks Macdonald has released end-of-year results showing pre-tax profits of £7.3m, a 28 per cent increase on 2010. The figures, released yesterday, also revealed that total funds under management increased by 36 per cent, to nearly £3bn. Chris Macdonald, chief executive of the AIM-listed company, said that the results are “significant” [...]
CITY MOVES | WHO’S SWITCHING JOBS September 14, 2011 NS&I Lord Sassoon, the commercial secretary to the Treasury, has appointed Sir John de Trafford as the new chairman of the board of NS&I to replace Martin Gray, effective from 1 January 2012. De Trafford, who joined the board of NS&I as a non-executive director on 1 January 2010, spent his early career at Unilever [...]
BEST OF THE BROKERS September 14, 2011 CLOSE BROTHERS UBS rates the merchant bank “neutral” with a 12-month target price of 700p, down from 780p. The broker notes that market levels have dropped materially since the firm’s last update in July, and has cut its 2012 estimates by 11 per cent. UBS is cautious about the outlook for equity volumes, corresponding to [...]
