Soco aims to boost share price with buyback plan August 24, 2011 SOCO International, the oil explorer, posted a rise in half year profits yesterday and said it might buy back shares to boost its flagging price. The cash-rich company said it is exploring options, some of which include returning cash to shareholders, after a 21 per cent drop in its share price this year. The explorer, [...]
Japan looks to control the yen August 24, 2011 Japanese authorities are to make $100bn available for investment by firms overseas, it was revealed yesterday. Attempting to curb the yen’s continued rise against the dollar, the ministry of finance hopes the credit facility, in place for a year, will prompt conversion of yen to foreign currencies on a mass-scale. It also announced that financial [...]
Fiat boss confirms targets August 24, 2011 Fiat chief executive Sergio Marchionne has confirmed the carmaker’s 2011 targets “for now”. Speaking at a conference in Italy yesterday, Marchionne said that Fiat’s domestic market was at its lowest since 1996, and that the stock’s underperformance had nothing to do with the costs of refinancing the carmaker’s big debt. The shares have lost 43 [...]
Faroe cheers first Shetland find August 24, 2011 Shares in Faroe Petroleum surged more than 15 per cent yesterday after the firm announced an oil discovery off the coast of the Shetland Islands at its first operated well. Faroe said the reservoir 7,000 feet below the sea bed contained better quality oil than expected. The Fulla prospect is just 31km from BP-operated Clair [...]
Melrose pushes Charter offer as earnings please August 24, 2011 MANUFACTURING investor Melrose hit back at critics of its bid for engineering group Charter International yesterday as it reported strong performances from its portfolio of companies in the first half. Melrose, which has had its 840p per share offer for Charter rejected by the company’s board, called for an extension to the current “put up [...]
CITY VIEWS: WAS THE UK RIGHT TO INTERVENE IN LIBYA AND IS THE REGION SAFER NOW GADDAFI IS ON THE WAY OUT? August 24, 2011 CLIVE GILBERT | INCEPTA INSURANCE “It is too early to say, as whether it is safer depends on the next incumbent. I think what was going on was wrong but whether we were right to intervene is another matter; it could be that there are ulterior motives or hidden agendas.” ADRIAN BEW | LLOYDS “I [...]
Ageas UK on a high as profit rises four-fold August 24, 2011 BARRY Smith, chief executive of insurer Ageas UK, celebrated a turnaround in the business yesterday after its profit rose more than four times to £35.4m in the first half. Shares in Ageas SA, which provides Tesco’s insurance, leapt almost 20 per cent yesterday after the UK branch said it had made record first-half income of [...]
Insurers brace for fresh claims as hurricane season hits the US August 24, 2011 INSURERS prepared to face a fresh round of catastrophe losses yesterday as hurricane Irene gained strength and moved up the eastern seaboard of the US towards densely-populated New York. Irene, rated a major Category 3 storm with winds of 115 miles per hour (185 km/h), roared through the Bahamas on a path set to hit [...]
Admiral hit by growth fears despite gains August 24, 2011 CAR insurance group Admiral shrugged off fears over the UK economy to post further double-digit profit and turnover gains in the first half of the year, but saw its share price slide due to fears over its business model. Admiral, which owns the price comparison site confused.com, said its pre-tax profit jumped 27 per cent, [...]
Russian broker Otkritie in 120pc earnings hike after hiring drive August 24, 2011 RUSSIAN brokerage Otkritie Securities raised its operating profit by 120 per cent in the year to December after more than doubling its total wage bill by hiring new staff, accounts showed yesterday. Otkritie, the City-based subsidiary of Russian investment bank Otkritie Financial Corporation, said operating profit hit £1.4m in 2010, up from £652,000 in 2009, [...]
