African Minerals’ protection call August 15, 2011 African Minerals, the largest firm on London’s Alternative Investment Market, will ask shareholders next month to vote on increasing its takeover protection, arguing that the company’s corporate profile is likely to rise once it starts producing iron ore. The provisions will be a diluted version of the Takeover Code, which does not currently cover the [...]
Wincanton pulls out of Europe August 15, 2011 British logistics company Wincanton yesterday sold off the remainder of its mainland European operations to Germany’s Rhenus for €44m (£38.8m). Rhenus will take on the branch’s 3,000 staff plus a €30m pension deficit. Wincanton said its withdrawal from Europe will help pay off its debts and help it focus on UK operations.
TROUBLE IN SOHO AS MILK & HONEY SOURS OVER ROOF DECK DISORDER August 15, 2011 THE newly-planted bushes and olive trees on the roof of Milk & Honey have proved a hit, at least with the well-heeled professionals who drink the members club’s lethal cocktails late into the night. But Soho residents are not so enamoured with the exclusive bar’s smart new roof terrace, making six noise-related complaints since the [...]
Mitie upbeat on order book August 15, 2011 CONSTRUCTION and outsourcing firm Mitie said its financial year had started well, with profit and revenues in line with expectations, and said a record order book means it is extremely positive about the outlook. Mitie, which provides services from cleaning to engineering, said yesterday it had made significant progress in each of its key target [...]
Spectris spends $475m on US firm Omega Engineering August 15, 2011 BRITISH electrical engineering firm Spectris has agreed to buy privately held Omega Engineering for $475m (£291m) to strengthen its industrial controls business. Surrey-based Spectris, which serves various industries including mining, pharmaceuticals and transport, said it would finance the deal from its existing cash and bank facilities. Spectris expects the acquisition to add to adjusted earnings [...]
Huawei sales rise 11 per cent as it gains ground on rival Ericsson August 15, 2011 CHINA’S Huawei Technologies, the world’s number two network equipment maker, posted an 11 per cent rise in its first-half sales yesterday as it closes in on market leader Ericsson. Huawei, one of China’s best-known names in the technology sector, faces a weak global economy due to US and European debt woes that could hamper telecom [...]
EPISODE 23: Heard through the doorway August 15, 2011 FOR the last week I’ve been walking on eggshells. Emma is anxious and agitated. Noel is under-stimulated and over-reactive. Maria is angling for a pay increase. Meanwhile the twins, according to Emma’s obstetrician, both seem comfortable and to be gaining weight. And I am simply tired. I stand, unobserved, at the kitchen door, my tie [...]
CITY MOVES | WHO’S SWITCHING JOBS August 15, 2011 RBC Capital Markets The corporate and investment banking arm of Royal Bank of Canada has promoted Harry Samuel (pictured) from global co-head of fixed income and currencies and global head of treasury services to chief executive officer, Europe. David Thomas, global head of technology and operations, has been promoted to chief operating officer, Europe. Samuel [...]
BEST OF THE BROKERS August 15, 2011 ADECCO JP Morgan rates the recruitment group as “overweight” with a target price of CHF35.80 (£27.89), concluding that the company’s long-term fundamentals appear solid and that even in a low growth environment for the sector it should deliver a good top line and profit growth. The broker says the key disappointment in Adecco’s second quarter [...]
FTSE rises but Eurozone still weighs on some bank stocks August 15, 2011 ARALLY by commodity issues on a brighter demand picture pulled Britain’s top share index higher yesterday, though weakness in banks dented some sentiment as investors looked cautiously ahead towards a key meeting today on the Eurozone debt crisis. French President Nicolas Sarkozy will meet German chancellor Angela Merkel in Paris to discuss further steps to [...]
