Vedanta buys Cairn India stake July 12, 2011 Vedanta Resources has completed the purchase of a 10 per cent stake in the Indian arm of Cairn Energy, in a deal valued at around $6bn (£3.77bn). The move comes after Cairn Energy agreed last week to sell a 40 per cent stake in Cairn India to Vedanta. The sale, one of the largest in [...]
Wolseley sells Electric Center July 12, 2011 Wolseley, the builders’ merchant, signed an agreement to sell its Electric Center business to Edmundson Electrical, a leading distributor of electrical equipment in the UK. The sale will be completed in the next few weeks following a period of employee consultation, the group said in a statement yesterday. It follows the sale of its Brandon [...]
CITY MOVES | WHO’S SWITCHING JOBS EDITED July 12, 2011 Ernst & Young The accountancy firm has strengthened its UK mining and metals team by appointing David Russell as a director, in advance of an anticipated acceleration of IPO and M&A activity in the resources sector. Russell has worked in Africa, Canada and Australia over his 30-year career in the industry, largely as a mining [...]
BEST OF THE BROKERS July 12, 2011 BRITVIC RBS rates the soft drinks maker a “buy” with a £5 target price as it believes Britvic has now hedged against 95 per cent of its input cost inflation – expected to be 9-11 per cent in the UK this year – leaving it protected against further shocks. RBS expects third-quarter trading to be [...]
FTSE extends losses as Eurozone debt fears grow July 12, 2011 FINANCIALS and commodity stocks led a sharp fall on Britain’s FTSE 100 yesterday as investors extended a recent sell-off on worries that Europe’s debt problems would spread beyond Greece, Portugal and Ireland. Eurozone finance ministers on Monday promised cheaper loans, longer maturities and a more flexible rescue fund in an effort to prevent debt contagion [...]
European fiscal worries push US stocks down July 12, 2011 US STOCKS closed lower for a third straight day yesterday as Europe’s fiscal woes and a weak start to tech earnings gave investors little reason to buy even after the recent losses. Moody’s downgrade of Ireland’s credit rating late in the session provided the latest jolt to stock investors, reminding them of the scope of [...]
REFRESHED RORY’S READY FOR ACTION July 12, 2011 MAN of the moment Rory McIlroy insists slipping back into competitive mode will be the easiest part of coming to terms with his breakthrough success at last month’s US Open. The 22-year-old took three weeks off following his record breaking maiden Major victory at Congressional, a move that has been criticised by his former Ryder [...]
Donald: Links effect is set to test players to the limit July 12, 2011 WORLD No1 Luke Donald admitted he was brought back down to earth by the demands of this year’s Open course at Royal St George’s. The Englishman shot a 63 at Castle Stuart on Sunday to claim the Scottish Open, but found the going rather tougher in his first practice round at Sandwich ahead of this [...]
City reject Corinthians £35m offer for Tevez July 12, 2011 MANCHESTER CITY have rejected a £35m offer from Corinthians for their Argentina striker Carlos Tevez. The former Manchester United player (right), who left Corinthians in 2006 for West Ham, is desperate to quit the Premier League in order to be closer to his young family who are based in his native Argentina. Tevez’s long-time advisor Kia Joorabchian, [...]
Woodward calls for calm at RFU July 12, 2011 FORMER England manager Sir Clive Woodward has urged the Rugby Football Union to put off-field problems behind them and allow all focus to fall on the team at the World Cup. It has emerged the RFU could lose another senior figure, with chief disciplinary officer Jeff Blackett considering his position with the national body. Former [...]
