Vale close to uranium success November 18, 2009 AIM-LISTED Vane Minerals said yesterday that recent drill testing at the Wate breccia pipe in northern Arizona had yielded significant high-grade uranium deposits. The project is within the Vane-Uranium One Exploration USA joint venture in which the company’s wholly-owned subsidiary, Vane Minerals (US), holds a 50 per cent interest. Matthew Idiens, director of corporate development [...]
BEST OF THE BROKERS November 18, 2009 INMARSATInvestec downgraded Inmarsat to “hold,” saying the company’s launch of its global satellite phone services (GSPS) and in-flight mobile services have presented significant long-term growth opportunities. This combined with the potent mix of Inmarsat’s high operational leverage and underlying fundamentals have driven the broker to upgrade its assessment, with the target price rising from 650p [...]
C&W pension fund could need 100m November 18, 2009 CABLE & Wireless may be forced to agree an additional £100m payment into its pension fund before it can go ahead with the planned de-merger of its business units. The firm said on Tuesday it had revived plans to split its Worldwide unit, which supplies companies in Europe, Asia and the US, from its international [...]
American Express pays $300m for online firm November 18, 2009 American Express has agreed to acquire Internet-based payment platform Revolution Money for $300m (£179m), the credit card company said yesterday. Revolution Money, launched by AOL co-founder Steve Case’s Revolution in 2007, provides payments through an internet platform and prepaid cards that can be used for offline payments or to withdraw cash from ATMs in the [...]
Three banks get EU approval November 18, 2009 Plans by three major European banks to sell chunks of their operations in return for state aid were approved by EU authorities yesterday, marking the latest regulatory-enforced financial break-ups. In reviewing a raft of bank bailouts across the 27 European Union member states, the European Commission has forced lenders to divest assets, close branches, reduce [...]
CITY MOVES WHO’S SWITCHING JOBS November 18, 2009 LaSalleThe property investor has appointed Uwe Rempis as head of asset management for Northern Europe. Rempis has been at the firm since 2007 and has been actively involved with asset management and acquisition for a number of its German and European funds. He originally joined from Allianz Immobilien, where he also worked in property and [...]
Close Brothers says bad debts are falling as it signals strong start to year November 18, 2009 CLOSE BROTHERS, the merchant bank, has made a strong start to its financial year as funds under management grew and the loan book increased and bad debts fell. The 131-year-old bank, which financed the first railway in Alaska, said its loan book had grown by three per cent to £2.43bn in the three months to [...]
ON BOARD AT LADBROKES November 18, 2009 LADBROKES, the bookmaking group, has appointed two high-profile non-executive directors. The group has invited Trinity Mirror chief executive Sly Bailey (left) and J Sainsbury chief financial officer Darren Shapland to join the board with immediate effect.
Wolseley in grim outlook as profit falls November 18, 2009 SHARES in Wolseley took a hammering yesterday after the world’s biggest builders’ merchant and plumbing supplier said it saw no sign of recovery in its key construction and industrial markets. Group profit plunged 41 per cent in the three months to the end of October to £104m as revenues fell 13 per cent to £13.4bn. [...]
Murdoch’s plan to make readers pay needs work November 18, 2009 JUST over twenty years ago, Rupert Murdoch changed the face of the British newspaper industry. He smashed the all-powerful print unions, enabling him to cut costs and produce multi-section newspapers that were profitable. There was lots of hand wringing at other newspaper groups, but everyone on Fleet Street followed. Now that the newspaper industry is [...]
