CITY VIEWS: IS THE ARCHBISHOP OF CANTERBURY RIGHT TO SAY THE CITY SHOULD REPENT FOR CAUSING THE CRISIS? September 16, 2009 LEE VELLEMAN BANCO ESPIRITO SANTO“The public perception of the City is that everyone belongs to the higher echelons of salary and decision making, but for the most part, we are not. To tar every City worker with the same brush is misleading and shows a lack of understanding. It’s like saying that all athletes take [...]
Tenon hails ninth profit rise in a row September 16, 2009 ACCOUNTANCY firm Tenon hailed a ninth straight year of profit growth in its full-year results yesterday, as the firm continued to outperform recession-hit rivals. Andy Raynor, chief executive of the self-styled “adviser to entrepreneurs”, described the profit rise as “an achievement”. He boosted the firm’s dividend seven per cent to 1.5p a share, as its [...]
UK Coal will raise 100m to pay debt September 16, 2009 LOSS-MAKING miner UK Coal’s £100m share placing will be priced at a 37.6 per cent discount to Tuesday night’s closing price of 120.25p. The issue of 142m shares is priced at 75p a share, and will see the company’s market value almost double. UK Coal’s biggest shareholder, Peel Holdings – which owns 28.28 per cent [...]
Eurasian eyeing African rival September 16, 2009 MINING group Eurasian Natural Resources (ENRC) said yesterday it was in advanced talks to buy the Central African Mining and Exploration Company (Camec), in a deal which could be worth £574m. The Kazakh company, which produces raw materials for steelmaking and provides them to Russia and China, said it was considering a cash offer of [...]
Zara owner Inditex posts forecast-beating profits September 16, 2009 INDITEX, the owner of fashion chain Zara, yesterday released forecast-beating profits, and said new store openings had buoyed sales. The group reported net profit fell eight per cent to €375m (£334m) for the six months to July, ahead of analyst expectations of €355m. Sales were up by nine per cent from the same period last [...]
Chi-X follows LSE in speedy IT overhaul September 16, 2009 AN ARMS race has broken out between the world’s top stock exchanges as they rush to revamp their computer systems in a bid to improve performance and win back business from their newer rivals. Chi-X, which launched in March 2007, will today announce an agreement with IBM to use the IT giant’s high-speed messaging technology [...]
National Express strikes are off September 16, 2009 Strikes on National Express’ East Anglia route, which were set to last for six days, have been called off. Drivers’ union Aslef and the rail company reached a deal on pay after weeks of talks. The union will take a 3.5 per cent pay rise over two years, plus a productivity settlement which may mean [...]
Chemring buys 80m company September 16, 2009 Defence group Chemring yesterday spent £80m buying a US engineer which specialises in the controlled explosions used during space missions. Hi-Shear’s pyrotechnics are used to create the small blast which separates spent fuel tanks from rockets, and to blow off the roof of a fighter plane before it launches an ejector seat. Chemring’s energetics division [...]
Alkane Energy’s profits soar September 16, 2009 Alkane Energy, the coal mine methane specialist which gets no renewable-energy subsidy, said yesterday its half-year underlying profits had risen 25 per cent to £1.4m, as it increased production from its current 20 megawatts to a three-years target of 50 megawatts – enough energy to power a small town. The firm is seen as a [...]
Bankers and miners lead the way past the 5,100 mark September 16, 2009 The FTSE 100 hit its highest closing level in a year yesterday, led by banks and miners and spurred by appetite for risky assets as optimism about the pace of global economic recovery intensified. The index closed up 82 points, or 1.6 per cent higher, at 5,124.13 – the highest close since late September last [...]
