IFG Group returns sale proceeds November 5, 2012 IFG Group, the financial group offering administration services, yesterday announced it would give back €37.3m (£30m) to investors through a share buyback programme. The firm, which trades on the London Stock Exchange, is returning funds to shareholders after it sold its international division for £70m in July. The rest of the money is being used [...]
Panmure starts RAB share buyback November 5, 2012 RAB Special Situations Company yesterday authorised its new nominated adviser and sole broker Panmure Gordon to snap up £750,000 as part of a share buyback programme. Rab, which invests all its cash in its Rab special situations strategy, switched its broker two weeks ago from Fairfax to Panmure. Yesterday it told investors Panmure would take [...]
Greek coalition sets out latest austere budget November 5, 2012 GREECE’S government presented a new austerity package to parliament yesterday as a week of strikes and protests kicked off over proposals that politicians must approve if the country is to secure more aid and stave off bankruptcy. The process is also complicated by reports that Brussels may not strike a new agreement over Greece’s next [...]
ICE’s profit dips but exchange performs better than expected November 5, 2012 COMMODITIES exchange IntercontinentalExchange yesterday reported a dip in third-quarter profit as over-the-counter (OTC) North American natural gas and power contracts declined. However the results topped analyst expectations, helped by a lower tax rate and a drop in expenses. Net income attributable to the Atlanta-based exchange was $131.1m (£82m), or $1.79 a share, in the third [...]
M&S hires Knicker Queen Janie Schaffer November 5, 2012 MARKS & Spencer has hired Janie Schaffer (left), Victoria’s Secret’s chief creative officer and the founder of lingerie chain Knickerbox, to be its director of lingerie and beauty. Schaffer, known as “The Knicker Queen”, is to join the retailer early next year and will succeed Frances Russell, who has been promoted to director of womenswear, [...]
Olympics steel firm Severfield warns on profit November 5, 2012 OLYMPICS and Shard structural steel giant Severfield-Rowen yesterday saw shares plunge nearly 25 per cent after the firm posted a profit warning and said redundancies are likely. It forecast its profit this year will be “materially lower” than last year – down from a £6.8m pre-tax profit in 2011 to around £1m this year. The [...]
Centamin confident on gold mine lease as shares surge November 5, 2012 SHARES in Egyptian gold miner Centamin regained some lost ground yesterday, as it said it was confident it would win an appeal to prove its right to mine in the country was valid. Last week, an Egyptian administrative court said the company’s right to operate the flagship Sukari mine was invalid, sending the shares in [...]
Weir Group warns on slowing growth but confirms targets November 5, 2012 ENGINEERING firm Weir Group yesterday said orders fell in the third quarter, although it confirmed its full year profit guidance. Revenue and profit growth at the Glasgow-based pumps and valves maker edged down over the third quarter, largely due to a reduced order book, Weir said. Orders for the group fell eight per cent in [...]
Rio Tinto ramps up its Mongolia mine with Chinese power deal November 5, 2012 ANGLO-AUSTRALIAN copper miner Rio Tinto yesterday said it is set to start production in the next three months on the Oyu Tolgoi mine in Mongolia, after signing a deal with a Chinese power company to supply electricity to the site. Within the next few weeks, the flagship $6bn (£3.8bn) copper and gold mine will start [...]
Shanta increases production November 5, 2012 Explorer Shanta Gold yesterday said it was ramping up production at its flagship New Luika gold mine in Tanzania, as it forecast output of 6,000 ounces of gold in the fourth quarter. The miner also reiterated gold production for next year of 70,000 ounces. Shanta also said that Luke Leslie would join the board as [...]
