Kloppers bags $6.6m as BHP ices exec wages September 18, 2012 THE BASE salary for miner BHP Billiton’s senior executives will be frozen for the next year, the FTSE 100 firm’s annual report revealed yesterday, as it battles to counteract falling iron ore prices. Chief executive Marius Kloppers received no short-term incentive as well as having his salary frozen, due to the $3.3bn (£2bn) shale gas [...]
Faroe Petroleum profit jumps after a surge in oil production September 18, 2012 NORTH Sea-focused Faroe Petroleum yesterday posted a sharp rise in profit, boosted by increased production thanks to a number of acquisitions. The Aim-listed producer reported that profit after tax for the six months to 30 June increased to £3.7m, up from a £10.1m loss over the first half of last year. A “significant increase” in [...]
Dole bags $1.7bn from sale of businesses to Japan’s Itochu September 18, 2012 DOLE Food Company said yesterday it will sell two businesses to Japan’s Itochu for $1.7bn (£1.05bn) in cash – a deal that will help the world’s largest fruit and vegetable producer pay down its heavy debt load while expanding Itochu’s food presence in new markets such as China. Dole has been struggling with volatile demand [...]
FedEx lowers its 2013 profit view as stretched customers cut back September 18, 2012 FEDEX lowered its 2013 profit target yesterday, saying earnings could slide as much as six per cent for the year, as a weakening world economy prompts customers to shift toward lower-priced and slower shipping options. The world’s second-largest package delivery company said makers of electronics and mobile phones had begun to move more of their [...]
Fortescue agrees debt facility September 18, 2012 ■ Australia-focused Fortescue Metals Group has agreed a $4.5bn (£2.7bn) debt facility, as it moves to shore up its balance sheet in the wake of falling iron ore prices. The debt, underwritten by Credit Suisse and JP Morgan, gives the Perth-based company until November 2015 to make its first repayment. Iron ore prices have plummeted [...]
Shares sink in Leni Gas and Oil September 18, 2012 ■ Shares in Leni fell 14.96 per cent yesterday, as the exploration company reported a rise in pre-tax losses to £971,000 from £808,000 over the six months to 30 June, largely down to administration expenses. Revenue increased to £1.75m, from £1.5m. Leni, currently involved in a legal dispute with Mediterranean Oil and Gas over assets [...]
Work Group issues profit warning September 18, 2012 ■ Work Group’s Aim-listed shares plunged almost 20 per cent yesterday after the recruiter warned that profits for the current year will be below market expectations. The firm said net fee income fell four per cent to £6.2m in the first six months of 2012, and pre-tax losses were cut by nearly three-quarters on a [...]
City Moves | Who’s switching jobs September 18, 2012 Barclays Tom Wood has been appointed head of professional services at the banking group. He joined Barclays in 2007 as a relationship director, and most recently spent three and half years as corporate director and deputy head of its professional services team. Wood has also held roles at RBS. Jupiter Asset Management Andrew Clark has [...]
Best of the Brokers September 18, 2012 BRITISH AMERICAN TOBACCO Nomura has raised its target price by 3.5 per cent to 3,500p and maintains its “buy” rating on the tobacco seller. BAT is enjoying better volumes in Japan, offset slightly by tougher competition from bootleggers in Brazil, the broker points out. For the year, Nomura has raised its earnings per share estimate [...]
FTSE feels pain from Spain as the Eurozone waits for a bailout plea September 18, 2012 BRITAIN’S top share index eased for a second day yesterday, retreating further off recent six-month highs on uncertainty over whether steps taken by the US and Europe will be enough to kick-start the global economy. In UK’s top trading partner the Eurozone, a big hurdle is Spain. Madrid’s reluctance to make a formal request for [...]
