Lavazza increases coffee stake September 11, 2012 ■ Coffee firm Lavazza increased its stake in Green Mountain Coffee Roasters, giving the Italian coffee roaster control of 6.8 per cent of the US company, according to a securities filing. Lavazza now owns about 10.5m shares of Green Mountain, owner of the Keurig single-cup coffee brewing system. Lavazza had owned 7.7m shares, or 4.99 [...]
Shell suspends Arctic drilling September 11, 2012 ■ Royal Dutch Shell has halted its controversial search for oil in the Arctic as a precautionary measure just one day after the drilling campaign began. The firm said it suspended operations after encountering ice near the drill ship, and plans to resume once the ice has passed. Greenpeace is lobbying Shell to permanently stop [...]
US government sells more AIG stock September 11, 2012 ■ The US government will sell an additional $2.7bn in AIG stock as underwriters of the insurer exercised their over-allotment option, bringing the Treasury Department’s total proceeds from the public offering to $20.7bn and taking its remaining holding down to 15.9 per cent. The government says it has made a $15.1bn profit on the stock [...]
Westfield eyes Croydon mall September 11, 2012 WESTFIELD has submitted plans for a new shopping centre in Croydon. The Australian mall firm hopes to redevelop the Whitgift Centre in the middle of Croydon into its third London site, and has pledged to deliver 5,000 permanent jobs and new travel links. The firm added yesterday that retailers operating in the existing shopping centre [...]
French perfume maker Coty buys time on flotation plans September 11, 2012 COTY, the perfume maker behind the Calvin Klein and Marc Jacobs fragrance brands, is understood to have postponed plans to float in New York later this year. The French company, which filed documents with American regulators at the end of June for an initial public offering, is reconsidering the float to give Michele Scannavini, who [...]
Qatar refuses to rule out new Glencore offer September 11, 2012 QATAR Holding, the second-largest shareholder in Xstrata, said yesterday it was yet to decide on the revised offer put forward by Glencore, suggesting the merger may survive. Commodities giant Glencore laid out its final £36bn offer for miner Xstrata on Monday, after months in a stand-off with Qatar, which demanded an improved merger ratio to [...]
Malema calls for national strike as Lonmin workers stay away September 11, 2012 RENEGADE African National Congress politician Julius Malema yesterday called for a national strike in South Africa’s mining sector, stirring fear of a further escalation in the unrest, as just three per cent of all workers at Lonmin’s Marikana mine yesterday turned up for work. It is understood more intimidation and violence has been taking place [...]
Vedanta shut operations in Goa September 11, 2012 ■ Miner Vedanta has shut its operations in Goa, it announced in a statement yesterday. Sesa Goa, a subsidiary of the FTSE 100 company and the largest producer and exporter of iron ore in India, has stopped iron ore extraction in the area. The order, with immediate effect, said that the suspension of operations will [...]
Magnolia adds two more wells September 11, 2012 ■ Magnolia Petroleum yesterday announced it added two more wells to its portfolio in North Dakota, targeting the Bakken and Three Forks Sanish formations. Both wells are operated by Brigham Oil & Gas, and Magnolia said it expects to add four more wells in Williams County, also operated by the energy firm, in the near [...]
Revenue rises at Sefton Resources September 11, 2012 ■ US-focused Sefton Resources announced yesterday oil revenue rose by 13 per cent to $2.28m (£1.42m) in the first half thanks to increased oil production. Oil production jumped nine per cent to 21,755 barrels over the six months to 30 June, up from 19,874 barrels over the same period last year. The junior stock market-listed [...]
