Second arrest from FSA over foreign exchange May 30, 2012 A 54-year-old man has been arrested as part of a FSA investigation into the same suspected unauthorised foreign exchange trading scheme that led to the arrest of “champagne trader” Alex Hope. In April City A.M. revealed 23-year-old Hope, who achieved notoriety after spending £125,000 on a single bottle of champagne and leaking the receipt to the media, had [...]
Berkeley to build homes and shops at £150m Wapping site May 30, 2012 FORTRESS Wapping is set for a new life as an upmarket housing estate, after homebuilder Berkeley Group bought the site for around £150m. Berkeley confirmed yesterday that it had agreed to take on the 15 acre site from media giant News International, which has moved to office space across the road. The firm’s subsidiary St [...]
Social gaming goldrush May 30, 2012 WHAT IS SOCIAL GAMING? Think Farmville, the Facebook game that encourages users to buy credits to build their agricultural paradise. Or think casino games, without the cash winnings. Even though most players don’t pay a thing, a small percentage do buy credits that enable them to accelerate their progress in the game. In short: it’s [...]
Glencore given nod for Viterra takeover deal May 30, 2012 SHAREHOLDERS of Canadian grain giant Viterra have voted in favour of Glencore’s $5.9bn (£3.8bn) takeover. An overwhelming 99.8 per cent agreed to the friendly takeover by the Swiss commodities company. Glencore, which is also looking to gain acceptance for a mega merger with miner Xstrata, still requires a green light from regulators. Viterra owns the [...]
BG Group sells off its Philippine power plants stake for £230m May 30, 2012 UK gas producer BG Group said yesterday it had agreed to sell its 40 per cent stake in two gas-fired power generation plants in the Philippines for $360m (£230.8m). The company said it would use the cash to extend its interests in more lucrative oil and gas production. The sale, to BG’s partner in the [...]
Fitch warns TNK-BP that board spat could cost its debt rating May 30, 2012 RATINGS agency Fitch has warned that fresh boardroom acrimony at Russian oil firm TNK-BP could result in a debt rating downgrade. Fitch said the resignation of chief executive and key investor Mikhail Fridman this week “is the latest in a series of signs that some form of separation between the joint venture’s partners appears to [...]
Centamin pay deal disputed May 30, 2012 THE shareholder spring continued at yesterday’s Centamin annual general meeting when shareholders voted down the gold miner’s bonus plans. Some 63 per cent of voters were against adopting the remuneration report, which partially waived the targets on which management bonuses would be based. Despite the backlash, the FTSE 250 company has no plans to change [...]
Premier Oil to increase stakes May 30, 2012 PREMIER Oil yesterday said it would raise its stakes in two fields off the coast of Norway. The FTSE 250 company is paying $27.5m (£17.6m) to give it a bigger slice of the Bream project. It is buying 20 per cent of one licence and 40 per cent of another from Skeie Energy. Premier’s total [...]
BORIS BIKE STAFF THREATEN OLYMPICS STRIKE May 30, 2012 JUST a day after strikes were averted on the Tube, workers on London’s Boris Bikes have threatened to walk out during the Olympics. The RMT union said it will ballot staff in a bid to secure reasonable working hours and a bonus during the Games. Operator Serco said the RMT was not a recognised union [...]
Severn Trent raises dividend and spending May 30, 2012 WATER company Severn Trent beat annual profit forecasts yesterday as it promised shareholders a special dividend and raised spending on upgrade work. Pre-tax profits fell 38.1 per cent to £156.7m as the firm spent around a fifth more on infrastructure improvements, leak reduction and repairs. Without exceptional charges, the firm reported underlying profit before tax [...]
