Northern Rock office to close December 6, 2011 UK Asset Resolution, the body set up by the government to manage the toxic assets resulting from the collapse of Northern Rock and Bradford & Bingley, will close down a north east England site in a move that will affect 700 staff. UKAR said in a statement that it planned to withdraw staff from its [...]
Miners losing due to poor governance December 6, 2011 THE BOSSES of some mining companies are letting their shareholders down by ignoring corporate governance issues, a hard hitting report has found. According to the research, dozens of London-listed firms are missing out on making more money for their investors through their bungling in the boardroom. Half of the 179 listed companies have lost shareholders [...]
Xstrata sees resources boost December 6, 2011 XSTRATA, the world’s fourth-largest copper miner, expects to benefit from supply troubles hitting the metal globally, it said yesterday, as it reported increased resources and said its own key projects were on track. A drastic fall in output at Chile’s Escondida, the world’s largest copper mine and majority owned by global miner BHP Billiton, as [...]
Greencore operating profits slide but firm is upbeat after Uniq acquisition December 6, 2011 IRISH food group Greencore expects significant profit growth in 2012 helped by its Uniq acquisition and as cost price inflation eases, after it reported 2011 results in line with analyst expectations. Greencore, one of the biggest sandwich and ready meal suppliers to Britain, said it still planned to play a role in the consolidation of [...]
Veolia Environment plans transport business sale in a bid to cut its debt December 6, 2011 VEOLIA Environment, pressured by a slumping share price and two straight profit warnings, aims to sell its transport business as part of a plan to shed €5bn (£4.3bn) of assets in the next two years. The world’s biggest listed water group also plans to slash its dividend by 42 per cent and aims to cut [...]
European Goldfields gets fresh takeover approach December 6, 2011 EUROPEAN Goldfields shares were halted on the Toronto Stock Exchange after a report the developer of mines in Greece has been approached about a takeover by Eldorado Gold. In a statement, European Goldfields acknowledged its “recent trading activity” and confirmed it had “received preliminary and indicative approaches from third parties regarding potential corporate transactions.” It [...]
MOUCHEL NAMES FOURTH CHAIR OF 2011 December 6, 2011 STRUGGLING infrastructure group Mouchel named former Deloitte senior partner David Shearer its new chairman yesterday, making him the fourth holder of the post this year. Describing him as a “turnaround specialist”, Mouchel said Shearer would replace interim chairman Sir Michael Lyons on 9 January next year. Shearer joins Mouchel after a string of profit warnings [...]
Total to buy GDF Suez stake December 6, 2011 Total, operator of the Elgin/Franklin fields in the British sector of the North Sea, yesterday announced it was buying GDF Suez’s share in the two fields for €590m (£507m). This participation is held through a 22.5 per cent interest in the company Elgin Franklin Oil & Gas (EFOG). By giving Total control of the whole [...]
Northgate driving profits December 6, 2011 Van-hire group Northgate said it would focus on current assets rather than growth, after that approach enabled it to post a 19 per cent rise in pre-tax profit to £32.3m yesterday.
Frontline plans restructuring December 6, 2011 Frontline, the largest independent global oil tanker operator, has unveiled a restructuring plan that should spare its investors a lot of pain and force Ship Finance International to take a big hit. Industry bellwether Frontline will split in two, with the listed entity relieved of much debt and handed new charter rates, in an attempt [...]
