Sany Heavy to delay retail IPO September 20, 2011 CHINA’S Sany Heavy Industry has delayed the retail portion of its planned $3.3bn (£2.09bn) Hong Kong share offering, saying it needs more time to meet investors before pricing. Any delay during a share-sale process is usually indicative of lack of interest in the deal, but it was unclear whether Sany Heavy, China’s largest construction machinery [...]
Glasenberg buys more shares September 20, 2011 Glencore chief Ivan Glasenberg has bought another 1.5m shares in the commodities trader at 437.67p per share, adding to the £13.5m he bought on Monday and the £10m he spent last week. Glasenberg plans to use his dividend income to buy up shares, with yesterday’s £6.56m investment topping up his total spend to around £30m [...]
Rio Tinto says demand is on track September 20, 2011 Miner Rio Tinto said demand has held up in recent weeks despite signs of market unease. “We are seeing softer markets than we would have, even a few months ago. Customers are more cautious, but demand is not unwinding as some would fear,” chief Tom Albanese said.
Debenhams profits to beat forecasts September 20, 2011 DEBENHAMS said yesterday it expects profits to beat forecasts despite flat sales in the year to 3 September. Sales – excluding the effects of new store openings and the VAT rise – fell 0.3 per cent over the year, the company said. However, group like-for-like sales rose by 0.4 per cent in the last nine weeks [...]
ANALYST VIEWS: IS DEBENHAMS’ STRATEGY WORKING? September 20, 2011 KATE CALVERT SEYMOUR PIERCE The beat is down to the 53rd week contribution, we believe, which management expects to add £5-7m in profit, higher than previously thought. Management expects 53-week full year profit before tax to be ahead of consensus of £158m, according to the company within the range of £160-165m. RICHARD HUNTER HARGREAVES LANSDOWN [...]
GKN says Stein will be new chief exec September 20, 2011 ENGINEER GKN has appointed Nigel Stein chief executive designate ahead of the retirement of Sir Kevin Smith, the company announced yesterday. Stein has been at the heart of the car parts and aerospace supplier after being put in charge of the automotive division in 2007. He is seen as a safe pair of hands who [...]
Burberry up after debut of collection September 20, 2011 BURBERRY shares rose yesterday in a boost fuelled by a positive reaction to its new collection unveiled at London Fashion Week. The stock was up around 3.7 per cent after images from the luxury retailer’s catwalk show – attended by the likes of actresses Sienna Miller and Gemma Arterton – were beamed across the world. The [...]
William Hill confirms Probability talks September 20, 2011 Bookmaker William Hill yesterday confirmed its interest in online gaming firm Probability, saying it was in preliminary talks with the Gibraltar-based firm but there was no certainty an offer would be made. Probability, which makes casino and slot machines games including Lady Luck, told the market yesterday it had received an approach from William Hill. [...]
Anglo Asian doubles its profits September 20, 2011 Anglo Asian Mining, the Aim-listed emerging market gold producer, said yesterday that its profits had more than doubled in the first six months of the year as demand for gold pushed up prices. The firm unveiled a pre-tax profit up 129 per cent to £9m, on revenues 35 per cent higher. The company also revealed [...]
Porta moves to acquire Threadneedle September 20, 2011 International communications and marketing business Porta Communications has taken the first steps towards acquiring Threadneedle Communications, signing a contract to buy 80 per cent of the issued share capital of Threadneedle for £3.8m. Porta, previously known as sports advisory agency TSE, has said that it plans to build upon the quality of the agency, which [...]
