Russian oil group Rosneft launches a share buyback April 20, 2011 RUSSIA’S top crude producer, Rosneft, announced a share buyback programme yesterday as the company continues to negotiate its $16bn (£10bn) share swap deal with BP. Rosneft said it will start with $100m to $200m worth of shares buyback in coming months, sending its share price up 1.7 per cent. The company also said that its [...]
BEST OF THE BROKERS April 20, 2011 BERKELEY GROUP HSBC has upgraded the housebuilder’s rating from “neutral” to “overweight” and has raised its target price by 340p to £12.30. The broker has raised its forecasts and ratings for a number of British residential property firms after government support for new builds in the Budget and a growing resilience in prices. HSBC sees [...]
WPP buys German firm Commarco April 19, 2011 WPP yesterday agreed to buy German marketing company Commarco from private equity firm Cognetas for an undisclosed sum. A source close to the matter said the price was about €150m (£132m). Chief executive Martin Sorrell said Germany, along with Poland and Russia, is showing signs of strength. The advertising agency group says it is sticking [...]
Nomos prices share offer to raise £443m April 18, 2011 RUSSIAN private bank Nomos has priced its London share offer at the higher end of expectations, as the faltering market for listings in the capital begins to show signs of life. Nomos will look to sell ordinary shares in Moscow for $35 (£21) apiece, while it will sell global depository receipts (GDRs) for $17.50 per [...]
Dividends hit £15bn as FTSE ups payouts April 17, 2011 UK dividends soared by an underlying 7.9 per cent to £15bn in the first quarter of 2011, according to a survey published today. The rise represents a £1.4bn lift compared with the same period last year and the largest quarterly growth for three years. The strong first quarter means dividend experts Capita Registrars, who carried [...]
Russia looks to alter web laws April 17, 2011 Russia is looking to the experience of other countries, including China, to “regulate” internet use, though Moscow has no plans to broaden web censorship, a government spokesman said. Weeks after hacker attacks temporarily closed down the country’s most popular blog site, a state tender calling for research into “foreign experience in regulating” the internet has [...]
Protests mar BP’s meeting April 14, 2011 BP management faced angry protests from shareholders yesterday, as investors concerned about Russian deals, tar sands projects and the Gulf of Mexico disaster gave the company a bloody nose in the annual vote. BP said yesterday that prospective Russian partner Rosneft has given the firm more time to clear the path for its £10bn share [...]
SHAREHOLDER VIEWS: WERE YOU HAPPY WITH BP’S AGM? April 14, 2011 “It was a very good BP shareholder meeting, and I’ve been to a few. I think the board were very forthright and got their points across. I had some questions about the Gulf and the chief executive answered them in his speech.” JAMIE JOHN | BRIDGEND “I was mostly interested in how my shares were [...]
Danone benefits from price hikes April 14, 2011 FRENCH food group Danone stuck to its full-year goals yesterday despite rising commodity costs and tough economic conditions, after price hikes fuelled stronger-than-expected first-quarter sales. The world’s largest yoghurt maker with brands like Actimel and Activia said business picked up in all divisions, with water and baby food particularly strong and it benefited from its [...]
Omega Pharma forecasts profits will equal last year April 14, 2011 BELGIAN health products distributor Omega Pharma yesterday forecast improvements in Russia and southern Europe in the second-half of 2011 and a profit margin this year at least as high as in 2010. The company, which sells non-prescription products such as wart treatment or sun tan lotion to pharmacists, said yesterday it reiterated its outlook, but [...]