Afren share price jumps as much as 27 per cent after debt deadline extension March 2, 2015 Some off the heat is off London-listed oil producer Afren after it secured an extension on its debt repayments. Afren obtained another deferral of the $50m (£33m) amortisation until 31 March 2015 on its $300m Ebok debt facility. The payment was initially due on 31 January, and the previous extension expired on 27 February. It will continue [...]
Thorntons share price slides as sales melted by supermarket woes March 2, 2015 The figures The latest figures from chocolate maker Thorntons were hard to digest for investors, sending shares down more than seven per cent in early trading. Like-for-like sales in the first half of the year to 10 January were £128m – a fall of eight per cent. Pre-tax profit fell 11 per cent to £6.5m, largely as a result woes [...]
Hiscox pre-tax profit falls amid low interest rate environment March 2, 2015 The figures Specialist insurer Hiscox has said pre-tax profit fell to £231.1m for the year ending 31 December 2014, down from £244.5m a year earlier. The London-listed group reported a 3.3 per cent increase in gross written premiums, jumping to £1,756.3m in the same period. Why it's interesting Insurers such as Hiscox have struggled amid a [...]
Trinity Mirror pays first dividend in six years despite supermarket ad spend slowdown March 2, 2015 The figures The publisher of the Daily Mirror, Sunday Mirror and Sunday People has turned in a full-year adjusted profit of £102.3m, a slight uptick of one per cent on the previous year. Revenue for the year to 28 December fell to £636.3m from £663.8m, a fall of 4.1 per cent on the previous year, but [...]
UK fails to stop RWE Dea North Sea oil sale to Russian billionaire Mikhail Fridman March 1, 2015 The UK government could face legal action if it attempts to interfere with a Russian billionaire’s bid for several North Sea energy assets. An investment vehicle called Letter One, which is owned by Russian tycoon Mikhail Fridman, is buying German oil company RWE Dea in a €5.1bn (£3.7bn) deal expected to be closed today. RWE [...]
Abu Dhabi fund in £1.6bn bid for London’s Maybourne Hotel Group March 1, 2015 Abu Dhabi’s sovereign wealth fund has put forward a £1.6bn bid for Maybourne Hotel Group, owner of London venues the Berkeley, the Connaught and Claridges. Abu Dhabi Investment Authority (ADIA) is reported to have sent a letter declaring its interest in such a deal to Maybourne’s holding company, Coroin. The firm is understood to have [...]
India primes economy as Narendra Modi’s government lays out pro-growth budget March 1, 2015 Business gave a cautious welcome to the Indian government’s landmark budget yesterday, highlighting its bid to unify the country’s fragmented markets and boost growth through tax cuts and infrastructure investment. “It delivered on all counts. The Prime Minister set out a vision and the budget lays it out as a roadmap,” Karan Chanana told City [...]
Warren Buffett annual letter for golden anniversary: Spin offs, successor CEOs and selling Berkshire Hathaway’s Tesco stake March 1, 2015 Warren Buffett has ruled out spinning off Berkshire Hathaway into separate businesses, revealed a successor has been chosen to fill his shoes and addressed the firm’s stake in Tesco which he previously called a “huge mistake”, in his annual letter to investors. This year celebrating the firm’s golden anniversary, Buffett's highly anticipated 14-page letter reminisced [...]
How much are stamps? First and second-class postage will rise in March at inflation-busting rates February 27, 2015 Inflation may be at a record low, but that’s not holding back Royal Mail. First and second-class stamps are going up by a penny from the end of March, the postal company has revealed. It takes the price of a first class stamp to 63p and second class to 54p. That’s a rise of 1.6 [...]
IAG share price soars after Iberia turnaround and British Airways profit deliver record results February 27, 2015 The figures International Airlines Group's stock rose more than five per cent in early trading after the group which owns carriers British Airways and Iberia, among others, announced a 95.3 per cent rise in operating profit after exceptional items in 2014 to €1.03bn (£750m), from €527m last year. The group now expects to make operating [...]