Kenmare says no to Iluka SHARES in Kenmare Resources soared 25 per cent yesterday after it revealed that it had rejected a merger offer from Australian rival Iluka Resources. Titanium producer Kenmare said the offer did not recognise the value of its Moma mine as “a long-life, low-cost asset”. Iluka’s offer was based on a share-for-share exchange, with no cash [...]
Gulfsands mulls a rights issue LONDON-listed oil producer Gulfsands yesterday warned it might have to issue new shares after the Syria conflict hit revenues. It said it had not made “any significant revenue” in the past two and a half years, and as a result was looking at “all sensible options” for improving its cash position. The bulk of Gulfsands [...]
Countrywide cheers with £20m payout SHARES in Countrywide surged over five per cent yesterday, after it said it would pass the proceeds of its recent sale of its stake in property portal Zoopla on to shareholders. It plans to pay a special dividend of £20m, worth 9p per share, alongside its interim dividend, on 15 September. Countrywide sold around nine [...]
London blue chips set for further falls September 8, 2008 Strategist are betting on the FTSE 100 to fall further this week due to mounting concerns over the outlook for the UK economy. Last week marked the blue chip index’s biggest weekly fall for six years leaving it teetering on the edge of so-called bear market territory, defined as a 20 per cent fall from [...]
The time has finally come to go short on oil September 8, 2008 Decreased production and low consumption mean that fuel prices are falling, says Katie Hope The black stuff is finally on the slide. From the heady heights of July this year when oil hit $147 a barrel and analysts were predicting it could catapult to $200 a barrel, forecasters are now betting the next move will [...]
Jon Moulton: why making money is my hobby as well as my profession September 5, 2008 The City’s most outspoken private equity chief talks to Katie Hope about the credit crunch At a time when most of the financial services sector is in despair over how bad the economic crisis is, Jon Moulton can barely contain his glee. He estimates the credit crunch will go on for “at least two years” [...]
Rates left on hold as MPC split looms September 5, 2008 Bets were rising yesterday that the Bank of England meeting to determine the direction of interest rates was one of the most fraught on record. In the end the Monetary Policy Committee (MPC) decided to leave rates on hold at five per cent, but with members Danny Blanchflower and Charlie Bean going head to head [...]
Sterling falls further September 4, 2008 Sterling continued its sharp decline yesterday as currency markets reacted to the worsening outlook for the UK economy and a slew of negative economic data. Surveys showed consumer confidence mired at a four-month low in August as food prices rose ten per cent year-on-year. Other data showed activity in the services sector still weakening. The [...]
Recession for UK this year warns OECD September 3, 2008 Britain is nearer recession than both the US and Europe, the Organisation for Economic Cooperation and Development (OECD) warned yesterday as it slashed its UK growth forecast. The grim warning from the Paris based agency is the first time one of the world’s main public forecasters, has predicted a UK recession. The OECD forecast third [...]
Hopes mount for inflation as oil slumps September 3, 2008 $100 a barrel in sight as global demand drops and hurricane misses refineries Oil prices could once again move back below the symbolic $100 a barrel level, analysts said yesterday. The forecasts, which were welcomed by consumers and economists, came after crude plummeted to a five-month low, boosting hopes that spiralling inflation would finally be [...]
