THE ECONOMIC MONITOR - U.K.
Petra Diamonds FY net profit soars
Petra Diamonds, the largest diamond producer on London's junior AIMmarket, reported unexpected annual results, due to increase sale of the
507-carat Cullinan Heritage diamond
. It reported a record net profitof $70.2 million for the year to end June from a loss of $89.0 million theprevious year, while its revenue climbed 88 percent after it received$35.3 million for the Cullinan Heritage. The group expects to produceabout 1.3 million carats in the current financial year and is also in talksto buy the
in South Africa from DeBeers, Chief Executive Johan Dippenaar told Reuters
Clipper, UTC on takeover talks
, a Wind turbine maker is in talks with majorshareholder
over a takeover so as to fulfill itsadditional capital to continue operating. UTC, which had earlier limitedto a 49.9 percent stake until Jan 2012, may now increase its stake inClipper to 55 percent. Clipper said that it will also focus on raisingcapital and credit lines with financial providers and negotiating withUTC on additional credit support.
Mixed drilling results for Sterling
, the oil and gas company had mixed results with itslatest exploration well drill tests in Kurdistan. In the first drill stem test aninitial recovery of gas was followed by flowing water with minor gascontent during the six hour flow period while the second produced gasat an estimated flow rate of 4m standard cubic feet per day (mmscfd)along with some drilling fluids. Two prospective zones were identifiedfrom the well data
BAE eyes on counter-terror expansions
With the acquisition of the consultancy division of
American firm L-1Identity Solutions
seems to reinforce its position in theU.S. counter-terrorism market. The acquisition is expected to close inthe fourth quarter of 2010 as it requires U.S. regulatory approval. BAESystems will also pay $296m in cash for the L-1 division as
consideration to be funded from the company‟s existing cash resources,
which encompasses three firms
SpecTal, Advanced Concepts
The L-1 businesses balances the activities of its existing US-basedIntelligence & Security arm, while the acquisition will boost itscustomer support and services business, the company said.
BP fixes leaking well
has finally declared that it has permanently sealed the leaking well inthe
Gulf of Mexico,
U.S. officials said. An additional relief well cutthrough the original well, helped BP engineers to fill it with cement in apermanent seal. The U.S. government has also asked the firm put aside$20bn into a fund to pay for costs of dealing with the leak in addition to$8bn spent directly on the clean-up operation. BP internal report saidthat it accepted its mistake, but also added that the responsibility forthe explosion and subsequent leak should be shared by several
companies and was due to decisions by „multiple companies and workteams‟.
HSBC disposes banknotes business to UOB
is all set to sell its wholesale banknotes business in Asia to
United Overseas Bank
(UOB) by the final quarter of 2010. Under theagreement, UOB will be paying $15m in cash for the assets and HSBCwill license to UOB the technology system used in connection with its
COMPANY NEWS (contd...)
Asian wholesale banknotes business. HSBC will work with UOB to easethe signing of new contracts between UOB and customers and staff of HSBC's Asian banknotes business.
Motive buys Adecq Digital
the digital terrestrial television technology companygets acquired by
as its raise £4.75m nominal of convertible loan notes and 71.25m subscription warrants to fund thesubscription, the company said. The group also said institutional clientsof
had come up with the money.
Discovery Mining identifies two new targets
, the Botswana-focused miner said that two newexploration targets have been acknowledged southwest of DiscoveryMetals'
Boseto Copper Project
through the study of surfacegeochemistry. The
, located 40 km southwest of theZeta Deposit at Boseto, is a continuous geochemical anomaly over a 12kilometres (km) strike length, while the Ourea Target, located 50 kmfurther to the southwest, is a geochemical anomaly covering an area of 4 square kilometres.
Silence suffer losses on Interdigm integration
suffers losses as a result of
integration. Its first half of the year revenue drops to £0.72m from £0.86,while loss before tax widened to £7.05m from £3.57m the year before,as research & development costs increased to £4.40m from £2.55m lastyear. Administrative expenses also increased, from £1.92m to £3.23m.The company said it will focus on partnerships, intellectual property andclinical progress, as the three important area to bring the company ontrack.
Salamander rig work to start by October
, which mainly focused on Asian oil and gasexploration and production company announced that the rig to beused on its
Bontang PSC asset
in Indonesia should probably arrive inthe drilling area in the first week of October. Having acquired
, which owned a 20% stake in the asset, the company has a 90%stake in the Bontang PSC. The drill will be used for the
WPP acquires stake in Comwerks
WPP acquires 51% stake in Singapore-based
a full servicedigital agency with a big list of government and public sector clients,thereby boosting its Asian business. With
backing,Comwerks Interactive position is expected to rise to one of the top 5digital agencies in Singapore. No financial details relating to the dealhad been made public yet.Comwerks Interactive, specializes in digital media and web 2.0 solutionsand does work for the likes of eBay, Ministry of Law, Ministry of Manpower, National University of Singapore and People's Association.
New facility boosts China Food H1 profits
, cooking and dipping sauces group reported a 57% rise inhalf year pre-tax profit and after opening a new facility in May todouble existing soya sauce production. Turnover jumped £17.2mcompared to £14m before. A maiden dividend next year could beconsidered by the board, following a capital restructuring, on the basisthat trading continues as expected.