Company News
Sainsbury's to axe 2,000 jobs as part of cost cutting plan
British grocery giant Sainsbury's was gearing up to cut 2,000 jobs across its UK stores and back offices, hoping to save more than £500m in the process, as the firm's price war with discounters such as Aldi and Lidl rumbles on.
Independent Oil & Gas signs 'Letter of Intent' with Offshore Design Engineering
Independent Oil and Gas has signed a 'Letter of Intent' with Offshore Design Engineering (ODE), for the provision of several key contractor roles for its Blythe Hub and Vulcan Satellites Hub development project by the latter, reflecting the company's continued strong progress with its gas portfolio.
RWS agrees to buy Moravia in $320m+ deal
Intellectual property and support services provider RWS Holdings announced on Wednesday that it has entered into an agreement to acquire the entire issued share capital of Moravia US Holding Company and Moravia Lux Holding Company, which it describes as a “leading provider” of technology-enabled localisation services.
Pan African Resources operator Barberton Mines inks one-year wage deal with Union
The South African based gold mining group, Pan African Resources, reported that one of it's main operators, Barberton Mines Proprietary, had inked a one-year wage agreement with the National Union of Mineworkers, it announced on Wednesday.
Revolution Bars boss quits after Stonegate bid rejected
Mark McQuater, chief executive of Revolution Bars, has stepped down with immediate effect a day after shareholders voted against a recommended takeover by Stonegate Pub Company.
Production issues hit margins at Chamberlin
Specialist castings and engineering group Chamberlin updated the market on its trading for the financial year to 31 March on Wednesday, reporting that revenues for the first six months of the current financial year were in line with management expectations.
Wizz Air applies for UK licence to ensure post-Brexit operations
Central and Eastern Europe-focused budget carrier Wizz Air has applied for an air operator's certificate and operating licence in the UK to make sure it can continue to operate in the country following Brexit.
McDonald's South Korean offices raided
South Korean prosecutors raided McDonald's Seoul office, as well as those of three partner companies, on Wednesday as part of a probe into allegations that the US fast food giant had been undercooking its meat, causing many customers severe illnesses.
Be Heard's Agenda21 clinches digital contract with Addison Lee
Digital marketing services group Be Heard Group clinched a contract with Addison Lee to help stimulate expansion of the car services provider's UK business.
Miraflores feasibility study delivers positive findings for Metminco
A feasibility study into exploration and mining group Metminco's Miraflores gold project in Colombia revealed that the project had the potential to deliver production levels of nearly 45,000 ounces of gold per year.
Softcat throws up hard cash amid growing demand for cyber security
IT products and service provider Softcat proposed a bumper dividend after generating double-digit annual growth in sales and profits, but said it has not yet found a replacement for departing CEO Martin Hellawell.
Foxtons revenue drops in 'challenging' London market
Estate agency Foxtons reported a drop in third-quarter revenue on Wednesday amid challenging conditions in the London property market.
Flybe nosedives after profit warning
Shares in Flybe tanked on Wednesday after the budget airline warned that full-year profit would take a hit from higher-than-expected aircraft maintenance costs in the first half.
DS Smith to buy Romanian packaging and paper group for EUR208m
DS Smith has agreed to buy Romanian integrated packaging and paper group EcoPack and EcoPaper for an enterprise value of around €208m in a deal that is expected to be immediately enhancing to earnings.
BHP Billiton copper output drops but FY guidance unchanged
BHP Billiton posted a decline in iron ore production in the three months to the end of September, but said it remains on track to meet production targets for the year.
Rio Tinto settles with FCA over Mozambique impairment, faces US fraud claims
Rio Tinto was slapped with a £27. 4m fine by the City watchdog for failings in its financial reporting process relating to the disastrous $3. 7bn purchase of coal mining assets in Mozambique, an issue that US regulators have also now begun to investigate.
IP Group takeover of Touchstone goes unconditional
IP Group updated the market again on its takeover offer for Touchstone Innovations on Wednesday, confirming that as at 1300 BST on Tuesday, it had received valid acceptances of its offer in respect of 155,859,312 Touchstone shares, representing 96. 6844% of Touchstone’s issued share capital.
Nostrum flags delay to GTU3 completion
Independent oil and gas company Nostrum Oil & Gas updated the market on the progress of GTU3 on Wednesday, reporting that due to the delayed delivery of some specially designed valves required for the tie-in of GTU3 with GTU1 and GTU2, it would not be possible to bring gas into GTU3 in 2017.
Reckitt Benckiser cuts full year guidance, makes further pharma provision
After bearing the brunt of a "soft" third quarter Reckitt Benckiser has downgraded its full year guidance, with the Vanish-to-Durex maker confident that it can overcome the continued challenging market.
Rathbone Brothers funds under management rise in third quarter
FTSE 250 wealth manager Rathbone Brothers reported a jump in assets in the third quarter on Wednesday as inflows grew.