UK fund manager Gartmore will raise only £340 million in an initial public offering as it slashed price range on its planned IPO from 250-330 pence to 220-250 pence.
Gartmore’s recent move has confirmed that the market for the new capital has become more competitive. Originally Gartmore had plans to raise £400 via IPO.
Commenting on the issue, BGC Partners’ David Buik said, “Despite the recovery of the stock market in recent months investors are cynical about IPOs unless the issue is virtually being given away.”
Arizona-based copper miner Asarco has paid a record $1.8 billion to the US government for the environmental clean-up and restoration at 80 contaminated mines in 19 states.
The settlement is part of a bankruptcy re-organization which will let Mexico's leading mining firm Grupo Mexico to take back control of Asarco.
Asarco was founded in 1899 as American Smelting and Refining Company. It filed for bankruptcy protection in 2005 after facing environmental claims totaling over $1 billion.
Britain's leading supermarket chain Tesco will start selling Apple's 3G and 3GS iPhone models from Monday in around 100 stores and online, in a move that is expected to launch price-war in the market.
The iPhones will be available on an annual contract for just £20 per month. Customers will have to pay £222 up front for the 8GB 3G handset and £320 for 16GB 3GS model.
Tesco said it had no intension to introduce business tariffs.
Consumer goods giant Unilever's chief financial officer James Lawrence will step down at the end of this year.
Mr. Lawrence, who lost the top job to Paul Polman a year ago, will not receive any payoff, but he will take away Unilever shares worth £10 million.
Before joining Unilever in September 2007, Mr. Lawrence was serving the US food company General Mills as CFO.
Richard Lapthorne, the Chairman of Cable & Wireless Group has recently declared that the much awaited demerger of the firm will finally be happening in May next year. The top management of the new listed company- C&W Worldwide, operating mainly in UK, will have John Pluthero as Chairman and Jim Marsh as the CEO. Mr. Lapthorne will stay on as Chairman of CWI, Tony Rice as Chief Executive of the business and Tim Pennington as Finance Director.
The worst seems to be over for Sports Direct. The company that owns Sports Direct, Sports World stores and brands such as Slazenger and Dunlop, Newcastle United has forecast its annual earnings to be 'at least' £155 million. The sales figures have begun to pick up, thereby reducing the net debt to £362 million from £431.3 million. UK retail revenues climbed to £687.7 million and international retail sales went up to £63.6 million.
The new range of luxury handbags from Mulberry are a rage. Bayswater, Mitzy and Daria handbags that cost £400 - £700 are being picked up so fast that the company has gained 21%, and is much ahead of market estimates. Its forthcoming range Alexa, named after model and television presenter Alexa Chung, scheduled to launch in January, is already showing a positive response.
As confirmed by the law firms representing the parents, as many as 15 families from across Britain are all set to slap Maclaren with a lawsuit over injuries that were allegedly caused to their children by the Maclaren push-chairs. The development has been revealed on Wednesday, and has come right after the US authorities announced a recall of the buggies last month.
It has been reported that asset managers and insurance companies are to escape the formal government over the bonus policies and their pay for the time being. As per the remuneration code of the FSA which was adopted in the month of August, all the 26 largest bankers and the brokers are to submit the pay policies over to the regulator which is essentially to show that the pay is properly linked to the long – term results and the risk.
Beleaguered Coventry Airport has been shut down due to financial difficulties, in a move that pushed as many as 70 people out of work.
It was informed that Coventry Airport’s owner West Midlands International was facing a winding-up order in the High Court.
West Midlands International airport issued a notice to Airmen to inform that the airport was no longer operational.
Nokia has revealed plans of shutting down its "state-of-the-art flagship store" which is located in the heart of London's Regent Street, after merely 2 years of operations. The store was originally opened in February 2008 and was described by Nokia MD Simon Ainslie as "dynamic, original and beautifully designed".
At the time of inauguration, the store was touted as the one-stop place for "world-class customer service and deliver a unique experience enhancing our customer's lifestyles".
Claiming to offer the "ultimate mobile experience", the latest smartphone Operating System, the Samsung Bada, was today unveiled by the company.
The OS is based on the same TouchWiz interface that has already been used by the Korean company in many other mobile devices that were recently launched by it, including the very latest Samsung Omnia i900. Bada has been mainly aimed at giving the company's arch rivals Apple and Android a tough competition.
Britain's top ranked electronic-games retailer, Game Group Plc., took the biggest plunge since July on the London Stock Exchange, after it reported rapidly falling sales and earnings on the back of manufacturers cutting console prices and back-catalog titles not selling as well as was initially expected.
The company dropped as much as 16%, after revealing that revenue and sales at stores which had been around for at least a year fell by 14% in the 18 weeks up-to December 5.
An Post last night announced that it is looking to axe cut as many as 1,375 jobs between 2010 and 2012, which would substantially cut down its current workforce of nearly 10,000 people.
As confirmed by the company, the cut will be applicable to all levels across all departments, including headquarters, collection, retail and processing, and although the terms have not been shard yet, the cuts will be on voluntary basis.
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