Shell bids to strike lucky in Brazil
The Dutch energy giant Shell said yesterday that it was working to capitalise on the oil potential at two deep-water projects in Brazil. Shell said it would work with its Indian and Brazilian counterparts to move its Parque das Conchas operations to a new phase of development through the installation of a new subsea infrastructure.
Bumi resumes after suspension
Bumi was back in focus when the coal miner resumed trading after a three-month suspension. The Indonesian coal producer is splitting the company after a dispute between its founders, the Bakries and Nat Rothschild. Last week, Bumi agreed to sell its 29.2 per cent interest in Bumi Resources to the Bakrie Group for $501m (£326m).
Diageo purchase to be examined
Britain’s competition regulator said it would investigate whether drinks group Diageo’s purchase of a stake in India’s United Spirits UNSP.NS would have a detrimental impact on the spirits market. The main concern is likely to be centred on United Spirits’ Whyte & Mackay whisky brand, because Diageo is the world’s biggest Scotch company.
Former BoE head to lecture in NYU
Mervyn King, the former head of the Bank of England, will give lectures at New York University later this year, NYU said. King stepped down at the end of June after 10 years as BoE governor. An academic before he joined Britain’s central bank in 1990, King played a role in coordinating the global response to the financial crisis.
Debenhams hire designer Lynn
Debenhams has announced that London Fashion Week designer Todd Lynn is to join the ranks of its Designers at Debenhams. Launching in stores and online on 21 October, Todd Lynn/Edition will be a 12-piece collection comprising outerwear, knitwear and leather and denim separates.
Super-Group for Malaysia launch
Youth fashion chain SuperGroup has revealed plans to launch in Malaysia and Singapore through a 10-year deal with luxury brands developer FJ Benjamin. The group said it will open three Malaysian stores and is looking for a Singapore site. FJ Benjamin brands include Gap and Givenchy.
M4 office park sold for £245m
Segro has exchanged contracts on the sale of its IQ Winnersh office park for £245.1m to a joint venture between Oaktree Capital Management and Patrizia. The park has been developed over the past 40 years, predominantly by Segro, and is located close to Reading off the M4.
Filtronic sees big profits boost
Filtronic, the West Yorkshire-based maker of microwave electronics products for the wireless telecoms infrastructure market, has posted a significant increase in operating profits to £3.1m for the year to 31 May, helped by demand from the 4G mobile phone sector.
Firms offer 21,000 jobs in scheme
Firms have offered more than 21,000 jobs to young people at risk of long-term unemployment, ministers said today. The measure, part of the Youth Contract launched last year, offers firms up to £2,275 for taking on out-of-work 18-to-24-year-olds.
Telefonica close to German merger
Spain’s Telefonica is in talks to buy KPN’s KPN.AS business in Germany. It is understood the two companies could approve a deal imminently. A merger would help the companies vie with bigger competitors Deutsche Telekom and Vodafone.