The Business Matrix: Tuesday 28 October 2014


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The Independent Online

Skanska wins Battersea job

Swedish construction giant Skanska has won the £750m contract to redevelop Battersea Power Station. Battersea Power Station Development Company awarded Skanska the job to restore the Grade II*-listed building as part of the 42-acre mixed-use scheme. Work is due to start next March and due to complete by 2019.

Co-op bank names Holt chairman

Co-operative Bank appointed Dennis Holt as its chairman yesterday as the lender looks to move on from its near collapse last year and a drugs scandal involving former chairman Paul Flowers. Mr Holt, who joined the board in February as senior independent director, has been acting as interim chairman since 1 October.

Chime to buy SJX Partners for $28m

Chime Communications is spending up to $28m (£17m) on buying SJX Partners, a US marketing business whose clients include the US Tennis Association and Cirque du Soleil. Chime, where Lord Coe heads the sports marketing arm, will pay £5.3m initially, plus £11.7m based on performance.

Abberley to head Charles Stanley

The City stockbroker Charles Stanley has named Paul Abberley as its new chief executive. Mr Abberley, the company’s chief investment officer, will replace veteran boss Sir David Howard, who announced last month he was stepping down to separate the role of chief executive and chairman.

Diamond sales lose their sparkle

Petra Diamonds warned of a lull in demand yesterday, despite reporting a record quarter as it extracted 833,744 carats from its Cullinan mine in South Africa. The group, whch sold a 232 carat white diamond after the quarter ended, said it expected the market would “firm up” towards the end of 2014.

Mothercare plans modernisation

Plans for the modernisation of struggling retail chain Mothercare are to go ahead after City investors backed a £100m fundraising. Its chief executive, Mark Newton-Jones, said the successful rights issue gave the business a strong financial position for its turnaround strategy.

Motor premiums fall 11% to £743m

Insurance, retirement and investment group LV= said gross written premiums in motoring fell 11 per cent to £743m in the first nine months of the year. It also said there have been some limited signs of upwards movement in prices recently.

Two suitors look at Salamander

Salamander Energy has received takeover approaches from its UK-based rival Ophir Energy, and from Spanish group Compania Espanola de Petroleos. Shares in the Asia-focused Salamander jumped  16 per cent, valuing the oil and gas explorer at £233m.

Renishaw: record trading continues

Renishaw said the record trading it saw in the first quarter was expected to continue for the rest of the  year. The engineer makes precision components for medical equipment and measuring devices.

Canon snaps up a profit forecast

A weaker yen helped the Japanese camera firm Canon upgrade its annual profit forecast despite a 20 per cent slide in third-quarter operating profits, as shoppers shun digital cameras in favour of snapping on smartphones.