The Business Matrix: Tuesday 29 May 2012


Click to follow
The Independent Online

Hargreaves hit by Maltby delays

Shares in Hargreaves Services fell by a third yesterday after delays at its Maltby coal mine prompted a profits warning. Hargreaves bought the South Yorkshire mine from UK Coal in 2007. Yesterday, it admitted it had encountered "unusual geological conditions" and had pulled back the coalface for the sake of safety, delaying production.

Aveva looks to the East for growth

Europe's "hesitancy" to commit to new nuclear programmes means Aveva is looking at growth in China, India and Russia, the specialist engineering design software maker said yesterday. The firm said the three Bric countries will be home to more than half of the 552 proposed new nuclear power stations by 2030.

Bankia troubles hit IAG shares

The troubles of Spain's Bankia have dragged down the price of shares in British Airway's owner International Airlines Group, amid speculation the bank is set to dump its 12 per cent stake in the business. The Spanish lender had a majority stake in Iberia, which merged with BA in 2011. Shares in IAG fell 3.8p to 137.1p yesterday.

Barclays claims it was singled out

Barclays has said it was singled out for unfair treatment by tax authorities earlier this year when the Government said it would close two "aggressive tax avoidance schemes" used by the bank. "Unnecessary damage was placed on Barclays' reputation," the bank said in a letter to to the chairman of Parliament's Treasury Select Committee.

Aussie collapse hits Rotary group

An engineering firm which has worked on projects for the BBC and the Scottish Parliament is facing an uncertain future after its Australian owner collapsed. Rotary UK and Rotary Ireland are expected to be sold after administrators PPB Advisory were appointed to parent company Hastie Group.

All bets are on for 888 in Spain

The online gaming firm 888 Holdings said it had finished talks with Spanish authorities over gaming duty and made a one-off £6m payment in addition to surcharges and interest of around £1m. The group said it now believes it has fulfilled all requirements to receive a Spanish e-gaming licence.

Clydesdale chairman retires

The chairman of Clydesdale Bank, Sir Malcolm Williamson, is to retire on 26 July. Sir Malcolm will also retire as a director of parent company National Australia Bank with effect from 7 June. NAB's chief executive, Cameron Clyne, will chair NAB Europe and Clydesdale.

Armour sinks deeper in the red

In-car entertainments specialist Armour Group said it remains in the red as it reported wider pre-tax losses of £800,000, compared to £700,000 the previous year. Armour, which employs 300 people in the UK, Sweden and Hong Kong, said its consumer-facing markets were challenging.

Rolls-Royce engineers deal

Rolls-Royce has secured contract extensions to provide ongoing support for engines on the UK's C-130 Hercules transport and VC10 tanker fleets. The Derby-based engine maker said the contracts are worth almost £100m.

Greece in €18bn rescue plan

Greece has handed €18bn to its four biggest banks, allowing the stricken lenders to regain access to European Central Bank funding. The long-awaited injection comes via bonds from the European Financial Stability Facility rescue fund.