Tag: business news

Oil exploration and production company acquired for £240m

A Cardiff-based oil exploration and production is to be acquired in deal for more than £240m. Amerisur Resources, an independent oil exploration and production company focused onshore Colombia, has reached an agreement on the terms of a recommended cash acquisition with GeoPark. Each Amerisur Shareholder will be entitled to receive 19.21p per share. The Transaction values the entire issued and to be issued share capital of Amerisur at approximately £242 million. This follows on from a strategic review, including a formal sales process, that was announced by Amerisur in July. Amerisur’s registered office and headquarters is in Cardiff. The Business

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Lloyds shareholders lose legal fight over HBOS

Image copyright Getty Images A group of Lloyds shareholders have lost a multi-million-pound action against the bank over its purchase of rival HBOS in 2009. The 5,803 former Lloyds TSB shareholders claim they were “mugged” when the bank took over HBOS, which was laden with bad mortgages. Lloyds was forced to accept a £20bn state bailout and the government continued to own a stake until 2017. Lloyds said it welcomed the decision as the best for shareholders as a whole. Damon Parker, founder and partner of law firm Harcus Parker, who represents 300 institutions as well as individual shareholders in

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Hong Kong in first recession for a decade amid protests

. Reuters . Anti-government protests in Hong Kong started five months ago Hong Kong has entered its first recession in a decade as the territory continues to be gripped by protests. Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data. It means the economy has contracted for two quarters in a row, which is the usual definition of a recession. Tourists are staying away and shops are suffering amid battles between anti-government protesters and police. Compared with a year ago, Hong Kong’s economy was 2.9% smaller in the third quarter

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Construction consultancy Prosurv Consult merges with American consulting giant Cumming

Growing project management and construction consultancy Prosurv Consult has officially merged with American consulting giant Cumming. The move means the Stoke-on-Trent business – which was founded in 2004 – will benefit from additional global resources and expertise to allow it to continue its work across a number of key sectors – including commercial, residential, industrial and leisure. Prosurv Consult – which has worked on some of North Staffordshire’s most iconic schemes including Etruria Valley, Trentham Lakes and Trentham Gardens – will operate as a standalone subsidiary of Cumming Europe Ltd alongside MHBC Cumming. Read More Related Articles    It will

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Party plans would ‘boost minimum pay for millions’

Image copyright Getty Images Plans from the two biggest political parties to raise the minimum wage would boost pay for millions of people, a leading economic research group says. The move would also double or treble the number of people whose wages are set by government, the Institute for Fiscal Studies (IFS) said. Some have argued that current minimum wage levels are too low, leaving people in work struggling. But the report’s author warned rises should be “careful and incremental”. At present, the government’s National Living Wage pays £8.21 an hour for workers aged 25 and over. For younger workers,

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The 2019 Manchester Evening News Business of the Year Awards winners

Triumphant companies across a range of sectors including technology, retail, manufacturing and construction were honoured at the M.E.N Business of the Year Awards 2019. The winning firms were revealed during a glittering ceremony at Manchester’s Principal Hotel. More than 350 guests turned out for the event, which marked the 27th anniversary of the prestigious awards. Executive sponsors for this year’s awards are PwC, Manchester Airport, Robert Walters, Hill Dickinson, Barclays, Brewin Dolphin, and LDC. Category sponsors are Bolton School and Salford Business School. Read More Related Articles   The winner of the category for firms with a head office outside

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Alibaba backs Hong Kong’s ‘bright’ future with huge listing

Image copyright Getty Images Alibaba chief executive Daniel Zhang has praised Hong Kong’s “bright” future as the Chinese e-commerce giant prepares to list in the embattled financial hub. The firm, which is already traded in the US, hopes to raise up to $13.4bn (£10.4bn) in its secondary listing. That would make it the biggest share sale this year, according to Dealogic. The move is seen as a boost for Hong Kong, diluting fears that protests have tarnished its financial reputation. The city has grappled with anti-government protests for nearly five months and violent clashes escalated this week . “During this

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‘Second referendum would be bad for business’ says Prime Minister Boris Johnson

Boris Johnson has said on a visit to Bristol that a second referendum would be “bad for business”. The Prime Minister was visiting the South West in the lead-up to the general election, which is taking place on December 12. He told journalists that the UK “already has a great deal” for Brexit and that a second referendum would only bring “misery” and “confusion”. Read More Related Articles   ‘My own family is divided’ Boris Johnson visits Bristol (Image: Hannah Baker) He said: “My own family is divided between remain and leave. It’s time for us to get this done.

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Australia and others ask for Brexit trade compensation

Image copyright Getty Images Countries including Australia have asked for trade compensation from the UK and the EU over Brexit disruption. Fifteen countries, including the US, India and New Zealand, have been setting out Brexit concerns at a World Trade Organization (WTO) meeting in Geneva. Australian officials said their beef and lamb exporters had already been hit after several Brexit delays. Brazil said Brexit plans for Northern Ireland could breach WTO rules. The main issue for the fifteen countries is a system which allows them easier access to the EU’s large market for limited quantities of some of their goods,

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John Clugston to step down as chairman of £170m family business

Construction group chief John Clugston has announced he is to step down, having chaired the family business for 35 years. He will hand over the reins of the eponymous Scunthorpe-headquartered business to son, David, on January 31. A second generation, he joined his father, Leonard, in the Fifties, expanding the company’s expertise in the recycling of blast furnace slag for the iron and steel industries, which ultimately led to the technology being licenced throughout the world. Working his way through the company ranks – starting as assistant to the works manager in the early 1960s after experience in Germany and

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