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Premier makes “world-class” oil find off Mexico

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UK independent exploration firm Premier Oil has announced a “world-class oil discovery” off the coast of Mexico.

The find, made with partners Talos Energy and Sierra Oil & Gas, came at the Zama-1 well, the first private offshore exploration well in Mexico’s history. Premier holds a 25% share in Block 7, where the well is located.

“We are delighted to be announcing this significant new oil discovery offshore Mexico,” said CEO Tony Durrant. “We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier’s portfolio of assets worldwide”

The find was made in 166 metres (546 feet) of water, around 60 kilometres (37 miles) offshore the industrial port of Dos Bocas.

“It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico,” said Durrant. “The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the government and our partners to realise the full potential of this exciting discovery.”

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Pearson sells share of Penguin Random House in $1bn deal

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Media group Pearson has announced the sale of a 22% share in Penguin Random House to Bertelsmann.

The deal is expected to close in September and values Penguin Random House at around $3.55bn.

“The transaction is in line with our strategy and allows us to generate net proceeds of approximately $1 billion, strengthen our balance sheet, return £300m of surplus capital to shareholders via a share buyback and maintain a significant income stream from an ongoing 25% stake in the world’s leading consumer publisher,” Pearson said in its announcement.

“Combining Penguin with Random House has proved to be a great publishing success, as well as enabling some big cost savings,” said Pearson CEO John Fallon. “This has benefited readers, authors, and shareholders.

“Today’s deal enables Pearson to realise a significant amount of the value we’ve helped to create whilst continuing to be part of the world’s biggest and best trade publisher. We will use the proceeds to maintain our strong balance sheet, invest in our business and return £300m to shareholders.”

When completed, the deal will see Pearson’s share fall to 25%.

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Carlsberg snaps up London Fields Brewery

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Craft beer brewery London Fields has been bought out by Carlsberg UK and will operate it in a joint venture with New York’s Brooklyn Brewery.

The Hackney-based brewer was founded in 2011 and today’s announcement involves returning brewing to the company’s original north London railway arches home.

“We’re thrilled to add London Fields Brewery to our growing portfolio of great quality craft and specialty beers,” said Julian Momen, CEO of Carlsberg UK. “Our customers, and specifically those in London and other major cities, are looking to us to offer them the best possible range of interesting craft beers – and we think that, with nurturing, London Fields Brewery has huge potential. It’s the right move for us as we build a credible craft portfolio.”

London Fields is responsible for beers such as Craft Lager, Easy IPA and Shoreditch Triangle IPA. These will now become part of Carlsberg’s House of Beers offering alongside Brooklyn’s beers.

As Brooklyn Brewery CEO Eric Ottaway explained, “we’re excited to be able to work closely with this great London-based craft brewery. The range of beers, their eye-catching artwork and the great location of the brewery in Hackney makes for a fantastic platform. London Fields Brewery is surrounded by a thriving creative community that reminds us of home, and we’re looking forward to becoming part of it.”

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UK entrepreneur Nick Wheeler kicks off KPMG Dublin series

Picture credit/Julien Behal
NO FEE
27/06/2017
KPMG today launched a new series of speaker events for business, the KPMG Inspire Series, with it’s first speaker being entrepreneur Nick Wheeler, Chief Executive of Charles Tyrwhitt Shirts, a leading UK shirts and menswear maker which has taken the traditional bricks and mortar retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.  Nick Wheeler spoke to guests at a lunch in the Royal Hibernian Academy, Ely Place, Dublin.Picture shows Nick Wheeler with Olivia Lynch, Partner and Head of Private Enterprise at KPMG in Ireland at the RHA Gallery,Dublin in front of a painting by Blaise Smith one of the artists featured in the RHA’s 187th Annual Exhibition.
Pic Julien Behal Photography/No Fee
More info contact Nuala Buttner Q4 PR 085-1744275
KPMG has launched a new series of speaker events for business, the KPMG Inspire Series, with UK entrepreneur Nick Wheeler, chief executive of Charles Tyrwhitt Shirts.

Successful businessman Wheeler spoke to guests at a lunch in the Royal Hibernian Academy in Dublin at the KPMG Inspire Series yesterday. The series will feature guest speakers from across the business spectrum, from leading entrepreneurs to venture capital and business leadership and management experts.

Charles Tyrwhitt Shirts is a leading UK shirts and menswear maker, which has taken the traditional retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.

Olivia Lynch, Partner and Head of Private Enterprise at KPMG in Ireland said: “We have created the Inspire Series to share the very best business insights on how to build, grow and transform a business. At KPMG Private Enterprise, we have a long and proud history of working shoulder to shoulder with Irish entrepreneurs, helping them to move through the various stages of the development of their businesses, from the early days to scaling up. We’re always looking for new ways to share insights and that’s what led us to launch the KPMG Inspire Series.”

She continued: “We are delighted to be joined today by shirt entrepreneur Nick Wheeler. Nick has taken a highly conventional business, making and selling high quality shirts and menswear, and has transformed it into a global, business with bricks and mortar stores in Paris, London and New York, and, probably most important in the modern business era, a huge global online presence. Across the traditional and new retail platforms, Nick’s business sells over five million shirts a year. His passion to succeed as an entrepreneur is inspirational and we hope will encourage those enterprises attending today to be similarly motivated and inspired.”

The next event in the series will feature Julie Meyer of Ariadne Capital on fundraising and investment opportunities.

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British tech firm Imagination for sale amid Apple dispute

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UK computer processor firm Imagination Technologies Group is on the market and has received takeover interest from a number of parties, the group announced in a statement today.

The company, which designs and makes graphics and processing chips for products such as Apple’s iPhone, said that following approaches from potential buyers “the board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders”.

Imagination’s share price collapsed in April after Apple said it would no longer use its licensed technology in 15 months’ to two years’ time. “Apple has not presented any evidence to substantiate its assertion that it will no longer require Imagination’s technology, without violating Imagination’s patents, intellectual property and confidential information. This evidence has been requested by Imagination but Apple has declined to provide it,” the company announced at the time.

“Further, Imagination believes that it would be extremely challenging to design a brand new GPU architecture from basics without infringing its intellectual property rights, accordingly Imagination does not accept Apple’s assertions.

“Imagination has reserved all its rights in respect of Apple’s unauthorised use of Imagination’s confidential information and Imagination’s intellectual property rights,” it said in April.

The company “remains in dispute with Apple Inc”, today’s statement also said.

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Britain ‘weary’ of austerity, says Hammond in Mansion House speech

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British voters have tired of austerity and the health of the UK’s economy depends on the outcome of Brexit negotiations, UK chancellor of the exchequer Philip Hammond said in his Mansion House speech on Tuesday.

The annual event, delayed due to last week’s Greenfell Tower disaster, saw the chancellor lean towards a ‘soft’ Brexit with economic matters to the fore.

“Britain is weary after seven years of hard slog repairing the damage of the great recession,” said Hammond. “Funding for public services can only be delivered in one of three ways: higher taxes; higher borrowing; or stronger economic growth. And only one of those three choices is a long-term sustainable solution for this country in the face of the inexorable pressure of an ageing population.”

Hammond addressed Brexit in milder terms than he did on the BBC’s Andrew Marr Show in which he said “no deal would be a very, very bad outcome for Britain” on Sunday.

“The future of our economy is inexorably linked to the kind of Brexit deal that we reach with the EU,” he said yesterday.

“Our departure from the EU is underway. But ensuring that it happens via a smooth pathway to a deep and special future partnership with our EU neighbours, one that protects jobs, prosperity, and living standards in Britain, will require every ounce of skill and diplomacy that we can muster.

“Yesterday was a positive start. It will get tougher. But we are ready for the challenge,” he said.

Brexit negotiations, led by Brexit secretary David Davis and EU negotiator Michel Barnier, opened in Luxembourg on Monday.

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Markets Update: Steady as she goes

With the global index and commodities such as gold, silver and oil losing ground, Ian Slattery examines the markets to see where gains can be made.

It was a choppy trading week for equities, as the market struggled to gain momentum in either direction. At the June Federal Reserve meeting interest rates were increased by 25 basis points, boosting the target range to 1%-1.25%. This move had been well flagged by Fed Chair Yellen and her colleagues, and thus invoked very little market reaction.

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Ian Slattery

Data emanating from the US somewhat disappointed last week, as softer than expected inflation data led to a fall in Treasury yields (yields move inversely to price). Housing and retails sales figures also came in slightly weaker than forecast.

In Europe, French President Macron led his En Marche party to a decisive parliamentary victory.

En Marche and its centrist ally Modem secured 350 of 577 seats, which reinforces Macron’s position post the Presidential election. However, opponents will point to the record low turnout as a sign that issues remain for the French electorate.

The global index lost some ground last week, down by 0.1%. Gold and silver both slipped further this week, down by 1% and 3% respectively.

Oil continued to lose ground on the back of higher US stockpiles and increased Libyan production.

The price of the US 10-year bond rose as yields fell to 2.15% from 2.20% a week ago.

Oil continued to lose ground on the back of higher US stockpiles and increased Libyan production

The equivalent German yield rose slightly to 0.28% from 0.26%. The EUR/USD rate was broadly steady at $1.12, whilst EUR/GBP closed at 0.88.

THE WEEK AHEAD

Thursday June 22nd
Eurozone consumer confidence data goes to print where a further rise is expected. This will be a positive follow on from the May figure, which was the best in ten years.

Friday June 23rd
Eurozone manufacturing and services PMI data for June is released. Manufacturing figure is forecast to edge down slightly, whilst services are expected to continue to improve.

 

The team at Zurich Investments is a long established and highly experienced team of investment managers who manage approximately €21.6bn in investment of which pension assets amount to €9.6bn. To find out more about Zurich Life’s funds and investmentsw: zurichlife.ie/fundsTwitter: @ZurichLifeLinkedIn: linkedin.com/company/zurich-life-assurance-plc

Warning: Past performance is not a reliable guide to future performance. Benefits may be affected by changes in currency exchange rates. The value of your investment may go down as well as up. If you invest in these funds you may lose some or all of the money you invest.

 

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KPMG lands BT auditing role

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Global consulting firm KPMG is to replace PwC as auditor of British Telecom.

“Following completion of the audit of the BT accounts for the 2017/18 financial year by PwC, KPMG will be appointed as auditor subject to approval by shareholders at the Annual General Meeting in 2018,” the telecoms giant said today in a statement.

The news comes following a fraud scandal at BT’s Italian operations earlier this year, and ends PwC’s 33-year role as auditor to the former state telco, which was privatised in 1984.

It is reported that KPMG landed the deal ahead of EY, with the other ‘big four’ firm, Deloitte, not participating in the bid due to its existing role as a BT technology consultant.

The auditing crisis had a dramatic effect on BT’s share price and forecasts, forcing it to bring forward an audit tender process that had previously been expected in 2020.

“BT, KPMG and PwC will commence transition planning immediately to ensure a smooth and effective migration during 2017/18,” the company said.

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Nokia relaunches iconic 3310

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The mobile phone market has thrived on innovation and newness for the past 20 years – but Nokia’s latest model aims to capitalise on anti-smartphone sentiment.

The brand, now owned by HMD, is re-imagining its landmark 3310 handset complete with Snake, retro levels of internet access – and battery that’s good for a full month of standby.

The reboot comes as Nokia launches three new smartphones at Mobile World Congress: the Nokia 6, Nokia 5 and Nokia 3

“Consumers today are seeking relationships with brands that they can trust,” explained Pekka Rantala, Chief Marketing Officer of HMD Global. “The Nokia brand has over 150 years of heritage giving it an authentic, differentiating experience which we are proud to introduce to a new generation of fans.

“Our new Android Nokia smartphone portfolio, together with the return of the iconic Nokia 3310, is a real statement of our ambition and commitment to honouring the hallmarks of a true Nokia phone experience.”

The new/old handset is expected to retail at €49.

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No ‘rationalisation’ at Vauxhall, says Business Secretary

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UK Business Secretary Greg Clarke has claimed that GM-owned carmaker Vauxhall’s UK future is secure.

“There is some way to go in discussions between GM and PSA but I was reassured by GM’s intention, communicated to me, to build on the success of these operations rather than rationalise them,” he said having met General Motors president Dan Ammann amid reports of a sale of Vauxhall and Opel to the parent company of Peugeot and Citroen.

“We will continue to be in close contact with GM and PSA in the days and weeks ahead,” said Clark.

GM was more cautious in its announcement: “While we have no definitive news to report at this time, we can affirm that our objective in exploring opportunities with PSA Group is to build on the success of Opel Vauxhall and to put the business and the operations in the strongest possible position for the future. We look forward to engaging with our stakeholders as part of these ongoing discussions,” it said.

The proposed deal is facing union opposition and political uncertainty, with details of the plan still thin after news of takeover talks emerged earlier this week.