The Dow Jones Industrial Average dropped more than 300 points yesterday, its biggest one-day drop in six months, as a combination of earnings, economic news and a default by Argentina triggered a broad sell-off. Meanwhile, Argentina has threatened to take the US to The Hague, after accusing it of judicial malpractice.
IC TIP UPDATES:
Consumer products group PZ Cussons (PZC) announced the exchange of contracts for the acquisition of Australian food brand Five:am. Five AM Life Pty Ltd.'s entire issued share capital is being purchased for £44.1m in cash with completion expected to follow within a very short period.
Sirius Minerals (SXX) has revised its planning application for its York Potash project after consultation with local authorities and the North York Moors National Park Authority. The mineral transport system (MTS) will now be included as part of the planning application for the mine, while the materials handling facility will be submitted separately. Importantly, the change does not affect the schedule.
Hydrodec Group (HYR), the cleantech industrial oil re-refining group, announced that it has signed engineering and licence agreements and a joint technical collaboration agreement with California-based Chemical Engineering Partners (CEP). The agreements cover the engineering, planning and development for a UK lubricant oil re-refinery that will create a material source of sustainable, high quality base oil for the UK lubricant market.
Rolls-Royce (RR.) notes the decision by International Airlines Group (IAG) to convert eight Airbus A350-900 options into firm orders, powered by Trent XWB engines. The A350-900 aircraft will go into service with IAG's Spanish airline Iberia, which will become a new operator of the Trent XWB.
Morgan Advanced Materials' (MGAM) Composites and Defence Systems business has been awarded a £15m contract to supply protected vehicles to a European country.
KEY STORIES:
Kenmare Resources (KMR), a producer of titanium minerals, announced that it has agreed an amendment to the project financing terms for the Moma Mine in Mozambique, as well as an extension to the corporate loan provided by Absa Bank Limited, a member of Barclays.
Vodafone (VOD) and the Belgacom Group have renewed their Partner Market agreement in Belgium and Luxembourg for a further three years.
Northcote Energy (NCT) and MX Oil (MXO) have agreed a partnership to pursue opportunities in Mexico’s upstream oil and gas industry. A ten-year tie up gives Northcote the right to participate with MX Oil in any of its projects in Mexico, with Northcote taking up to 20 per cent interest. MX Oil has also signed a joint venture agreement with Geo Estratos S.A. de CV, an established oil services business in Mexico
OTHER COMPANY NEWS:
Savannah Petroleum (SAVP), the Niger focused oil and gas company, along with GTS Chemical Holdings (GTS), Chinese specialty chemicals producer, was admitted to trading on AIM today.
A federal judge has ordered Microsoft to turn over emails stored in Dublin, Ireland to comply with a US warrant, rejecting the company’s argument that doing so would violate Irish law.
