IN BRIEF (Page 16)
Fund's loss
The Queen's Walk Investment Ltd fund run by Cheyne Capital Management (UK) LLP, whose structured investment vehicle defaulted, reported a third successive quarterly loss after writing down 8 million euros.
The fund lost a net 600,000 euros, or 1 euro cent per share, in its fiscal second quarter. The net asset value fell to 6.9 euros per share from 7.01 euros in the previous quarter, the UK Channel Islands-based company said.
Tasty result
Compass Group Plc, the world's largest catering company, said annual profit rose 81 percent after costs fell and management changes carried out in 2006 gave executives more control over the business.
Net income climbed to 515 million pounds, or 25.4 pence a share, in the year through September from 285 million pounds, or 13.3 pence, in the prior period, the Chertsey, England-based company said yesterday in a Regulatory News Service statement.
Green light
SHL Telemedicine Ltd, the Israeli provider of heart-monitoring services whose shares are listed in Switzerland, said its shareholders approved the sale of its US unit to Royal Philips Electronics NV.
The sale of Raytel Cardiac Services for about $110 million to Philips is scheduled to close tomorrow, Tel Aviv-based SHL said statement yesterday.
Gazprom loan
OAO Gazprom Neft, the oil arm of Russian gas exporter OAO Gazprom, borrowed $2.2 billion from a group of foreign banks to boost production and refining.
Gazprom Neft will pay 75 basis points more than the London interbank offered rate for the three-year loan, the St. Petersburg-based company said in an e-mailed statement yesterday. Citigroup Inc and Commerzbank AG are among 16 lenders.
Indian plans
L'Oreal SA, the world's largest cosmetics maker, wants to double its customers in India, from 50 million currently, Les Echos reported, without citing anyone. The Paris-based company currently holds 9 percent of the market behind the leader Unilever, which has 30 percent, the daily said.
The company estimates the total potential number of customers in the emerging market at 250 million, Didier Villanueva, the director of L'Oreal India, told the newspaper.
'Not until Christmas'
Porsche Automobil Holding SE won't take over Volkswagen AG until after December 25, the New York Times reported, citing Porsche Chief Executive Wendelin Wiedeking.
Porsche, which owns 31 percent of Volkswagen, was cleared by a European court recently to increase its stake, though Wiedeking said he wanted to wait until after Christmas until moving further, according to the Times.
Extra dividend
Unipol Gruppo Finanziaria SpA may decide at a December 13 board meeting to pay an extra dividend from its 1.8 billion euros of excess cash, Il Sole 24 Ore reported, without saying where it got the information.
Chief Executive Officer Carlo Salvatori is considering several ways to distribute cash to shareholders, the newspaper said. Unipol, the Italian insurer that failed this year to start alliance talks with Banca Popolare di Milano Scrl, on November 8 said that directors planned to discuss distributing excess cash next month.
Merger sought
GPC Biotech AG, whose main drug failed tests earlier this year, wants to merge with a US drugmaker in an attempt to rebuild the German biotechnology company, Financial Times Deutschland reported.
GPC, which has 60 million euros in cash reserves, may offer an opportunity for an unlisted company seeking a route to the capital markets, the newspaper reported, citing an interview with Chief Executive Officer Bernd Seizinger.
Bloomberg News
(China Daily 11/29/2007 page16)
