The Venezuelan government has seized control of paper packaging company Smurfit Kappa’s operations in the crisis-hit country for alleged price fixing. Smurfit Kappa Group (SKG) has been operating in Venezuela for nearly 80 years and employs 1,600 staff there. It has denied the government’s accusations and stated that, as a result of the actions, it would not be held responsible for its operations in the country while under state control, which the government has said is temporary and would last for 90 days.
Petrofac Ltd. (PFC) cheers multi-billion dollar contracts despite swinging to half year loss. The contractor has revealed a fresh $600m deal to provide engineering and construction services at a major gas project in Algeria. This brings its pipeline of new contract orders to $3.3bn, despite fears that its legal wrangling with the Serious Fraud Office (SFO) might dampen its chances of winning bids.
Fisher (James) & Sons (FSJ) is pushing further into the fields of submarine rescue and offshore wind turbines after increasing profits by more than a quarter in the first half of year. The FTSE 250 business has been building up its presence in the renewables market, repairing blades on wind turbines and monitoring cables. Earlier this year, the company signed its maiden long-term maintenance contract for the largest wind farm in the world in the Thames Estuary.
Johnston Press (JPR) squeezed by Google and Facebook as debt deadline looms. The publisher of the i, the Scotsman and scores of local titles is in a race against time to agree debt restructuring with its lenders before a repayment deadline next summer that threatens to tip it into administration.
Diploma (DPLM) ousts chief executive after less than five months. Alongside a upbeat trading statement on Wednesday morning, Diploma’s board said Mr Ingram would be leaving with immediate effect “in the best interests of the company and its shareholders”.
Questor: Brooks Macdonald Group (BRK) is that rare thing, a promising stock that isn’t at a pricey valuation
