THE DAILY BRIEFING
LOSS POSTED Pension takeover firm Xafinity lost £12.8m in the year to March 31 – largely due to the cost of its stock market float the previous month. However, revenues rose 1pc to £52m.
LEATHER STAKE Private equity giant CVC is buying a majority stake in Italian leather firm Pasubio which supplies car marques including Jaguar, Lamborghini and Alfa Romeo.
FRESH CASH Small bank OakNorth has lent £20m to Brasserie
Bar Co, which is behind upmarket French restaurants inspired by celebrity chef Raymond Blanc. It will use the cash to fund new venues in hotels.
BUSINESS BACKING Entrepreneurial jobseekers have launched more than 105,000 businesses with backing from the New Enterprise Allowance scheme, which provides a business mentor and financial support for up to six months.
GAS START The first gas has been produced from the Cayley field, in the North Sea. Repsol
Sinopec, a joint venture between Repsol SA and China Petrochemical Group subsidiary Addax Petroleum UK, hopes to keep the field and two others going beyond 2030.
DEBT DIPS Oil producer Tullow Oil says its debt is now around £2.9bn, £740m less than at the end of 2016, following a rights issue.
OIL MAN Struggling oil producer Genel Energy has appointed a former Shell executive as chief financial officer. Esa Ikaheimonen is replacing Ben Monaghan.
REVENUE RISE Radiation detection company Kromek has posted a jump in revenue from 7.5pc to £9m. Losses narrowed from £2.4m to £1.5m following further investment in research of £3.5m.
ELECTRONICS CLASH Japanese electronics and energy giant Toshiba is suing joint venture partner Western Digital over the US company’s opposition to the sale of its memory chip unit. Toshiba seeks an injunction and £827m damages.
VEHICLE RECALL More than 400,000 transit vans and buses in North America are being recalled by Ford to fix cracked drive shaft couplings.
FACTORY FALL New car production fell 9.7pc in May, as makers prepared to ramp up production of new models. Demand from overseas buyers remained strong, with exports up 0.8pc year-on-year.