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Outsourcing giant Serco said it was on track to meet expectations for 2012 as it announced the sale of two operations at a loss. The firm said it expected to deliver a year of strong total revenue growth, including good organic growth. It also said it would post an increase in adjusted operating margin similar to that achieved in 2011 when it releases its full year results in March 2013. Exceptional items are expected to have a broadly neutral impact on the company's income statement for the 2012 financial year. Serco has agreed to sell its education software and UK data hosting operations for a loss. It said those businesses had become non-core to the ongoing development of the group and had both experienced significant changes in market conditions. The £6m deal will mean a provisional non-cash exceptional accounting loss on disposal of approximately £25m, the company said. For the year to the end of December 2011, the financial result of these operations was approximately £14m of revenue and £2m of adjusted operating profit.

Insurance and reinsurance firm Amlin estimates its losses from hurricane Sandy, net of estimated reinsurance recoveries and inward reinstatement premiums, at 145m pounds. Approximately 80% of this is derived from reinsurance classes where the upper end of all known cedents' estimates of their recoveries under catastrophe reinsurance treaties has been assumed, Amlin explained. The group noted that Sandy's estimate was more complex than for a typical windstorm and cautioned that any estimate at this stage should be viewed with caution. "Prior to Hurricane Sandy, 2012 had experienced a low level of major catastrophe losses and the reinsurance books in both London and Bermuda (with 2012 anticipated net written premium of approximately £540m, excluding internal reinsurance arrangements) are still expected to return healthy profits after estimated losses from Sandy are taken into account," it said in a statement. Chief Executive Charles Philipps commented: "While Sandy is a major loss for Amlin, we expect to be only modestly above our catastrophe budget for the year."

TV decoder maker Pace, which was suspended from trading last week pending the potential 'reverse takeover' of Google's Motorola Home business, has said that it was unable to reach an agreement with the US search engine giant. "Accordingly, Pace has contacted the Financial Services Authority to request that the suspension of its securities from the Official List is lifted without delay. Pace expects the suspension to be lifted shortly," the firm said. Pace said on December 10th that discussions with Google were at a preliminary stage but, seeing as though the potential purchase would be regarded as a "reverse takeover" under the UK Listing Rules given its size relative to Pace, the shares were suspended. "We viewed the potential acquisition of Google's Motorola Home business as an opportunity to accelerate our stated strategy, but only if real shareholder value could be delivered," said Pace's Chief Executive Officer Mike Pulli. "Although we had the support of our major shareholders and committed facilities, we could not reach an appropriate conclusion to the potential transaction."

"This type of solution enables us to access an attractive offshore oil and gas market in the Gulf of Mexico, which has the potential to include structures such as the large number of unmanned platforms, which can benefit from the efficiencies that LED solar powered lighting can bring."

LED lighting technology provider Dialight has secured an order worth 0.5m dollars to illuminate offshore heliports in the Gulf Coast from an oil and gas supplier. The order is for the installation of LED fixtures on 15 offshore heliports in the Gulf of Mexico. The lighting systems will be provided with solar panels through Dialight's strategic partner, Tetra West Technology, a Houston-based company specialising in offshore oil and gas applications. The order consists of more than 1,300 solar powered LED lighting fixtures, allowing the offshore heliports to operate their required lighting completely off-grid. Roy Burton, Group Chief Executive Officer of Dialight, said: "Working in partnership with Tetra West Technology to provide this combined solar-powered LED lighting system has proved highly successful and, as a result, we expect to see further orders of this kind coming through in 2013.

Securing these benefits for passengers represents a firm yellow-card for London Midland and some financial benefit for those who have been hardest hit by their poor performance." Go-Ahead said in a statement: "We acknowledge the impact that this has had on our passengers and we have now put measures in place to ensure we have sufficient drivers to operate our services. "We also welcome the confirmation that the London Midland franchise has been extended until September 2015 which gives us the opportunity to provide longer term investment in our services for the passengers' benefit."

The government has announced that rail passengers disrupted by cancellations and delays last year on the London Midland line will get a seven million-pound package of benefits. Rail passengers who suffered disruptions last year will receive free travel passes and cheap tickets "thanks to tough action taken by the government", Transport Minister Norman Baker announced on Thursday. After months of consultation with the Department for Transport, London Midland operator Go-Ahead has agreed on a £7m package of benefits. "London Midland has cancelled or delayed hundreds of services in recent months. On repeated occasions, they were not able to provide enough drivers and some services had to be cancelled, with severe delays to services, and they have fallen short both of everyone's expectations and their franchise obligations," Baker said.

"Given the limited and preliminary nature of the data available, there is substantial uncertainty associated with the loss estimate, which therefore may be subject to revision," the firm warned. The announcement came as rival insurance firm Amlin put its losses from the US superstorm at £145m, most of which comes from reinsurance claims. The group also noted that Sandy's estimate was more complex than for a typical windstorm and cautioned that any estimate at this stage should be viewed with caution.

Insurance outfit Lancashire Holdings has estimated the impact Hurricane Sandy on the business will be in the region of 40m to 60m dollars. However, it added there was considerable uncertainty around this total and it could be revised. The firm said the preliminary loss estimate came from a combination of market data and assumptions, provisional loss advices, limited client loss data and modelled loss projections. The figure accounts for potential reinsurance recoveries and reinstatement premiums, but does not currently include any benefit from industry loss warranties that the company has in place. Lancashire has $40m of industry loss warranty cover, attaching at an insured market loss of $20m as reported by Property Claims Services.

It also allows STSA to leverage its LNG capability to support Gasol's project and to build its presence in West Africa. Alan Buxton, Chief Operating Officer at Gasol, said: "Our alliance with STSA represents a major step towards our goal of bringing gas to Benin, Togo and Ghana, which remain significantly gas constrained in their power plants and industries. "In line with the board's new strategy, the strategic alliance with STSA provides Gasol with access to LNG and a storage and regasification vessel, but just as importantly, STSA's experience in the development of such projects." Hayal Ahmadzada, Head of Oil Trading at STSA, said: "We are delighted to be working with Gasol to help them unlock the value of their Benin LNG Import Project. Creating this strategic alliance allows STSA the opportunity to supply LNG to a market where we see significant growth over the short to medium term and positions us well in the region to capitalize on that growth."

West African energy development company Gasol has signed a strategic alliance with Socar Trading S.A (STSA) in relation to its proposed Liquefied Natural Gas Import Project in Benin. STSA is the international marketing and development arm of SOCAR, the State Oil Company of the Azerbaijan Republic. Under the terms of the agreement, STSA will supply all Liquefied Natural Gas required for the Liquefied Natural Gas Import Project in Benin and assist Gasol with the provision of a floating gas storage and regasification vessel in the harbour at Cotonou, Benin. The Project involves the regasification of Liquefied Natural Gas and the supply of that gas to power and industrial customers in Benin, Togo and Ghana. The strategic alliance is a key development for Gasol, as it ensures the supply of LNG and the storage and regasification vessel on competitive terms, important components in putting the Project together.

markets on its knee's mate.........lots of bargains though but how long till you make some profit from it is the question.....

WPP's operating company Wunderman has acquired a majority stake in Mayko Trading's Bienalto, a digital marketing and analytics consultancy in Sydney. Wunderman -- a leading global relationship marketing network with revenues of about $1bn -- said the investment reflected the group's commitment to expanding its digital capabilities. Bienalto was founded in 2005 and is based in Sydney where it provides expertise in designing and optimising digital platforms. The company has 24 employees and its clients include Suncorp, Colonial First State Global Asset Management, Dan Murphy's, Bell Direct, Frontline Systems, Flordis, Engineers Australia and the Federal and State Governments. WPP said it the acquisition would facilitate growth in the company. Digital revenues represented 30% of the the FSTE 100 company's total global revenues of more than $16 billion in 2011. WPP, which has a market capitalisation of £11,227m, has set a target of 35-40% of revenue to be derived from digital over the next five to 10 years.

He is currently the Chairman of HarbourVest Global Private Equity and JP Morgan Claverhouse Investment Trust, a Director of Invesco Perpetual Select Trust, a consultant to Smith & Williamson and a former Director of Foreign & Colonial Investment Trust. He began his career in 1968 at Buckmaster & Moore, before joining Smith & Williamson, Investment Managers and Chartered Accountants, in 1974 as a Partner.

Channel Islands investment firm BH Global said it had brought in Sir Michael Bunbury as its new Chairman after the resignation of the incumbent, Lord Turnbull. The latter will resign on 1st january after five years as a non-executive director and Chairman of the company to "pursue other commitments". "I am now standing down after five years planning, launching and chairing BH Global," Turnbull said. "Since its launch in June 2008 its Net Asset Value has grown by over 28% and the company has shown great resilience through some very turbulent times." Turnbull led the UK Civil Service between 2002 and 2005. Bunbury, aged 65, is an experienced director of listed and private investment, property and financial services companies and trustee for high net worth families.

Richard Houghton, RSA Group Chief Financial Officer, said: "While relatively small in terms of the group's capitalisation, today's announcement is further evidence of our determination to utilise our capital wisely and only focus on territories where we can achieve scale and deliver attractive returns to shareholders. In the majority of our markets we are already achieving our objectives but where we see no strategic fit or route to outperformance, we are committed to taking decisive action."

Sun Alliance Insurance Overseas and Maduro & Curiel's Bank reached an agreement to sell Royal and Sun Alliance Insurance Group's (RSA) Dutch Carribean operation to Fatum General Insurance, it was announced Thursday. The sale of the FSTE 100 company's Antilles division is subject to regulatory approvals in Curacao, Saint Maarten, Aruba and the islands of Bonaire, Saint Eustatius and Saba. RSA, based in London, has a market capitalisation of £4,520.93m and reported £15m gross written premiums in 2011. The insurance company also has operations in Ireland, Scandinavia, Central and Eastern Europe, Canada, Asia, the Middle East and Latin America. Fatum General Insurance -- which runs in the Netherlands, the Caribbean and Aruba -- is purchasing the operation for an undisclosed figure.

The Bakrie family has proposed swapping their stake in Bumi for a stake of equivalent value in Bumi Resources, thus ending the relationship between Bumi and themselves. The Bakrie Group has offered $1.2bn to acquire a 29% stake in PT Bumi Resources and an 85% interest in PT Berau Coal Energy. The plan has only partial backing, according to Bumi Senior Independent Non-Executive Director Julian Horn-Smith.

The corporate takeover regulator said it was investigating into why it was not made aware of the party. The UK's takeover code states investors owning 30% or more of a company must make an offer for the whole. The Bakrie Group and Bukit Mutiara, a company associated with businessman Rosan Roeslani, together control 50.3% of the voting rights in Bumi Plc. The regulator has ordered that the voting rights of the Bakries and Roeslani be reduced. The Bakries said Wednesday they have lodged a complaint with the panel regarding "the conduct of Rothschild during the original takeover".

A proposal from Nathaniel Rothschild regarding the fate of Bumi Plc's coal assets has been rejected following insufficient backing from stakeholders. The founder of Bumi Plc recommended PT Borneo Lumbung and PT Bukit Mutiara sell their holdings in the London-listed group. However PT Borneo Lumbung, owner of 23.8%, and PT Bukit Mutiara, 9.8%, turned down the offer on Wednesday. The news comes amid a dispute between Rothschild and Indonesia's Bakrie Group. The two started Bumi together in 2010 in a $3bn deal that merged stakes in the Indonesian investor's coal companies into cash shell, Vallar. The company infighting between Rothschild, who owns 12% of Bumi Plc voting stock, and Co-Chairman Indra Bakrie have led the two to resign from the board. The UK Takeover Panel, which oversees mergers and acquisitions, has since ruled the Bakrie Group and and Bukit Mutiara should have been regarded as a "concert party" in the 2010 deal.