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Commenting on the refinancing, Tony Quinlan, Finance Director of Drax said: "We are very pleased to have successfully secured this financing. We believe it is a clear demonstration of support from the investment community for our biomass strategy. We particularly welcome the involvement of the UK Green Investment Bank. "We are making very good progress with our project to transform the largest coal plant in the UK into an electricity generator fuelled predominantly by sustainable biomass. The benefits are multiple, from securing jobs at Drax and across the UK in the supply chain to providing low carbon, cost effective and reliable renewable power for the consumer," he added.

Coal-fired power plant operator Drax has secured committed financing to support the group's transformation into a predominantly biomass-fuelled electricity generator. As of June 30th this year, the group held net cash of £233m. In addition, as Drax has previously announced, it has additional components of its funding programme comprising a £100m amortising term loan facility agreed with the Prudential/M&G UK Companies Financing Fund in July 2012 and £190m gross proceeds from an equity placing in October 2012. The statement issued by the company today said it had now completed additional components of the financing comprising up to £100m amortising term loan facility agreed with the UK Green Investment Bank and £400m revolving credit facility maturing in April 2016 which will replace the existing £310 million revolving credit facility. Drax's company statement added that it has also executed a new commodity trading facility, allowing Drax to transact prescribed volumes of commodity trades without the requirement to post collateral.

The firm predicted net revenue yields on a constant dollar basis for full year 2013 would be up between one and two per cent. Net cruise costs excluding fuel per 'available lower berth day' for full year 2013 are expected to be up between one and two per cent on a constant dollar basis. The company's shares were down 5.3% at 1445.

Looking to 2013, the firm said that since September, booking volumes for the first three quarters, including Costa, were running in line with the volumes experienced last year but at slightly lower prices. But the company added that, to date, cumulative advance bookings for 2013 continued to be behind last year at slightly lower prices. Carnival expects full year 2013 earnings per share to be in the range of $2.20 to $2.40, compared to $1.88 for 2012. "Based on 2013 guidance, we estimate that cash from operations will reach $3.3bn for the year while our capital commitments will be just $2.0bn," Arison added. "As a result, we anticipate significant free cash flow in 2013, which we intend to continue to return to shareholders."

Carnival Corporation, the largest cruise company in the world, reported a fall in full year revenues after what it called its most challenging year ever. In January, the firm's Costa Concordia liner ran aground off Tuscany resulting in the death of 30 people. However, the firm said through "the significant efforts of its brand management teams", it was able to maintain full year 2012 net revenue yields - excluding Costa - in line with the previous year. "In addition, we drove down net cruise costs, excluding fuel, slightly and fuel consumption by four percent," added Chairman and Chief Executive Micky Arison. Earnings per share came in at $1.88, compared to $2.42 for the prior year. The firm blamed unfavourable changes in fuel prices and currency exchange rates for full year earnings 2012 dropping by $400m. Revenues for the year came in $15.4bn compared to $15.8bn for the prior year.

Commenting on Sir Nigel's retirement Turner added: "I would like to put on record our sincere appreciation of Sir Nigel's service throughout his term of office. He has contributed greatly to the work of the board and its committees and to the development of Babcock from the small company that it was at the time of his appointment to the FTSE 100 company it is today." The company also confirmed that, as announced on June 19th, Anna Stewart had joined the board as a Non-Executive Director on November 1st.

John Davies has been appointed as Executive Director at Babcock International Group, the engineering support services company, and will assume the role actively from January 1st 2013. Davies previously held several senior executive positions within VT Group between 2000 and 2010 and became Chief Executive of the Defence and Security Division after Babcock's acquisition of VT in July 2010. Mike Turner, Chairman of Babcock International, commented: "I am very pleased to welcome John to the board. He has played a significant part in the successful integration of Babcock and VT Group. Our defence and security business now accounts for over a quarter of total group revenue and we believe it will be a major contributor to our future growth." As the company announced in March, Sir Nigel Essenhigh will retire from the board with effect from December 31st, having been appointed as a Non-Executive Director in March 2003.

LMS Capital (LMS) Director name: Mr Nick Friedlos Amount purchased: 30,702 @ 65.10p Value: £19,987

Dods (Group) (DODS) Director name: Sir Sir William Wells Amount purchased: 500,000 @ 4.75p Value: £23,750

F&C Asset Management (FCAM) Director name: Mr Edward Bramson Amount purchased: 25,000 @ 101.73p Value: £25,432

NMC Health (NMC) Director name: Mr Justin A S Jewitt Amount purchased: 17,083 @ 175.00p Value: £29,895

NMC Health (NMC) Director name: Mr Mark Tompkins Amount purchased: 17,083 @ 175.00p Value: £29,895

Ukraine Opportunity Trust (UKRO) Director name: Mr Gordon William Lawson Amount purchased: 60,000 @ $2.04 Value: $122,400

Sinclair Is Pharma (SPH) Director name: Mr Robert Stuart Swanson Amount purchased: 750,000 @ 25.00p Value: £187,500

Top Director Buys Ukraine Opportunity Trust (UKRO) Director name: Mr Gordon William Lawson Amount purchased: 110,000 @ $2.04 Value: $224,400

Stephen Dryden, the Finance Director of recycled packaging supplier DS Smith, exercised options in the company on Wednesday and subsequently sold half of them for nearly one million pounds. The executive, appointed to the board in April 2008, exercised nil-cost options for 878,903 shares, then sold 458,635 at 210.04p each for a total of £963,317. The company said that sale to cover his tax liabilities. Following transactions, Dryden holds 615,755 shares in DS Smith, equal to a 0.066% stake. He currently works as a non-executive director of Fiberweb and has previously held senior finance positions at Filtrona and Rolls-Royce. Two weeks ago, the company reported its interim results for the six months to October 31st. Revenues rose from £1bn to £1.6bn, while pre-tax profits increased from £42.8m to £58m.

These are the maximum holdings of the Pallinghurst Group and the Concert Party following ddmission respectively. After the unbundling and following admission, the single largest shareholder in Gemfields will be Pallinghurst at 48.0%. Gemfields' principle asset is the 75%-owned Kagem Emerald Mine in Zambia, the world's single largest emerald mine. The company has a further 50% stake in the Kariba Amethyst Mine in Zambia and a controlling stake in the Montepuez Ruby Deposit in Mozambique.

AIM-listed mining company Gemfields has announced an update on the proposed acquisition of high-end jewellery firm Fabergé. At Fabergé's general meeting on December 17th, Fabergé shareholders approved the merger of Fabergé with Runway SPV, a wholly owned subsidiary of Gemfields. Gemfields reported that there had been no dissenting shareholders and stated that as a result, the aggregate interest of the Pallinghurst Group in Gemfields immediately following admission would be 49.5% of the enlarged issued share capital. Similarly, the aggregate interest of the Concert Party in Gemfields immediately following Admission and prior to the Unbundling will be 75.6% of the enlarged issued share capital.

"We welcome Vishnu Sultania and his comprehensive experience in and expertise will be invaluable in assisting the growth of Mortice Group, particularly in evaluating and undertaking acquisition, investment and strategic opportunities," Rajain said.

Manjit Rajain, Chairman of Mortice, said: "We welcome Basil Keelor and look forward to his contribution from the years of professional experience gained by him in various positions that he has held in the past." Vishnu is a chartered accountant and a company secretary with 19 years of experience working for Telstra Corporation Limited, Verint Systems Inc., BCL Secure Premises Pvt. Ltd. Most recently, Vishnu was Director of Finance-South Asia for OCS Group, operating out of Gurgaon.