CITY WHISPERS: De La Rue out of pocket as King Charles III saves on banknotes

Hesitant viewers of De La Rue’s share price will have noticed a spike after Queen Elizabeth II’s death in September.

While that may sound creepy, investors in the British banknote maker quickly noticed that King Charles III might be exercising his right to have the printing presses buzzing with new fives, tens, twenties and fifties emblazoned with his portrait.

But the boost to its shares, which are down more than 50 percent over the past year, didn’t last long.

Whispers has learned that the Eco-Friendly King has decided that wallets full of new banknotes would be wasteful, and he only wants the coins with his image printed gradually, replacing the soon to be out of circulation.

Shares of De La Rue took another hit this week, with news on Friday that it was involved in a corruption investigation into India’s former finance minister.

It denies all allegations.

Petra issues over burst dam continue

Gem miner Petra Diamonds revealed last week that 145 people were still homeless after a sheet pile full of toxic waste burst at Tanzania’s Williamson mine in November.

Petra says it may need “additional funding options” in the aftermath of the tragedy — which could mean more money. Repairs can be costly, but production is expected to restart in 2024.

Let’s hope that by then it has solved the problems of the local population and has not incurred more costs for housing and humanitarian aid.

Boost for Centamin

Gold prospector Centamin has had a turbulent few years, but a spike in its shares and a favorable ruling in Egypt against a challenge to its flagship mine have boosted it.

So much so that CEO Martin Horgan is keen for the FTSE 250 group to enter new countries.

It already has interests elsewhere. There are currently no new deals on the horizon, but Horgan is keeping his ear open.

The only condition? Centamin could only settle in countries that were safe enough for his wife to be glad he worked there, says Horgan.

The father of three is more likely to think of Namibia, Tanzania and Ghana than places like Mali, where the Ministry of Foreign Affairs warns not to travel to.

Unilever supported Jope’s exit

Few City figures are as in need of good news as hapless outgoing Unilever CEO Alan Jope.

He has overseen three years of sluggish sales growth at the Dove soap company and the Ben & Jerry’s ice cream machine, and has come under fire from major investor Terry Smith.

So Jope may have been pleased to learn that Jefferies analyst Martin Deboo chose Unilever as his “key pick” of European food groups this year and raised the target price for its share by 15 percent.

Unfortunately, Jope can’t take too much credit.

One of the reasons for Jefferies’ cheerful take? The upcoming ‘CEO change’ at the end of 2023.

Contributor: Archie Mitchell