MARKET PAPER: Corrugated cardboard giant Smurfit Kappa in hot water with the government of Venezuela

<pre><pre>MARKET PAPER: Corrugated cardboard giant Smurfit Kappa in hot water with the government of Venezuela

The giant of corrugated cardboard Smurfit Kappa is located in the hot water of the government of Venezuela.

The accomplices of President Nicolas Maduro have seized the FTSE 100 paper mill there for at least 90 days.

They say that Smurfit is involved in price speculation, smuggling and refusal to sell to local companies. Two employees have also been detained. Smurfit, which has been serving customers in Venezuela for almost 80 years and employs nearly 1,600 people, said that it worked according to the highest corporate and ethical standards & # 39 ;.

The company said that it was impossible for its Venezuelan company to manage its business in a way that meets our normal business standards & # 39 ;.

Therefore, it washed his hands of responsibility for the use of his installations, machinery and equipment, the safety of his employees, that of his surrounding communities, any impact on the environment, or the quality of the paper and packaging that manufactured in the operations & # 39 ;. The shares of Smurfit slipped 1.7 percent, or 56p, to 3236p.

There were also signs of problems elsewhere in the FTSE 100. Due to a debt reduction, asset manager giant Standard Life Aberdeen had abolished 3.1 percent or 10.3p share price because it ended the day at 319.3p.

The rating agency Standard & Poor & # 39; s, which assesses how companies can repay their debts, lowers it from A to A-minus, and says that the planned sale of its insurance business would reduce its diversification and scale.

The owner of the British gas, Centrica, managed to reduce the day marginally by 0.6 percent, or 0.9p at 142.85p, even after being smacked by energy company Ofgem, who said British Gas was £ 2, 65 million had paid after overloading more than 94,000 customers and incorrectly imposing exit fees.

Software company Micro Focus earned the biggest profit from the blue-chip index, when it was announced that it would buy back £ 153.8 million in investors' shares. The move, which effectively makes the remaining shares more valuable, raised shares by 2.9 percent, or 37.5p, to 1319.5p.

But this was not enough to keep the FTSE 100 in black, because it ended the day with 0.7 percent or 54.01 points, at 7563.21.

The roller-coaster ride of Johnston Press continued when the owner of the newspaper announced his half-year results. Shares in the company, which hold titles such as The i and The Scotsman, sank 17.7 percent or 0.9p to 4.2p, while the revenues continued to linger.

Total revenue slipped 10 percent to £ 93 million, although The i's strong performance caused a steeper decline. The general operating profit even reached an increase of 50.1 percent to £ 7.4 million. Chief executive David King said that Johnston's options for the refinancing or restructuring of the group's debt continued to be investigated, but so far no decisions have been made or agreements have been concluded.

Between the smaller London listed companies it was a bad day for restaurant groups Barkby and Richoux. Barkby, owner of gastropubs around Oxfordshire and Gloucestershire, fell by 16.1 percent or 0.63p to 3.25p.

This came despite the fact that the group announced that it's strong trading & # 39; and a better occupancy of the hotels had seen after improving the use of social media and booking platforms.

Meanwhile, Richoux, which operates 18 restaurants under the brands Richoux, Villagio, Friendly Phils, Zintino and Broadwick, sank 14.3 percent or 1p, to 6p.

It said it had been hit by the sectoral pressure on the trade & # 39 ;. It said that it would issue new shares at 6 pence each to raise £ 1.1 million, and was in advanced negotiations & # 39; to sell a lease in central London for about £ 1.35 million.

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