Gatwick to improve flood plans February 26, 2014 Gatwick Airport has set aside £30m to bolster its weather defences after a report criticised the way it handled flooding and high winds on Christmas Eve. Non-executive director David McMillan found that “a very significant number of passengers endured poor levels of service and information” when dozens of festive flights were cancelled during the storms. [...]
Europe delays privatised railway February 26, 2014 The European Parliament yesterday watered down plans to open the continent’s railways to private sector competition. The plan, which was opposed by unions including the TUC, would have seen more tendering on rail networks, but the parliament has delayed this change. “This is not the strong signal that European rail needs and expects to increase [...]
Abercrombie set to lower prices February 26, 2014 Teen clothing retailer Abercrombie & Fitch yesterday said it would lower prices to deal with intense competition, after discounts in the holiday season helped quarterly revenue fall less than expected. The company forecast profit of $2.15-$2.35 per share for 2014, higher than the analysts’ average estimate of $1.62 per share. Abercrombie’s net income fell 58 [...]
Weir soars as it predicts strong growth in 2014 February 26, 2014 ENGINEERING firm Weir Group soared over seven per cent in trading yesterday, after chief executive Keith Cochrane predicted a return to growth this year. The FTSE 100-quoted company reported a four per cent decline in revenue to £2.43bn and five per cent fall in pre-tax profit to £418m in 2013, which Cochrane called “a challenging [...]
Asia Resource Minerals extends separation deadline for last time February 26, 2014 ASIA Resource Minerals, the beleaguered miner formerly known as Bumi, said yesterday that it is extending the deadline for the separation of the company for the final time. The FTSE 250 coal producer has been at the centre of a tug-of-war between its co-founders – Indonesia’s Bakrie family and billionaire financier Nat Rothschild – after [...]
Heritage Oil boosts hopes of a dividend as production rises February 26, 2014 HERITAGE Oil yesterday showed that its Nigerian problems are well and truly over, as it updated the market on soaring production levels and dangled the promise of a dividend for shareholders. Shares in the FTSE 250-quoted oil explorer skyrocketed over 10 per cent in early trading and closed up 13.54 per cent. Production from the [...]
Green fund Trig eyes further deals as it posts in-line results February 26, 2014 THE RENEWABLES Infrastructure Group (Trig) yesterday reported in-line financials and a strong pipeline of acquisitions, in its first set of results since its flotation last summer. The green energy-focused investment fund raised £310.1m through a London initial public offering in July and a tap issue in November. It then acquired an initial portfolio of 18 [...]
Fresnillo gets explosives back February 26, 2014 Mexico has granted precious metals miner Fresnillo a new explosives permit, allowing it to resume operations at one of its gold mines, the company said yesterday. A ban on the use of explosives imposed in October after a dispute with the local community had paralysed production at Fresnillo’s Herradura mining unit, forcing it to lower [...]
Centamin snaps up Ampella February 26, 2014 Gold miner Centamin yesterday agreed to snap up Ampella Mining for $37.2m (£22.35m), giving the group’s operations a west African flavour and relieving pressure on its Egyptian licence, which is under threat from a court case which has knocked off more than half the firm’s stock market value. The deal has been recommended to Ampella [...]
Top auction haul for Gemfields February 26, 2014 Gemfields, producer of about a fifth of the world’s rough emeralds, said revenues from its latest auction in Zambia were a record $36.5m (£21.93m). Shares of the company, owner of the luxury jewellery brand Faberge, rose by 2.14 per cent during the day. Gemfields had been selling output from its flagship Kagem mine around the [...]