Xstrata in coal output surge January 31, 2012 MINER Xstrata has posted record output from its Australian thermal coal operations for 2011, boosting total coal production seven per cent, as the newly commissioned Mangoola mine helped offset a flood-hit start to the year and strikes in South Africa. Copper, however, dipped, in line with expectations and Xstrata’s peers. Copper was hit by lower [...]
Essar receives demand for $1.2bn in tax case January 31, 2012 INDIAN energy firm Essar Energy was yesterday landed with a bill for $1.235bn (£759m) in sales tax it owes to its government. The firm received a demand notice from the tax authorities following a decision by the Supreme Court of India over the repayment of deferred sales tax by its subsidiary Essar Oil. The company [...]
National Grid plans dividend increase with trading strong in quarter three January 31, 2012 NATIONAL Grid, Britain’s biggest energy distributor, said the outlook for the year remained positive after a strong operational performance in the third quarter, as it announced plans to increase dividend. “Under our new one year dividend policy, we plan to deliver nominal dividend growth of four per cent for the 2012-13 financial year, which represents [...]
Stobart’s real estate deal draws criticism from Pirc January 31, 2012 INSTITUTIONAL investor group Pirc has criticised transport firm Stobart’s plan to buy up property from a company controlled by its own directors. Pirc said shareholders should abstain from a binding vote on the deal, due on 13 February, as it presents a conflict of interest, and questions remain about how Stobart will tackle the debt [...]
VEDANTA HIT BY ZAMBIA COPPER SLIDE January 31, 2012 Miner Vedanta Resources has posted a five per cent dip in core profit its December quarter, hit by weaker performances at its aluminium and Zambian copper operations. The India-focused miner said earnings before interest, tax, depreciation and amortisation came in at $848.4m (£537m) for the third quarter, including $131m from its majority stake in Cairn [...]
Sirius impresses with oil update January 31, 2012 Shares in Nigeria-focused Sirius Petroleum closed up 15 per cent yesterday after the firm said it had made progress with preliminary work on the Ororo field and looks forward to moving the project forward with its partners. Aim-listed Sirius entered into a financial and technical services agreement in October with Owena Oil and Gas and [...]
SSE loses energy customers January 31, 2012 Scottish and Southern Energy yesterday admitted it had lost 50,000 electricity and gas customers in the UK and Ireland in the final nine months of 2011. The energy company said the number of customer accounts now stood at 9.6m. Household gas consumption by customers in the UK fell by 26.6 per cent over the period, [...]
DP World upbeat about earnings January 31, 2012 DP World, the world’s third-largest port operator, yesterday said its core earnings for 2011 would be in line with analysts expectations, as container volumes rose 10 per cent over the prior year. The firm, one of the more profitable assets of debt-laden Dubai World, also said it would “comfortably” meet a $3bn syndicated loan facility [...]
SME lending falls but consumer debts drop January 31, 2012 UNSECURED consumer credit fell in December, Bank of England figures showed yesterday, as consumers paid down credit card bills. Lending to firms fell in the three months to November, with small businesses borrowing less than they were a year ago. However, mortgage lending rose to a two-year high, as house-buyers took advantage of low interest [...]
Cut business taxes to boost economy, argues think tank January 31, 2012 SLASHING the rate of corporation tax will stimulate the economy and make the UK a more attractive destination for businesses relative to other advanced economies, a report from the Centre for Policy Studies (CPS) argues today. The government currently plans to cut the rate of corporation tax by one percentage point per year, taking it [...]