DP World gets boost from rise in global trade August 18, 2010 DUBAI-BASED port operator DP World posted a surprise 10 per cent rise in first-half profit yesterday thanks to growing container volumes and better pricing. The government-controlled firm said profit attributable to shareholders reached $164m (£105m)?in the first six months of the year. Net profit after tax from continuing operations rose to $206m from $188m a [...]
ENRC lifted by new mines August 18, 2010 KAZAKH miner Eurasian Natural Resources Corporation (ENRC) posted an 80 per cent rise in first-half pre-tax profit yesterday and raised its earnings per share 63 per cent to 70 cents, crediting a rise in production and acquisitions. Shares dipped by four per cent to 928.5p, however, as the firm voiced concern over falling commodities prices. [...]
Falklands oil well fails for Rockhopper August 18, 2010 OIL explorer Rockhopper disappointed investors yesterday with the news that one of its wells off the coast of the Falklands contains no oil. Shares slumped more than ten per cent following the announcement about the Ernest well, before paring some losses to close down one per cent at 302.3p. The Aim-listed company said it will [...]
Hochschild to ramp up exploration August 18, 2010 PRECIOUS metals miner Hochschild said it will focus on its exploration programme and on bringing new projects into production rather than on big acquisitions. The London-listed miner posted record revenue of $306.9m (£196.5m) for the six months to 30 June, up 33 per cent year-on-year. “We are taking a different approach regarding acquisitions to what [...]
ConAgra fined for inflating crude oil prices August 18, 2010 REGULATORS in America have fined a former division of food group ConAgra $12m (£7.7m) for artificially inflating the price of crude oil futures contracts above $100 a barrel, helping spark a rally that saw prices surge to a record $147. An oil trader working for ConAgra Trading Group (CTG) made a “vanity trade” in New [...]
Oz mining tax under threat August 18, 2010 MINING groups are nervously awaiting the results of a closely fought election in Australia, as current Prime Minister and mining tax enthusiast Julia Gillard fights to keep her job. Gillard travelled to Western Australia yesterday, where the 30 per cent mining supertax is set to come into force in 2012, to appeal to voters ahead [...]
Poison pill still a headache for BHP’s bid August 18, 2010 BHP BILLITON’s $40bn (£25.6bn) bid for PotashCorp could yet hit a hurdle because of the Canadian fertiliser giant’s “poison pill” defence, it emerged yesterday. BHP is waiting on the details of the shareholder rights plan implemented by PotashCorp on Tuesday, but the global miner could have to go to court to overturn the measure if [...]
BHP Billiton August 18, 2010 AS the late Wall Street legend Bruce Wasserstein was famed for saying, it’s time for BHP Billiton’s advisers to start “bidding ‘em up”. Because there is quite simply no way the miner will get its hands on Canada’s Potash for $130 (£83.32) a share, an offer that values the fertiliser giant at around $40bn. There’s [...]
Henderson set for more M&A August 18, 2010 ANGLO-AUSTRALIAN fund manager Henderson Global Investors said yesterday it was open to fresh acquisition opportunities, when announcing outflows accelerated in the second quarter on volatile markets and fragile confidence. Henderson – which bought New Star last year – also said underlying first-half pre-tax profit rose 79 per cent to £48.5m ($65m). That compared with its [...]
Arsenal to try Barca-style fan ownership scheme August 18, 2010 RANK-and-file fans will be given the chance to own a stake in Arsenal under a new Fanshare scheme designed to fend off a takeover. With regular shares trading as high as £10,000 they have been prohibitively expensive for most supporters. The new scheme will split the shares up into 100 parts and offer fans the [...]