Vedanta reports record aluminium mining output April 8, 2010 INDIAN focused mining group Vedanta posted record quarterly production of iron ore and aluminium in its fourth quarter, helping it take advantage of rising metal prices. Fourth quarter production of saleable iron ore, its second most profitable product, jumped 59 per cent to 7.8m tonnes, taking its annual output up 34 per cent. Rising demand [...]
Better load factor is key April 8, 2010 AT LAST, there is sun on the horizon for the beleaguered airline industry. Easyjet yesterday said its passenger numbers were up 13.5 per cent in March compared to last year, a similar result to Ryanair, which carried 13 per cent more passengers last month. Although both companies said they saw increased business thanks to the [...]
BA and Iberia sign merger agreement April 8, 2010 BRITISH Airways and Iberia have signed a merger agreement that will see the two carriers launch a new company called International Airlines. The merger is expected to be complete by November this year and has received approval from local aviation authorities but awaits both European Commission and shareholder approval. BA and Iberia will create a [...]
Upbeat data indicates no double-dip April 8, 2010 THE Bank of England chose to leave monetary policy unchanged yesterday as a raft of upbeat data suggested that the recovery was on track if not fully assured. The decision was widely expected by the markets given Bank governor Mervyn King’s repeated warnings of an economy bumping along the bottom for some time to come [...]
CITY VIEWS: WAS THE BANK OF ENGLAND RIGHT TO LEAVE INTEREST RATES ON HOLD? April 8, 2010 JAMES BREWINS | NMB “Holding interest rates is not an ideal situation for savings. It is good for the economy and at the moment low rates are stimulating it. Really it’s a guessing game; all ifs and buts at the moment.” JOHN DAVIS | RPS GROUP “Yes, British business needs encouragement, especially with the fragile [...]
House prices bouncing back April 8, 2010 HOUSE prices increased for the eighth time in nine months in March, but experts warn more property being put up for sale could dampen further price rises. The latest house price index shows prices rose by 1.1 per cent during March, partly offsetting February’s 1.6 per cent fall. The rise means prices during the first [...]
ECB sets out fresh rules for collateral as rates held April 8, 2010 THE European Central Bank (ECB) yesterday set out its new lending rules governing what assets banks can swap for ECB loans as it voted to keep interest rates on hold. From 2011, the central bank will apply graduated valuation haircuts for lower-rated assets in the BBB+ to BBB- range and will replace the uniform haircut [...]
Governance issues could mar Essar IPO April 8, 2010 LONDON scored a coup as Indian industrial giant Essar yesterday said it would list its energy business on the Stock Exchange, though concerns rippled through the market over the extent of the subsidiary’s independence from its powerful parent. Essar said it would float between 20 to 25 per cent of the energy division Essar Energy [...]
Car sales surge at end of scrappage April 8, 2010 NEW car sales were up by 26.6 per cent last month as the car scrappage scheme drew to a close. A total of 397,383 new cars were sold, 26.6 per cent more than in March 2009, according to the Society of Motor Manufacturers and Traders (SMMT). The car scheme has helped to revive the car [...]
Pru investors warm up to Asian venture April 8, 2010 INVESTORS in Prudential said the insurer’s rising share price had given them more confidence in its mammoth takeover plan for American International Assurance yesterday. Shares in Prudential have recovered 16.5 per cent since plunging in the aftermath of its announcement of the $35.5bn (£23.3bn) deal. After tumbling below the 480p mark in early March as [...]