Rio Tinto is gifting a diamond deposit to the Madhya Pradesh government to cut costs February 7, 2017 Rio Tinto said it will gift an Indian diamond project to the government of Madhya Pradesh after stopping production there last year in order to cut costs. Under a government order signed last month, the Indian government said it will accept ownership of the Bunder mine and take on responsibility for the assets – meaning all land, [...]
St Modwen has found a buyer for its Nine Elms site February 7, 2017 St Modwen's share price climbed today after it said it had found a purchaser for its Nine Elms site. The developer's share price was up two per cent at time of writing – even though the company also reported a slide in profits. The figures In its results for the year ending 30 November, St [...]
Statoil’s shares slip on disappointing fourth quarter results, but its outlook remains positive February 7, 2017 Norwegian oil major Statoil today reported disappointing fourth-quarter earnings due in part to low oil prices. The figures The company was hit by a $2.3bn (£1.86bn) impairment charge due to reduced long-term expectations for oil prices. This impacted net operating income, which was a loss of $1.9bn compared to gains of $152m for the same period in 2015 and analysts' [...]
Gospel Oak to Barking line reopens on 27 February but more disruption is on the cards after work wasn’t completed on time February 7, 2017 Good news: the London Overground line between Gospel Oak and Barking will reopen to passengers on Monday 27 February. Bad news: despite a phased eight-month closure, the work hasn't been finished on time and more needs to be done. Work began on the £130m upgrade in June 2016. Along the 14-mile route, a number of [...]
RAF Typhoon jets launched to intercept Pakistan Airlines civilian aircraft and escort it to London Stansted Airport February 7, 2017 RAF Typhoon jets were scrambled to escort a Pakistan International Airlines plane to Stansted Airport this afternoon, the Ministry of Defence has said. "Quick Reaction Alert Typhoon aircraft were launched this afternoon from RAF Coningsby to intercept a civilian aircraft," the Ministry of Defence said. "The aircraft was intercepted and safely escorted to Stansted airport." Flight [...]
Richard Pennycook steps down as Co-operative Group chief executive February 7, 2017 Richard Pennycook, the chief executive of the Co-operative Group who was parachuted in when the company was in the worst phase of its crisis in 2013, has stepped down as chief executive, it said today. In a statement today the company said Pennycook will be replaced by Steve Murrells, who currently heads up the company's food [...]
Hurricane Energy has revealed its Lancaster field is set to outperform “conservative” estimates February 7, 2017 Hurricane Energy's said its 300m barrel estimate from its Lancaster field is now thought to be too conservative. The oil company said it expects a "material uplift" in anticipated reserves ahead of a competent persons report (CPR) which will quantify the resources at the end of the first quarter. Shares increased more than three per cent at the [...]
The big winners of the housing white paper: Housebuilders’ and estate agents’ shares are climbing February 7, 2017 If you work in residential property, today is a good day – share prices went up across the board after the government published its long-awaited housing whitepaper. On the FTSE 100, Persimmon was the big winner, with shares rising 2.3 per cent to 1,983p in mid-afternoon trading. That was followed by Barratt, which rose 1.7 per [...]
Tata Steel has returned to profit in its fourth quarter results February 7, 2017 India's Tata Steel reported its first profit in five quarters, beating analyst expectations for its fourth quarter. The figures The steel giant said it had a consolidated net profit of 2.32bn rupees (£27.8m) for the three months to 31 December compared with a loss of 27.48bn rupees the previous year. Analysts were estimating 1.74bn rupees [...]
Parliament offered “deal or no deal” Brexit vote before terms are considered by the European Parliament February 7, 2017 Parliament will be able to vote "deal or no deal" on the final terms of the Brexit negotiation before it is presented to members of the European Parliament, the government has conceded. MPs had been pushing for a "meaningful" ballot on the deal ever since Prime Minister Theresa May announced a vote will take place [...]