Baron Oil moves into the black September 17, 2013 Aim-listed oil and gas explorer Baron Oil yesterday posted pre-tax profits of £303,000 for the first half of 2013, compared to a £1.5m loss in the same period last year. The firm plans to drill new wells in Peru. “The total reorganisation of the company is still in full progress,” said the struggling Latin America-focused [...]
Bellzone surges on Guinea study September 17, 2013 Aim-listed Bellzone Mining yesterday reported the results of a feasibility study for a project in Guinea, which forecast full production of seven million tonnes per year for the first ten years, at a cost of $34.40 (£21.60) per tonne. “This looks like a very positive outcome for the company, pointing towards a meaningful sized operation,” [...]
Shanta Gold ramps up production September 17, 2013 Shanta Gold yesterday showed the successful effects of ramped up production at one of its mines, with gold output hitting 26,336 ounces during the first half of the year. Sales of 23,842 oz generated $36.2m (£22.8m) in revenues. An operating loss of $4m was recorded due to higher costs. Chief executive Mike Houston said the [...]
Philips buyback plan shrugged off by investors September 17, 2013 PHILIPS has raised most of its financial targets and announced plans to return €1.5bn (£1.26bn) to shareholders, saying it would reap the benefits of a two-year revamp to focus on healthcare, lighting and consumer appliances. Yet the Dutch group also warned, yesterday, of tough conditions in many of its markets and the new goals fell [...]
Schaeffler’s share sell-off sends Continental on a trip downhill September 17, 2013 GERMAN car parts maker Schaeffler Group has sold a 3.9 per cent stake in automotive supplier Continental AG for about €950m (£798m), taking advantage of a more than 20-year high in Continental’s share price to pay down debt. Schaeffler placed 7.8m shares with international investors at €122.50 apiece, a 3.5 per cent discount to Monday’s [...]
City Moves for 18 September 2013 | Who’s switching jobs September 17, 2013 KPMG The professional services firm has announced the appointment of Sean Randall as head of its UK stamp taxes group. Randall spent the past eight years at Deloitte, where he specialised in stamp taxes. JP Morgan Private Bank Antoine Massoud has joined the private bank as a senior banker in its Middle East banking team. [...]
Best of the brokers for 18 September 2013 September 17, 2013 GLENCORE XSTRATA UBS has cut its rating on the commodities giant from “buy” to “neutral” and raised its target from 330p to 335p, as the shares have bounced back 32 per cent from the trough. The broker remains upbeat about Glencore’s cost-cutting plans until copper and coal prices improve. 888 HOLDINGS Numis has a “buy” [...]
London Report: FTSE drops from six week highs on Lloyds sale September 17, 2013 THE UK’S top share index fell off one and a half month highs yesterday, with Lloyds bank among the worst stocks, while traders held off adding to positions in fear of the US Federal Reserve reducing stimulus measures. The blue-chip FTSE 100 index closed down by 0.8 per cent, or 52.69 points, at 6,570.17 points [...]
New York Report: Expectation of modest taper lifts US shares September 17, 2013 US STOCKS advanced yesterday on expectations the Federal Reserve will make only moderate changes to its stimulus that has been highly supportive of stocks and other assets at the conclusion of its two-day meeting tonight. The policy-setting Federal Open Market Committee began meeting yesterday to discuss whether to trim its bond purchases, also known as [...]
Mortgage rates could be on the rise September 17, 2013 With rising costs and house price highs spooking homebuyers, shop around for a good deal NEWS that house prices in England have hit record highs – now 0.9 per cent higher than their previous peak in January 2008 – has heightened fears that the government’s Help to Buy subsidised mortgage scheme is fuelling a housing [...]