Trading suffers as Fiat cuts 2013 forecast on weak Latin America October 30, 2013 ITALIAN automaker Fiat yesterday cut its 2013 financial targets as expected, after third-quarter revenue in Latin America fell because incentives expired in Brazil. Fiat now expects to earn a trading profit of between €3.5bn and €3.8bn (£3.2bn) in 2013, the bottom end falling below an analyst forecast range of €3.65bn to €3.92bn. Fiat said its [...]
Sable raises £17m in share offering October 30, 2013 Aim-listed Sable Mining, the iron ore producer run by Andrew Groves and ex-England cricketer and businessman Phil Edmonds, yesterday said it has raised £17.1m from new and existing investors in an enlarged and oversubscribed share offering. The money will be used to accelerate the development of the company’s flagship Nimba iron ore project in south [...]
Gulf Keystone issues $50m bond October 30, 2013 Gulf Keystone Petroleum, the Aim-listed oil and gas explorer with FTSE 250 ambitions, yesterday said it has issued $50m (£31m) bonds priced at par, which will be consolidated with a $275m debt facility issued in October 2012. The funds raised will be used to help the firm reach its production target of 40,000 barrels of [...]
Genel keeps full-year guidance October 30, 2013 London-listed oil explorer Genel Energy yesterday posted a 10 per cent increase in third-quarter production, compared to the same period last year. It maintains its full-year production and revenue guidance. “We continue to see Genel as a good long-term investment benefiting from falling political risk across Kurdistan and increasingly mature oil province,” said Will Forbes, [...]
Sanofi lowers annual outlook after vaccine hit October 30, 2013 FRENCH drugmaker Sanofi has lowered its 2013 profit guidance for a second time after a slowdown in China, weaker generic sales in Brazil and manufacturing problems at a Toronto vaccine plant dented third-quarter results. Sanofi said it now expected full-year earnings per share around 10 per cent lower than in 2012 at constant exchange rates, [...]
Finnish state considering rescue of struggling miner Talvivaara October 30, 2013 FINNISH nickel miner Talvivaara, struggling for cash just months after its latest fundraising, could be rescued by the government with a package focused on debt relief, sources familiar with the discussions said yesterday. Once hailed as a pioneer in cost-efficient mining, Talvivaara’s sole Sotkamo mine has been hit by a slew of production problems and [...]
Sprint back in black but it loses customers after SoftBank deal October 30, 2013 SPRINT posted a decline in third-quarter revenue yesterday as it lost more subscribers than expected following the shutdown of its older iDen network and warned that customer defections would remain high in coming quarters. Sprint, the third-biggest US mobile operator and 80 per cent owned by SoftBank, reported net subscriber losses of 360,000 for the [...]
Teva Pharmaceutical chief exec resigns after denying departure October 30, 2013 TEVA Pharmaceutical Industries, the world’s largest generic drugmaker, said yesterday that its chief executive Jeremy Levin was stepping down and finance chief Eyal Desheh would stand in on an interim basis, effective immediately. Earlier this week, Teva and Levin denied an Israeli media report that Levin was considering resigning due to a rift with the [...]
Microsoft seeks EU approval October 30, 2013 Microsoft has asked EU antitrust regulators to approve its $7.49bn (£4.66bn) takeover of Nokia’s phone business as part of a push into the mobile devices business. The deal, announced last month, includes a 10-year licensing agreement of Nokia’s patent portfolio. The European Commission said it would decide by 4 December whether to clear the acquisition. [...]
Hess output hit by Libya unrest October 30, 2013 Political and military unrest in Libya has curtailed oil and natural gas producer Hess’s quarterly production and profit, forcing it to temper expectations for the year, the company said yesterday. Libya’s total exports have slumped to around 90,000 barrels per day, less than 10 per cent of capacity, as protests halted operations at ports and [...]