Phones 4u to run network January 22, 2013 HIGH street phone retailer Phones 4u is launching its own mobile network. The company says its Life Mobile service, which will use EE’s airwaves, will be focused on offering customers flexibility. The move is a dramatic shift from Phones 4u, which has expanded to 550 UK stores since its 1996 opening. The retailer said Life [...]
ABG nets $142m for gold mine January 22, 2013 London-listed African Barrick Gold has secured $142m (£90m) in financing from a syndicate of banks to expand its flagship Bulyanhulu process plant in Tanzania, the miner said yesterday. Chief executive Greg Hawkins added that while the FTSE 250 miner had sufficient cash on its balance sheet to fund the expansion, it used the financing as a [...]
Output drops 5pc at Nord Gold January 22, 2013 Nord Gold, the gold unit spun off from Russian mining group Severstal in 2011, said yesterday its gold production for last year fell five per cent to 716,900 ounces. The gold miner blamed mechanical issues which hampered production in the first half of last year. Output for this year is expected to be in the [...]
Ryanair expects drag on growth January 22, 2013 Low-cost airline Ryanair expects passenger growth to slow in 2013 as it cuts back on short-distance flights in some markets due to higher airport fees, chief executive Michael O’Leary said yesterday. “I think the growth will be slower this year,” he told Reuters, predicting passenger numbers would increase three to four per cent to up [...]
City Moves | Who’s switching jobs January 22, 2013 Carmignac Gestion Keith Ney has been appointed co-manager of the asset management firm’s European bond fund, working alongside Carlos Galvis. He has worked for Carmignac for eight years, most recently as head of credit. Stenham Asset Management The asset management firm has made two appointments to its investment team. Akshay Krishnan joins as a senior [...]
Best of the brokers January 22, 2013 BARCLAYS Morgan Stanley has an “overweight” rating on the bank and has raised its target from 295p to 386p. It thinks Barclays could soon trade above its book value as focus turns to the prospect of the bank beating its cost of capital. Morgan Stanley expects a return on tangible equity of 13 per cent [...]
FTSE 100 dragged down by Pearson and Fresnillo January 22, 2013 The FTSE 100 was trading modestly down this morning, although it was still near its highest level in four and a half years. On the blue chip index, education giant Pearson continued its losses from yesterday and shed 2.33 per cent this morning. Yesterday it warned that annual profits would be lower than expected amid [...]
SABMiller reports weak Chinese demand January 22, 2013 Weak growth in China held back SABMiller in the three months to December, as lager volumes fell three per cent. The decline in China, which SABMiller said was mainly due to an “exceptionally cold and wet winter” across the country, weighed on lager volumes in the Asia Pacific region, which overall fell by one per [...]
Bumi unable to substantiate claims in Macfarlanes probe January 22, 2013 London-listed coal miner Bumi has received the final conclusions of the Macfarlanes report but is unable to release details, it said this morning. City law firm Macfarlanes was appointed in September to investigate allegations of potential financial irregularities at Bumi’s Indonesian arm, Bumi Resources. The FTSE 250 miner, founded in 2010 as cash shell Vallar, [...]
Bank of Japan agrees inflation target and monetary easing January 22, 2013 The Bank of Japan (BOJ) has agreed to double its inflation target to two per cent and introduce open-ended monetary policy easing in its most determined effort yet to end years of economic stagnation. The central bank said that from next year it would switch to an open-ended approach of buying assets – 13 trillion [...]