Glencore Xstrata shares climb after strong production update August 14, 2013 GLENCORE Xstrata’s share price rose yesterday after the miner trader unveiled a strong increase in first-half production across most of its commodities. The FTSE 100-listed firm – which is due to post its half-year earnings next week – said that copper output soared 20 per cent, while gold rose 14 per cent and coal production [...]
Lonmin recognises union on the anniversary of miner massacre August 14, 2013 PLATINUM miner Lonmin yesterday formally recognised South Africa’s AMCU trade union, averting the threat of further strikes and paving the way for pay talks. The accord was reached ahead of tomorrow’s first anniversary of the Marikana massacre, which saw police kill 34 miners at a Lonmin mine in the north of the country. Pay talks are [...]
Centamin posts record quarterly output but court ruling looms August 14, 2013 RECORD quarterly production was not enough to stop gold miner Centamin’s share price sliding over five per cent yesterday, as uncertainty around legal cases and Egypt’s civil unrest continues to shake investors. Gold production rose eight per cent quarter-on-quarter to 93,624oz. However, earnings fell 22 per cent to $63.7m (£41.1m), mainly due to the declining [...]
Balfour’s shares nosedive after profits fall 70pc August 14, 2013 INFRASTRUCTURE group Balfour Beatty posted a 70 per cent fall in first-half pre-tax profit yesterday as the already well-flagged problems in its British and Australian businesses took their toll, causing shares to plunge almost seven per cent. The group’s British regional construction unit, under new management since April, made an operational loss of £41m in [...]
Countrywide shares tumble as investors cash in £200m shares August 14, 2013 COUNTRYWIDE’S private equity backers Oaktree and Apollo sold £200m worth of shares in the estate agents yesterday, cashing in on the revival in the UK housing sector. The group saw shares fall 4.5 per cent last night following the share placing, which saw Oaktree and Apollo whittle down their shareholding in the company by [...]
CLS Holdings’ value hits £1bn August 14, 2013 CLS HOLDINGS has seen the value of its property break the £1bn mark for the first time since the financial crisis, thanks to its large schemes in Vauxhall on London’s Southbank. The developer said yesterday its net asset value rose six per cent to 1,223.7p per share in the six months to 30 June while [...]
Cap & Regional is back in black August 14, 2013 CAPITAL & Regional said yesterday that one of its founders Xavier Pullen has stepped down from the board, as it reported a return to profit. The shopping centre owner said it made a pre-tax profit of £3.7m in the six months to 30 June, compared with a £9.2m loss the previous year. Rent at its [...]
Leaving presents fit for Lord King August 14, 2013 OFFICE leaving parties are a strange phenomenon. Awkward speeches, inappropriate presents, then down to the pub where, after having a few drinks too many, you finally tell your ex-colleagues what you really think of Sam from accounts. Yet Bank of England governor Mervyn King – now Lord King – seems to have enjoyed a somewhat [...]
Grub’s up! Pest controllers bring fried insects to feed City workers August 14, 2013 IT IS usually in the summer months that The Capitalist notices an extra layer of flab around the midriff that has accumulated during the year’s parties and dinners. After a dejected sigh – and encouraged by the clement weather – we then join our fellow gut-busters jogging along the Thames at lunchtimes, while doing our utmost to [...]
Interserve sees revenues surge past £1bn mark August 14, 2013 FTSE 250-listed Interserve yesterday unveiled a 7.6 per cent jump in first-half profit and an 8.6 per cent rise in revenue, boosted by a strong performance in its UK support services division. The global support services and construction group posted headline pre-tax profit of £36.8m and consolidated revenue of £1.07bn for the six months ended [...]