Mine problems hurt Vedanta July 31, 2013 INDIA-FOCUSED miner Vedanta Resources yesterday reported a 23 per cent decline in first-quarter earnings, impacted by production delays at its copper and iron ore mines. Copper earnings fell 60 per cent, as a copper smelter was suspended due to environmental concerns. Iron ore earnings fell 107 per cent after mining bans in the states of [...]
Production up at Antofagasta July 31, 2013 CHILEAN miner Antofagasta yesterday posted a 19.7 per cent increase in first-half gold production and an 8.4 per cent increase in first-half copper output, as it maintained its production guidance for the year. However copper and gold output fell in the second quarter compared to the first quarter, the FTSE 100 firm said. “On our [...]
Taylor Wimpey order book hits record levels July 31, 2013 TAYLOR WIMPEY said “a much improved and healthier housing market” had helped it to deliver a 42 per cent jump in half year profits. The housebuilder yesterday revealed pre-tax profits of £109m on sales up 11 per cent to £1.01bn in the six months to 30 June. “There has been meaningful improvement in the housing [...]
City A.M. shadow MPC votes 8-1 against rise in QE July 31, 2013 ALLISTER HEATH | CITY A.M. “Given the expansion of GDP in the second quarter, there would be no benefit to extending QE or cutting rates. The MPC needs to privately work on a way to exit from our current monetary policy, which is now a net drag on the economy.” GRAEME LEACH | INSTITUTE OF [...]
Signs of recovery merit no increase in QE scheme July 31, 2013 CITY A.M.’s board of economists has voted 8-1 against any increase in quantitative easing (QE) again. Last month our shadow monetary policy committee (MPC) was nearly in line with the Bank of England’s own, with the same voting result. All of the Bank’s panel rejected further QE. There was a mix of advice for [...]
Genel upbeat over pipeline July 31, 2013 GENEL Energy, the oil explorer and producer run by former BP chief executive Tony Hayward yesterday reported a five-fold increase in profit, and said a key export pipeline from Kurdistan to Turkey would be complete by the end of the year. Pre-tax profit rose to $109.1m (£71.7m) from $22.3m in the six months to 30 June, [...]
Essentra profits rise 22 per cent July 31, 2013 FTSE 250-LISTED plastic and fibre products maker Essentra yesterday unveiled a 17 per cent increase in half-year revenue and a 22 per cent rise in half-year profit, in its first results since re-branding from Filtrona. The British firm said that it is on track for further growth this year and that the acquisition of Contego [...]
Losses widen at Aer Lingus July 31, 2013 AER LINGUS yesterday said its half-year losses before tax widened 14.2 per cent to €28.2m (£24.7m), on revenues up five per cent at €657.9m. Costs rose 6.9 per cent, which the firm said was partly due to one-off expenses linked to an increase in transatlantic services and the launch of Little Red, Virgin Atlantic’s short-haul [...]
Private investigator rules tightened July 31, 2013 Private investigators will be required to hold a licence to operate in England and Wales, the government announced yesterday. The Home Office said it wanted to “ensure rigorous standards” in an industry where “rogue investigators” had been infringing privacy. The rule change will be rolled out from Autumn 2014. Those who break the new rules [...]
Boris unveils private rental tower July 31, 2013 London mayor Boris Johnson yesterday named Essential Living and Mace as the preferred developers to build the UK’s tallest private rented residential tower. The companies have secured institutional backing from real estate investment firm M3 Capital Partners to build the 44-storey tower on the former site of the London Park Hotel in Elephant and Castle. [...]