Rio sells stake in Northparkes mine to China July 29, 2013 RIO TINTO has agreed to sell its majority stake in the Northparkes copper mine in Australia for $820m (£532.5m) to China Molybdenum, a Chinese firm making its first foray offshore and into copper. The purchase is the biggest Chinese mining deal since China Guangdong Nuclear Power won control of the Husab uranium project in Namibia [...]
High fuel costs and early Easter send Ryanair profit plummeting July 29, 2013 STRIKES in France, soaring fuel costs and an earlier Easter have knocked quarterly profits at budget airline Ryanair. The Irish firm yesterday posted a 21 per cent fall in profits after tax to €78m (£67.4m) for the three months to the end of June. Revenues rose five per cent to €1.34bn, while fuel costs rose [...]
Absolute Radio sold to Bauer in £25m deal July 29, 2013 ABSOLUTE Radio was yesterday sold to Bauer Media in a deal worth up to £25m, in a major act of consolidation for UK commercial broadcasting. Bauer, which already owns stations such as Magic and Kiss, said the loss-making business sits well with its existing brands. The company is expected to make savings by combining back-office functions. [...]
Keller’s earnings double as US construction market rebounds July 29, 2013 BRITISH engineering firm Keller Group’s first-half profit more than doubled, it said yesterday, as cost cuts and a recovery in the North American construction market helped widen margins. Keller, which built the foundation for the Olympic Stadium in London, said it expected full-year results at the top end of market expectations but warned that the [...]
TNT Express makes a loss after write-offs in southern Europe July 29, 2013 TNT EXPRESS said yesterday that tough trading conditions in southern Europe contributed to a €350m (£302m) write-off that pushed the Dutch delivery group to a second-quarter loss. The company is restructuring to bounce back from the collapse of a €5.2bn takeover by rival United Parcel Service, which was blocked by European regulators in January on [...]
Croda snaps up Chinese firm July 29, 2013 Chemicals business Croda is buying a 65 per cent stake in China’s Sichuan Sipo Chemical Co, a specialty firm based in the Sichuan province. The deal, worth £38.2m, will give Croda a foothold in the country’s lucrative car lubricants market. Croda’s European performance technologies division has been hit by a slowdown in the European car [...]
Intertek ups dividend as sales rise July 29, 2013 Product testing group Intertek upped revenues by 9.5 per cent in the first half of the year, while operating profit rose 4.5 per cent. Growth across all of its business divisions helped boost revenues to £1.084bn in the six months to 30 June, up from £991m in the same period last year. Operating profit rose [...]
Polymetal expects writedowns July 29, 2013 Russian precious metals miner Polymetal said yesterday it expects to record a non-cash impairment charge in its first-half financial results due to lower commodity prices. The firm said weak gold and silver prices could lead to charges of up to $340m (£221m). Polymetal also said it was expecting to deliver on annual production targets, as [...]
Gem Diamonds trims forecasts July 29, 2013 Gem Diamonds said yesterday it recovered 26 per cent fewer carats in the first half compared with the second half of last year and cut its 2013 production forecast for its key Letseng mine in Lesotho. Gem Diamonds said it expected to recover between 95,000 and 105,000 carats from Letseng in 2013. Carats recovered during [...]
National Grid sticks to outlook July 29, 2013 Energy network operator National Grid stuck to its outlook for 2013-14 yesterday, as it said it expects to invest between £3.6bn and £3.9bn in 2013-14 and to grow its regulated assets by around six per cent per annum over the next few years. In the firm’s UK transmission and distribution businesses, capital investment for 2013-14 [...]