Ryanair is confident on Lingus bid despite objections from EU November 14, 2012 RYANAIR remains confident of securing European Union approval of its bid to take over Irish rival Aer Lingus, despite receiving a statement of objections from its competition watchdog, the budget airline said yesterday. Ryanair said the European Commission submitted its objections on Tuesday, but it has not made them public. The airline still has the [...]
Banco Popular rights issue debuts November 14, 2012 Spain’s Banco Popular received orders for 11 per cent of a €2.5bn (£2bn) rights issue on its first day, the bank said yesterday. The rights issue was an attempt by the bank to avoid seeking state aid after an independent audit of Spanish banks found it needed an extra €3.2bn to weather a serious economic [...]
Hangar8 shares take off November 14, 2012 Private aircraft operator Hangar8 was the biggest riser on the Alternative Investment Market yesterday, as its shares soared 25 per cent following a strong trading update. The firm said it had enjoyed “a very strong start to the year” as profits quadrupled in the quarter to £461,000. Hangar8, which listed in 2010, said full year [...]
BHP Billiton to up iron ore output November 14, 2012 BHP Billiton expects to expand its iron ore capacity by nearly a fifth just by working its mines, rail lines and port harder as it looks to control costs in a softer iron ore market, the global miner’s iron ore chief said yesterday. Caught out by escalating costs, a slide in iron ore prices and [...]
Tullow on track as it ramps up Ghana output November 14, 2012 EXPLORER Tullow yesterday hailed its financial and operational performance in the second half of the year as “strong”, as it ramped up operations at the Jubilee field in Ghana. Production capacity at the field – of which Tullow owns 35.48 per cent – is expected to exceed 90,000 barrels of oil per day by the [...]
Centamin posts record quarter earnings amid Egypt legal fight November 14, 2012 EGYPTIAN gold miner Centamin yesterday posted record earnings over the three months to September, up 43 per cent quarter on quarter, as its court battle over the right to mine at its flagship asset Sukari showed no sign of weighing on its results. Earlier this month, Centamin said it would appeal an Egyptian court ruling [...]
Strong oil and gas activity lifts AMEC amid mining slowdown November 14, 2012 OIL engineer AMEC yesterday reported trading in-line with expectations, just two days after fellow energy services provider Cape issued a profit warning. Strong oil and gas activity in the North Sea, Gulf of Mexico and west Africa boosted AMEC in the year to date, although mining activity slowed. The oil and gas division accounts for [...]
RWE starts to stem wholesale losses and cut back expenses November 14, 2012 GERMAN power group RWE said its outlook for the year is rosier after losses from its energy trading unit were less than thought. The owner of Npower said it had halved the loss at its trading and midstream unit to €403m (£324m) for the first nine months of the year. The group has made progress [...]
Toyota to recall millions of cars after discovering new defects November 14, 2012 TOYOTA admitted yesterday that it will recall 2.77m vehicles worldwide, including some of its popular Prius hybrid cars, for steering and water pump problems in the carmaker’s second multimillion-vehicle recall in a little over a month. The defects, which Toyota said had caused no accidents and could each be fixed in an hour or so, [...]
Evraz falls as it seeks to make changes to its bond covenants November 14, 2012 DEBT-LADEN Russian steelmaker Evraz yesterday asked the holders of a $750m (£428m) bond maturing in 2015 to approve the removal of a covenant, sending its shares tumbling. “The company is seeking approval by way of an extraordinary resolution of the holders of the notes to remove a covenant requiring the company to maintain the net [...]