Leaders look to protect euro July 31, 2012 FRENCH President Francois Hollande and Italian Prime Minister Mario Monti yesterday repeated their pledge to try and rein in the Eurozone’s spiraling financial crisis quickly. “We must be able to use the measures and tools agreed upon as quickly as possible,” Hollande and Monti said in a joint statement after a meeting in Paris, as [...]
Greek minister: we’re on brink July 31, 2012 NEAR-BANKRUPT Greece is fast running out of cash while it waits for its next instalment of aid from international lenders, a deputy finance minister said yesterday. “Cash reserves are almost zero. It is risky to say until when [they will last] as it always depends on the budget execution, revenues and expenditure,” Christos Staikouras said. [...]
Fresnillo hit by faltering silver prices and costs July 31, 2012 MEXICAN miner Fresnillo, the world’s largest primary silver producer, said yesterday its first-half profit dipped nine per cent on the back of weaker average silver prices and rising costs. Core profit, or earnings before interest, tax, depreciation and amortisation (Ebitda), dropped to $684.4m (£436.4m), a better result than some analysts had expected, while attributable profit [...]
Copper volumes tumble but Xstrata stays upbeat on year July 31, 2012 MINER Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012 yesterday, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for [...]
Polymetal may raise outlook July 31, 2012 PRECIOUS metals miner Polymetal may raise its 2012 production target to reflect the stronger-than-planned performance of its Russian mines, it said yesterday. Polymetal, which joined London’s FTSE 100 index last year, said it was firmly on track to deliver on its 2012 production guidance of more than 1m troy ounces of gold equivalent. Updated guidance [...]
Luxury cars drive GKN July 31, 2012 BRITISH car and plane parts maker GKN said first-half profit rose by a third, driven by strong growth at its automotive business on the back of robust luxury car sales. The group’s Driveline unit, which makes products such as driveshafts, chassis and axles, reported a 29 per cent rise in profit in the six months [...]
Vedanta lifted by power sales July 31, 2012 INDIA-FOCUSED miner Vedanta posted a 27 per cent rise in first-quarter core earnings yesterday, as strong growth in power sales offset the impact of lower metal prices and zinc volumes. The London-listed firm said earnings before interest, tax, depreciation and amortisation (Ebitda) rose 27 per cent year-on-year to $1.34bn (£853.6m) in the three months to [...]
Anglo ups De Beers stake July 31, 2012 BOTSWANA said yesterday it had declined an option to lift its stake in diamond giant De Beers, leaving miner Anglo American with the full $5.1bn (£3.25bn) price tag for a buy-out of the remaining shares owned by the Oppenheimer family. Anglo formally offered the Botswana government a pro-rata share of the Oppenheimer family’s 40 per [...]
EDF gets boost from renewables July 31, 2012 French utility Electricite de France (EDF) posted a 4.6 per cent rise in its first-half core earnings yesterday as increased hydroelectric output and other renewable energies offset longer-than-expected outputs. First-half core earnings reached €9.1bn (£7.1bn) on sales up 8.2 per cent at €36.2bn. EDF is expanding its portfolio by developing in coal, hydropower and renewables.
Profits drops at Drax Group July 31, 2012 Power company Drax Group reported a lower first-half profit yesterday and said that it is proceeding with plans to become a predominantly biomass-fuelled generator. Drax is expected to review its investment plans of around £650m to £700m in light of smaller-than-expected subsidies for biomass energy. Profit before tax fell to £141m for January-June from £169m [...]