Japan grows in first quarter May 17, 2012 JAPAN’S economy rebounded sharply in the first quarter, official data showed yesterday. GDP expanded by one per cent in the three-month period, far outstripping the Eurozone, which registered no growth, and the US, which saw growth of just over 0.5 per cent. That compares with a two per cent decline in Japan in the same [...]
Businesses call for spaceport May 17, 2012 INVESTING in a spaceport should form a key part of the UK’s infrastructure strategy, a leading business group said today, as it would help Britain take the lead in a major emerging industry. “A spaceport would be a key piece of infrastructure for the sector operating as a hub for space tourism, research and development,” [...]
Rents climb again in April May 17, 2012 LONDON’S rental prices outstripped the UK average again in April, industry data showed yesterday, while arrears also increased last month. Rents rose 0.5 per cent in the month to an average of £709 in England and Wales, LSL property services reported, taking the annual rise to 2.4 per cent. However London’s rents rose 0.7 per [...]
WHO’S SWITCHING JOBS May 17, 2012 Covington & Burling The international law firm has appointed David Lorello as a partner in its London office. He is a US lawyer and will work in the firm’s anti-corruption and trade control practice. Lorello earned his law degree from Columbia University. Mariana Capital Markets Manvir Nijhar has joined the recently-formed equity derivatives brokerage as [...]
BEST of the BROKERS May 17, 2012 AFRICAN BARRICK GOLD Goldman Sachs has upgraded the FTSE 250 miner to “neutral”, despite saying it is poorly positioned compared to underperformance of peer companies. Goldman yesterday released a note saying that it nonetheless sees a “median upside relative to our mining coverage” and is hence edging up its rating of African Barrick Gold. BABCOCK [...]
Vedanta profit rise fuelled by Cairn takeover May 17, 2012 MINER Vedanta yesterday reported a rise in profits – attributing the lift to its acquisition of Cairn India. The company said that the outlook for commodity markets was positive despite losses in its aluminium business. Vedanta said that its profit had risen 13 per cent in the year to March to $4bn (£2.5bn) mainly fuelled [...]
Antofagasta earnings jump on gold price and copper boost May 17, 2012 CHILEAN miner Antofagasta said yesterday that its earnings rose 35 per cent in the three months to 31 March with a rise in the gold price and increased copper production contributing. Earnings before interest, tax, depreciation and amortisation (Ebitda), were just over $1bn (£632m) compared with $812m the year before. Gold production volumes in the [...]
Premier Oil trading in line May 17, 2012 Premier Oil yesterday reported that production averaged 56,100 boepd (barrels of oil equivalent per day) during the first four months of the year – in line with trading forecasts. In a trading update the company said that it has been producing 62,700 boepd over the last four weeks. In the statement covering the period from [...]
Salamander hitting targets May 17, 2012 Oil explorer Salamander said yesterday it was hitting its production targets. In an interim management statement for the period from 1 January to 16 May, it said its production for the four months up to the end of April averaged 10,308 boepd (barrels of oil equivalent per day). The company said it would keep its [...]
Yule Catto sticks to forecast May 17, 2012 Chemicals company Yule Catto yesterday reported solid trading despite tough markets. The firm, which sees half of its profit generated in the Eurozone, said net debt at the end of April was £171m. The trading update covering the period from 1 January said: “The environment remains both challenging and volatile. Against this background, expectations for [...]