HOW THE 2012 OLYMPICS WILL AFFECT YOUR COMMUTE January 30, 2012 CITY workers have been warned they will bear the brunt of travel disruption during this summer’s Olympics, with Bank and London Bridge the two worst-affected Tube stations. Transport for London commissioner Peter Hendy yesterday urged Square Mile employees and businesses to consider alternative routes or working from home, where practical. Mayor Boris Johnson said extra [...]
Euro woes hit commercial property rent January 30, 2012 ECONOMIC troubles in the Eurozone have knocked the outlook for the single currency area’s commercial property sector, according to new data. European states dominate the list of countries in which rents are expected to fall, as measured by the Royal Institution of Chartered Surveyors (RICS) at the end of last year. Six out of the [...]
Mitie trading in line as solid order book fuels confidence January 30, 2012 OUTSOURCING and energy specialist Mitie said revenues and earnings had come in line with expectations in a trading update yesterday. The FTSE 250-listed company said its private sector client sales were strong, having sealed recent deals with insurers Friends Life and LV=. In the public sector it said there were still contracts being won despite [...]
Centrica ups its North Sea oil field stake January 30, 2012 CENTRICA yesterday moved to ramp up its North Sea gas reserves with a $223m (£140m) deal with ConcocoPhillips. The British Gas owner is buying a 15.17 per cent stake in the Statfjord field, taking its share to 34.3 per cent. Its investment includes $103m in historic tax allowances. The Statfjord field is in the North [...]
Centamin profits are doubled as 2012 production forecasts lifted January 30, 2012 MINER Centamin, which operates the first modern gold mine in Egypt, more than doubled its fourth-quarter operating profits and said yesterday it expects 2012 production to rise by more than 20 per cent from last year, with cash costs easing. Operating profit for the final three months of 2011 came in at $37.5m (£23.9m), marginally [...]
Philips swings to a loss as its sales tail off in Europe January 30, 2012 PROFITS at electronics group Philips took a sharp turn for the worse in the fourth quarter, leading to a loss of €160m (£133.9m) compared to gains of €465m a year earlier. This contributed to an annual loss of €1.29bn – down from a €1.45bn profit in 2010 – which the Dutch company put down to [...]
Thor ups Tungsten production January 30, 2012 Thor Mining yesterday raised its production at the Molyhil Tungsten and Molybdenum Project in Australia by a quarter to 4.7m tonnes. The firm said the tungsten at the site was high quality and situated near the surface, giving it confidence of an early return on capital. Chairman of the Aim-listed company, Mick Billing, said: “The [...]
New World to launch fundraising January 30, 2012 New World Oil and Gas said yesterday it is launching a fundraising of approximately $35m (£22m) next month. The company said the funding, subject to shareholder approval, is “based on interest from institutional investors and lenders”. The company added in a statement: “New World’s management intends to ensure the company is well funded to meet [...]
Wentworth snaps up Cove assets January 30, 2012 Wentworth Resources said yesterday it had agreed a deal to acquire a further 16.38 per cent stake in the Mnazi Bay gas project in Tanzania from Aim-listed Cove Energy. The move comes after Cove put itself up for sale earlier this month. Wentworth already owns a 25.4 per cent stake in Mnazi Bay and it [...]
Ryanair lifts profit target for the year January 30, 2012 RYANAIR yesterday raised its annual profit forecast, after a decision to ground 80 planes over winter paid off. The budget airline said its traffic fell two per cent to 16.7m in the last three months of 2011, but higher revenues per passenger lifted turnover 13 per cent to €844m (£706m). Ryanair’s quarterly after-tax profit of [...]