Output up at Petropavlovsk October 20, 2011 Russian gold miner Petropavlovsk said yesterday that its third-quarter output rose 65 per cent, beating most forecasts, and that it was confident of meeting its full-year target of 600,000 ounces. The company, which operates three open-pit gold mines in Russia’s far east, produced 228,110 oz in the three months to the end of September, 65 [...]
Hochschild sees production fall October 20, 2011 Latin American precious metals group Hochschild Mining said yesterday that third-quarter production fell 12 per cent from last year, although it kept its full-year target. The company produced 5.8m silver equivalent ounces in the third quarter, comprising 3.8 ounces of silver and 33,500 ounces of gold, down from 6.6m ounces a year earlier. Hochschild added [...]
Nokia surges after posting shock results October 20, 2011 NOKIA experienced a rare surge in its stock yesterday after it posted a far smaller loss than analysts had feared. The struggling Finnish manufacturer lost €68m (£59.5m), compared to a profit of €529m last year. However, it was a vast improvement on the €368m it lost in the last quarter. Investors rallied on hopes Nokia [...]
Promethean’s woes continue as its revenues tumble 5pc October 20, 2011 Interactive whiteboard maker Promethean World posted a five per cent drop in third-quarter revenue, highlighting its struggles since floating just a year ago. It reported sales of £68m, compared with £71.3m the year before. Sales for the year to date have dropped nine per cent to £175.9m. It said its quarter and year-to-date results are [...]
LG Display sees a record loss October 20, 2011 SOUTH Korean flat-screen maker LG Display, a key supplier to Apple, posted its biggest quarterly loss yesterday as tepid demand for televisions and computers hit panel prices and one-off losses weighed. LG Display, which vies with home rival Samsung Electronics for the top position in LCD flat screens globally, reported a quarterly loss of £275m, [...]
Ericsson beats analyst targets October 20, 2011 Forecast-topping results from Ericsson yesterday showed the world’s top mobile network gear maker can still out-muscle rivals, even as global growth slows. It posted core profits of £605m, with sales were well above forecast. Its key networks unit posted 25 per cent growth. Smartphones and tablet computers have fuelled demand for faster, more efficient networks, [...]
UK consumer morale drops in September October 20, 2011 CONSUMER morale sunk again last month, in a worrying sign for the domestic UK economy. The widely regarded Nationwide consumer confidence index sunk for the fourth straight month, it revealed this morning. The index fell to 45 points in September, from 48 points in August. At the same time last year, September 2010, the index [...]
Rise in retail sales fails to lift outlook for struggling high street, analysts say October 20, 2011 SALES of laptops and video games gave a surprise lift to British retail sales in September, supporting hopes that the economy posted at least some growth in the third quarter, without changing an overall dire outlook. The Bank of England has warned of a tough winter ahead, predicting that growth will be close to zero [...]
Lending to businesses is still subdued, says Bank October 20, 2011 LENDING to businesses fell again in the three months to August, Bank of England figures showed yesterday. On an annualised basis, the stock of lending from financial institutions fell by 2.1 per cent, or £2.5bn. The decline represents a slowing rate – lending was down 5.8 per cent in the three months to July and [...]
BEST OF THE BROKERS October 20, 2011 ASOS Goldman Sachs rates the online retailer as a “buy” with a target price of 3,350p, and lowers its estimates following the company’s first half trading update. The broker now sees retail sales growth of 55 per cent for fiscal year 2012 and 47 per cent for 2013, revised down from 63 per cent and [...]