Rio Tinto output is hit by China fears January 17, 2012 LONDON-LISTED miner Rio Tinto yesterday reported almost flat iron ore production growth for the fourth quarter, weaker than some market expectations amid concerns that Chinese demand is softening. The company reported a three per cent rise in output between the third and fourth quarters of 2011, down from growth of nearly double that at the [...]
Afren finds oil in offshore Nigeria well discovery January 17, 2012 BRITISH energy explorer Afren found oil at one of its wells off the coast of Nigeria, and said it planned to drill another well in offshore Ghana later this month. Afren, whose main producing fields are in Nigeria but owns assets across Africa, said it found 549 feet of net oil pay – the zone [...]
British support for nuclear energy returns to its pre-Fukushima high January 17, 2012 BRITISH support for nuclear energy is at an all-time high as the nation’s collective consciousness moves away from Japan’s Fukushima disaster. According to research by Ipsos MORI, the dip in favourable attitudes towards nuclear power seen in surveys in June 2011 was “no more than a temporary blip”, and backing for a nuclear programme is [...]
Centamin sees production rise January 17, 2012 Gold producer Centamin has posted a 10 per cent rise in fourth-quarter output, boosted by higher production rates at its flagship Sukari project. Egypt-focused Centamin was hit in the second quarter by local restrictions on blasting, which, along with supply disruptions in the first quarter, forced the company to reduce its 2011 production guidance to [...]
Nighthawk makes £2.9m placing January 17, 2012 US-focused oil firm Nighthawk has raised around £2.9m by selling new shares to investors. The 115.7m new shares have been placed with institutional and other investors at 2.5p per share, a 7.5 per cent discount to Monday’s share price. The sale is part of a wider fundraising effort as Nighthawk works on a deal to [...]
King says big bankers’ bonuses not justified by share prices January 17, 2012 Britain’s bankers should not pay themselves big bonuses at a time of poor share price performance, more-or-less explicit tax-payer subsidy and falling living standards for most other workers, Bank of England Governor Mervyn King said. As Britain’s banks gear up for their annual round of bonus payments, King said they should put the money aside [...]
Citigroup profits fall January 17, 2012 Citigroup fourth-quarter profits fell 11 per cent and missed Wall Street estimates as the European debt crisis battered capital markets trading and discouraged clients from doing deals. The third-largest US bank by assets reported net income of $1.16bn (£754.47m), or 38 cents per share, down from $1.31, or 43 cents per share, a year earlier. [...]
IG profits up on volatile market January 17, 2012 Spread betting firm IG Group has announced a 28 per cent rise in pre tax profits to £103.2m for the six months to November 30. The FTSE 250 company benefited from overseas growth, a volatile market and investment in mobile betting technology. Spread betting involves gambling on market moves and greater market volatility provides the [...]
Miners fuel FTSE gains after China boost January 17, 2012 THE FTSE 100 was up this morning as better-than-expected economic data from China offset the damage caused to investor sentiment by S&P’s downgrade of the Eurozone’s rescue fund. China’s gross domestic product grew at an annual rate of 8.9 per cent from 9.1 per cent in the previous quarter, beating expectations for a 8.7 per [...]
UK inflation rate drops January 17, 2012 Inflation fell sharply in December, supporting Bank of England forecasts for a hefty decline in 2012, due to lower fuel prices and high-street clothes discounting, official data showed. The Office for National Statistics said consumer price inflation fell to 4.2 per cent in December from 4.8 per cent in November, as the decline in inflation [...]