Anglo American takes $4bn write-down on Minas-Rio project January 29, 2013 Miner Anglo American said this morning it would take a $4bn (£2.5bn) write down on its Minas-Rio iron ore project, as it increased its spending on the project. Anglo American, which commissioned a review into Minas-Rio in November, said that investment in the iron ore project would jump to $8.8bn. “On the basis of the [...]
Iceland wins Icesave case over bank deposits January 28, 2013 Iceland won the backing of the courts today, allowing it to repay billions of euros on its own terms to Britain and the Netherlands for bailing out depositors in collapsed Icesave. Landsbanki collapsed in 2008, leaving depositors of its Icesave online accounts stranded. Britain and the Netherlands stepped in to repay savers, but it sparked [...]
FTSE 100 steadies near highest level since 2008 January 28, 2013 The blue chip index was steady this morning, flatlining near its highest level in four and a half years at the start of a busy week for FTSE 100 earnings news. Buoyant copper prices pushed up Eurasian Natural Resources and Chilean miner Antofagasta, up 1.27 per cent and 0.8 per cent respectively. Russian precious metals [...]
Government unveils HS2 phase two details January 28, 2013 The government unveiled the second phase of the £33bn High Speed Two (HS2) railway this morning, with five new stations announced on the northern extension. The preferred route for the line north of Birmingham will have five stops at Manchester Piccadilly, Manchester Airport, Toton in the East Midlands, Meadowhall in Sheffield and Leeds. However, the [...]
Toyota reclaims world’s top vehicle maker crown January 28, 2013 Carmaker Toyota has reclaimed its slot as the world’s top-selling vehicle maker, as it posted record-high sales. The carmaker said this morning it sold 9.75m vehicles worldwide last year, a record for Toyota and up 22.6 per cent year on year. Toyota held the global sales crown from 2008 through 2010, but fell to third [...]
Ryanair lifts profit forecast January 28, 2013 Low cost carrier Ryanair this morning hiked its full-year profit guidance on the back of strong growth in the third quarter. The airline now expects full-year profits to come in at around €540m (£461m), a seven per cent increase on last year. Previous guidance was set at between €490m and €520m. Over the third quarter, [...]
European banks to repay ECB crisis cash early January 25, 2013 Banks that received loans to keep them afloat during the Eurozone crisis will repay more than €130bn (£111bn) of loans to the European Central Bank (ECB) next week in a sign that parts of the financial system are returning to health. The ECB made more than €1 trillion of cheap three-year loans to banks to [...]
FTSE 100 flat after hitting multi-year highs January 25, 2013 The leading share index was flat in this morning’s trading, after the FTSE 100 hit its highest level in almost five years yesterday, giving London its best start to the trading year since 1989. The blue chip index surged past the 6,200 level, closing up just over one per cent at 6,264.91 last night. But [...]
UK economy contracted 0.3 per cent in fourth quarter January 25, 2013 GDP shrank in the fourth quarter of last year, adding to fears that the economy is headed for a triple-dip recession. In its preliminary estimate this morning, the Office for National Statistics said that the economy contracted by 0.3 per cent in the final three months of the year, as lower output from the North [...]
Snow hits John Lewis sales January 25, 2013 Retailer John Lewis this morning cautioned that heavy snowfall across the country last week hit sales. Sales rose 6.7 per cent to £59.5m in the week to January 19, slipping back from growth of 18.9 per cent the week previously – the first full week of their clearance sale. Simon Russell, director of retail operations [...]
