Inflation remains unchanged at 2.7 per cent January 15, 2013 Inflation remained unchanged for the third consecutive month in December, as consumer price inflation (CPI) came in at 2.7 per cent. Price hikes in gas and electricity bills were the largest upward pressures on the index over the month, with utility costs rising 3.9 per cent, according to the Office for National Statistics. This was [...]
Amplats in major overhaul of South African operations January 15, 2013 Anglo American Platinum this morning spelled out a radical overhaul of its business, involving the sale of a mine complex and the closure of several shafts. As part of the review commissioned last February, Amplats will trim its Rustenberg operations into three mines, mothballing four high-cost shafts, resulting in a drop of 400,000 ounces of [...]
Rio Tinto hits iron ore production targets January 15, 2013 Global iron ore output hit 253m tonnes over 2012 for miner Rio Tinto, beating guidance as demand from China drove a price recovery. Rio had set a target of 250m tonnes for 2012, after posting output of 245m tonnes over the previous year. Chief executive Tom Albanese said this morning: “Markets remain volatile, but our [...]
Burberry sales jump in third quarter January 15, 2013 Luxury brand Burberry this morning posted a nine per cent jump in underlying revenue over the third quarter, thanks to a strong week of trading before Christmas. The retailer racked up total sales of £613m over the three months to 31 December. Retail revenue from the group, which last year issued a shock profit warning, [...]
Financial shares buoy FTSE 100 January 14, 2013 The blue chip index edged up in early trading, but failed to replicate strong gains overnight in Asia. Resources and financial shares were in favour this morning, with oil and gas services provider Petrofac the top FTSE 100 riser. Eurasian Natural Resources was up 1.58 per cent, as Credit Suisse upgraded the stock from “neutral” [...]
UPS takeover of TNT Express collapses January 14, 2013 United Parcel Service (UPS) said this morning it would withdraw its €5.2bn (£4.3bn) bid for rival TNT Express as it expects the regulator to block the takeover. UPS said this morning that the European Commission has informed both companies that it is working on a decision to prohibit the proposed takeover. UPS will pay Dutch [...]
Heathrow posts record 2012 passenger traffic January 14, 2013 Heathrow Airport saw a record number of passengers travel through the airport last year, as December traffic figures reached a new high for the month. Almost 70m passengers passed through Heathrow last year, the highest ever for a calendar year at the hub airport. Over the year as a whole, it marked a jump of [...]
Greene King enjoys record Christmas trading January 14, 2013 Pub group Greene King hailed a strong festive period this morning, as it posted record sales through Christmas and the New Year. Over the past six weeks, like for like sales growth came in at 2.8 per cent, and Greene King said it enjoyed record Christmas Day sales of £2.7m, up 6.8 per cent year [...]
Swatch Group snaps up Harry Winston for $750m January 14, 2013 Swiss watch group Swatch said this morning it had acquired luxury jeweller Harry Winston for $750m (£465m), plus up to $250m of net debt. Swatch, which will acquire Harry Winston’s 535 employees worldwide, will acquire the brand and all activities related to jewellery and watches. The deal does not include the mining arm of Harry [...]
Boeing 787 Dreamliner to be probed by US officials January 11, 2013 US regulators have today launched a review of the Boeing 787 Dreamliner, following a series of incidents. The 787 jet suffered a cracked cockpit window and an oil leak on separate flights in Japan today, and earlier this week a brake problem and a battery fire affected Dreamliner flights. The Federal Aviation Agency will look [...]
