Profits down at Citigroup October 15, 2012 Profit decreased at Citigroup over the third quarter, owing to a writedown in the value of its brokerage business by $4.7bn (£2.9bn). Including the writedown of the brokerage business, Citigroup posted third quarter net income of $468m, compared to $3.77bn over the same period in 2011. Revenues came in at $14bn over the period. Citigroup [...]
Defensive stocks up on FTSE 100 October 15, 2012 The leading share index opened up this morning, helped by gains in defensive stocks. The markets have rallied since central banks took new stimulus measures to shore up the global economy, with the FTSE 100 up six per cent since late July. Medical retinal imaging firm Optos added 7.18 per cent in early deals today, [...]
Tullow looks for oil in Greenland with Maersk October 15, 2012 British explorer Tullow Oil has bought a 40 per cent interest in a block belonging to Maersk Oil offshore Greenland. Maersk Oil will continue to act as operator of the Tooq licence in North West Greenland with a 47.5 per cent interest. The oil industry hopes to open up a new multi-billion oil province in [...]
Fresnillo confident on 2012 targets October 15, 2012 Mexican miner Fresnillo this morning posted a 2.6 per cent increase in silver production over the third quarter compared to the year before. The world’s largest silver producer said it was on track to meet its 2012 production target of 41m ounces of silver and 460,000 ounces of gold. In the year to date, Fresnillo [...]
Virgin to run West Coast line in short term October 15, 2012 Virgin will continue running the West Coast mainline for at least the next year after the government was forced to pull the franchise award to FirstGroup. “The current franchise is due to expire on 9 December after which it is the government’s intention that Virgin remain as operator for a short period – expected to [...]
Manganese Bronze recalls 400 London taxis October 12, 2012 Troubled London cab manufacturer Manganese Bronze announced today that it will recall around 400 of its TX4 London taxis and will stop sales of new TX4 models due to a defect in the steering box. The problem with the steering boxes, which were introduced to its Coventry plant in late February, was identified two weeks [...]
Npower and British Gas hike energy prices October 12, 2012 Energy companies npower and British Gas today announced price hikes for its customers, adding £112 and £80 a month respectively to the average customer’s annual dual fuel bill. British Gas this morning confirmed it is to hike gas and electricity prices by an average of six per cent from 16 November, equating to £1.50 a [...]
Record revenue at Hargreaves Lansdown October 12, 2012 Sharedealing platform Hargreaves Lansdown today revealed record revenues up 20 per cent to £68.7m in the three months to 30 September. The FTSE 250 listed firm saw its assets under administration increase by £2.2bn to 28.5 billion over the period. The forthcoming Retail Distribution Review, which bans commission-based advice, has boosted the market dominance of [...]
Lehman Europe plans creditor payout in November October 12, 2012 The European arm of Lehman Brothers is to return cash to unsecured investors at the end of November, its first since the investment bank fell four years ago. Administrator PricewaterhouseCoopers is yet to announce the size of the payment. So far, it has agreed around £3.9bn worth of claims with unsecured creditors. These investors typically [...]
Amplats loses £79m over South Africa strikes October 12, 2012 Anglo American Platinum has lost ZAR1.1bn (£79m) during the four-week strike at its Rustenberg operations, the miner said today. On average, it has lost 3,800 ounces of platinum each day, amounting to 67,000 ounces overall since the strike started on 12 September. Attendance at the Rustenberg operations has remained below 20 per cent, and the [...]
