Rusal chairman could now sue March 14, 2012 RUSSIAN billionaire Viktor Vekselberg is considering suing Rusal over accusations that he failed to fulfil his duties as its chairman, intensifying a battle with rival oligarch Oleg Deripaska at the world’s largest aluminium producer. The two billionaires have been fighting over Deripaska’s ambition of merging the firm with Norilsk Nickel. Vekselberg quit as chairman on [...]
SANTORUM WINS KEY PRIMARIES March 14, 2012 US REPUBLICAN presidential candidate Rick Santorum won critical primaries in Mississippi and Alabama in the early hours yesterday, narrowly defeating Newt Gingrich and front-runner Mitt Romney. Santorum’s wins put pressure on Gingrich to withdraw from the race, although he has pledged to continue campaigning until the Republican convention in August. Despite Santorum’s wins in the [...]
E.ON upbeat despite €2bn annual losses March 14, 2012 GERMAN energy group E.ON yesterday cut its dividend as it posted a net loss of €2.2bn (£1.8bn) for the year, its first ever full-year loss. The firm blamed the abrupt shutdown of nuclear plants in Germany and the lower price of wholesale gas for the loss, which came despite a 22 per cent rise in [...]
UK Coal warns Britain’s biggest mine could be closed by 2014 March 14, 2012 UK COAL shares lost a quarter of their value yesterday after it revealed it could close the largest coal-producing mine in Britain, the underperforming Daw Mill mine, by early 2014. UK Coal said it had suspended developments at Daw Mill beyond the end of 2013 due to low productivity, but retains the option to re-open [...]
CATHAY EARNINGS HAMMERED BY FUEL COSTS March 14, 2012 HONG KONG’S Cathay Pacific airline posted a 61 per cent drop in net profits yesterday, blaming rising fuel prices and a decrease in cargo shipments. The airline made HK$5.5bn (£450m) in 2011, down from HK$14bn in 2010. The airline, one of the world’s largest cargo carriers, reported an 8.6 per cent drop in its freight [...]
Yule Catto doubles its profits March 14, 2012 British chemicals maker Yule Catto’s acquisition of German peer PolymerLatex helped it to double its 2011 profit, despite several years of low growth in western economies that contribute to a majority of its revenue. Yule Catto, whose chemicals are used by the adhesive, textile, paper, and pharmaceutical businesses, yesterday reported an underlying pre-tax profit of [...]
Ferrexpo gains on new markets March 14, 2012 Ukrainian iron ore miner Ferrexpo posted a 37 per cent jump in 2011 pre-tax profit to $801m (£510.8m) yesterday, at the higher end of expectations, thanks to robust prices for the key steelmaking ingredient and an increase in Asian sales that offset softer European demand. The London-listed pellet producer has been reducing its dependence on [...]
Vietnam pays off for Soco March 14, 2012 Soco International’s profit jumped more than five-fold on the back of a key oil field in Vietnam coming onstream last year, and said it was confident of achieving the field’s targeted output by the third quarter of this year. The group reported a pre-tax profit of $158.6m (£101.2m) for 2011, compared with $30.9m a year [...]
BA drops Kingfisher alliance March 14, 2012 British Airways yesterday said it has suspended its code sharing agreement with India’s troubled Kingfisher Airlines. Kingfisher Airlines is “undergoing a financial restructure,” said Christopher Fordyce, regional commercial manager for south Asia at British Airways, without elaborating the reason for the suspension. Cash-strapped Kingfisher said yesterday it will cut back its overseas flights as the [...]
SIG forecasts flat 2012 sales March 14, 2012 Building products group SIG said yesterday that volumes would be at best flat in 2012, but it expects new branches and price increases to help it get through a tough construction market in Europe. The firm said its annual underlying pre-tax profit grew 27 per cent to £81.7m.
