Edge sees losses narrow as it cuts costs and ups its output June 25, 2014 CANADIAN gas and oil exploration company Edge Resources yesterday declared that its pre-tax loss had narrowed significantly in its last financial year due to higher output of oil and liquid natural gas, as well as expense cutting. Based in Alberta and Saskatchewan, the company announced that its pre-tax loss had narrowed to $1.8m (£1.1m) for the [...]
Premier Oil has new CEO June 25, 2014 OIL Exploration firm Premier Oil yesterday announced the immediate appointment of Tony Durrant as its new chief executive. Durrant, who joined the FTSE-250 company in 2005 and had been finance director since then, replaces Simon Lockett, who is stepping down after nine years in the post. Premier Oil chairman Mike Welton said that the board [...]
Northgate races forward with 22 per cent pre-tax profit jump June 25, 2014 VAN rental company Northgate yesterday announced that it had beat market estimates with a 22 per cent rise in full-year profit as a result of more businesses leasing its vans in Spain and the UK. While revenue from vehicle hires in the UK grew marginally and those in Spain fell slightly, Northgate said the number [...]
Letters to the Editor – 26/06 – Making work pay, Choose Gatwick, Best of Twitter June 25, 2014 Making work pay [Re: Significantly extending the Living Wage is not the best way to help the poorest, yesterday] As the cost and complexity of hiring low-paid workers continues to rise, so does the grey market for labour. We need to accept that there is a limit to what the government can do to solve [...]
Best of the Brokers for 26 June 2014 June 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com KAZAKHMYS Westhouse Securities has cut Kazakhmys to “add” from “buy”, keeping the target price at 350p. The broker thinks the news of reduced mineral extraction tax rates for mature assets as part of a planned restructuring is positive, but cut the rating to [...]
London Report: Two-month low for FTSE as Iraq jitters hit home June 25, 2014 UK shares yesterday hit their lowest level in two months, as spiralling violence in Iraq scared off investors. The FTSE 100 index closed down 0.8 per cent at 6,733.62 points – its lowest close since 28 April, while Europe’s FTSEurofirst 300 shed one per cent. Security forces are fighting rebels for control of Iraq’s biggest [...]
New York Report: Dow Jones ignores US economic woes June 25, 2014 Stocks on Wall Street rose yesterday despite disappointing US economic data and after a Supreme Court decision boosted the shares of major broadcasters and as drugmakers’ stocks rallied. The Dow Jones industrial average rose 27.67 points, or 0.16 per cent, to 16,845.8, the S&P 500 gained 4.98 points, or 0.26 per cent, to 1,954.96. The [...]
World Cup in brief June 25, 2014 Ghana’s $3m cash delivery THE GHANAIAN government have flown $3m (£1.75m) in cash to Brazil in order to help their Football Association distribute World Cup appearance fees. Players from Ghana, who play their final Group G match against Portugal today, were said to be ready to strike at having not received promised bonuses. GAMES ON [...]
City swoop for £12m Fernando June 25, 2014 FOOTBALL: Premier League champions Manchester City have agreed a £12m deal to sign defensive midfielder Fernando from Porto. The 26-year-old Brazilian is City’s second summer signing after Arsenal defender Bacary Sagna joined on a free transfer.
Hull pay £8m for Livermore June 25, 2014 FOOTBALL: Tottenham midfielder Jake Livermore has completed a permanent move to Hull for a club record fee of around £8m. The 24-year-old, who spent last season on loan at the KC Stadium and has one England cap, has signed a three-year contract.
