Lonmin slumps as strike action thrashes profits May 12, 2014 THE WORLD’S third-largest platinum producer Lonmin saw its share price tumble yesterday, after it revealed a steep decline in half-year profit due to ongoing strike action by its workers in South Africa. The FTSE 100 firm said job cuts and restructuring were inevitable, as underlying operating profit fell to $34m (£20.2m) from $93m a year [...]
Analyst Views: How does the future look for Lonmin? May 12, 2014 MARC ELLIOTT | INVESTECWe understand that management will ramp up processing activities regardless of miners returning to work as it has the staff to do so, and this enables cash flow generation. We expect it to take around two weeks to ramp processing back up, whilst mining activities would probably take six to eight weeks. [...]
Losses deepen at Italian bank Monte dei Paschi May 12, 2014 TROUBLED Italian bank Monte dei Paschi yesterday reported another steep rise in losses, despite hints of a recovery in the country’s economy. The bank lost €174m (£142m) in the first three months of 2014, up 72.3 per cent from the €101m lost in the same period of 2013. Revenue from fees and commissions increased 3.2 [...]
Travelex moves in the right direction despite the strong pound taking shine off surging earnings May 12, 2014 FOREIGN exchange group Travelex yesterday said it delivered solid sales momentum last quarter despite the strong pound curtailing stronger core revenue growth. The company, which is mulling plans to float on London’s stock market this year, said core group revenue rose seven per cent for the three month period ending March to approximately £155.8m. On [...]
Green crowned Veuve’s Businesswoman of 2014 May 12, 2014 HARRIET Green’s trophy case will be struggling to support yet another gong this morning following last night’s Veuve Clicquot Business Woman Award ceremony, with the Thomas Cook chief taking the top prize at the glitzy event at Claridge’s. By all accounts, the Veuve Award is a good one to bag, if you like bubbles: “I [...]
Who willa buy Villa? Could it be one of these wealthy celeb fans? May 12, 2014 MERVYN King once said supporting Aston Villa was more stressful than being the governor of the Bank of England. With that in mind we doubt he’ll be stepping up to the plate to buy the club now it’s being sold by billionaire Randy Lerner. But Villa is not in short supply of wealthy, well-known fans [...]
Easter holiday trips boost the capital’s airport traffic in April May 12, 2014 THE LATE Easter getaway helped boost traffic at London’s biggest airports in April, the owners of Heathrow and Stansted said yesterday. Heathrow traffic rose 6.7 per cent to almost 6.2m in the month, with a big increase in trips to the Middle East and Asia. In the past year, passengers numbers at Britain’s busiest airport [...]
Boris Bypass below-ground route revealed May 12, 2014 LONDON officials yesterday shed more light on where Boris Johnson’s planned £30bn underground ring road in central London would be built. The inner orbital tunnel, which is in “the very early stage” of planning according to City Hall, could offer two underground river crossings for motorists and link up to Hackney Wick. The Mayor of [...]
Londoners back Cameron’s plan to toughen up Tube strike rules May 12, 2014 A MAJORITY of Londoners agree with PM David Cameron that rules allowing Tube workers to go on strike need to be toughened up, according to a new poll. Research by the business membership organisation London First showed that 56 per cent of people living in the capital support plans to enforce a voting threshold for strikes, [...]
Inmarsat offers free plane tracker May 12, 2014 THE BRITISH firm whose satellites helped to narrow the search for the missing flight MH370 yesterday offered free satellite tracking for almost all of the world’s long-haul passenger planes. Inmarsat executive chairman Andy Sukawaty said “it’s the right thing to do” as the aviation industry tightens up rules on plane tracking, two months after the [...]
