Opec raises its 2014 oil demand outlook as economy recovers March 12, 2014 THE ORGANISATION of the Petroleum Exporting Countries (Opec) yesterday raised its forecast for oil demand growth in 2014 for the second month in a row. Opec, which accounts for 40 per cent of the world’s oil supply and represents 12 countries, has revised its forecast by 50,000 barrels per day to 1.14m barrels of oil [...]
Hochschild cancels dividend as low metal prices smash results March 12, 2014 HOCHSCHILD Mining, the precious metals explorer, yesterday confirmed that it had cancelled its dividend as low commodities prices caused it to swing into a loss. The FTSE 250-quoted company, which set out a plethora of cost cuts last year, reported a loss from continuing operations of $42.1m (£25.4m), down 113 per cent from 2012. Adjusted [...]
E.On warns on profit as power plants struggle March 12, 2014 GERMAN power giant E.On yesterday warned that profits could decline as much as one third this year, as its coal and gas plants continue to suffer due to the rise in renewable energy generation. The company, which owns one of the UK’s big six suppliers, expects earnings this year to be between €8bn (36.7bn) and [...]
Alkane Energy eyes shale gas opportunities as revenue soars March 12, 2014 INDEPENDENT power generator Alkane Energy yesterday said it is looking to expand into the shale gas market, as it reported a 17 per cent rise in full-year profits. The Aim-listed clean tech company said it had commissioned an assessment of shale gas potential across 13 of its licence areas in central-north England last year. Initial [...]
Growing jobs market lifts Adecco March 12, 2014 A nascent economic recovery in Europe helped Adecco, the world’s largest staffing agency by sales, beat fourth-quarter profit forecasts and increase revenue for the first time in seven quarters. Excluding currency swings, fourth-quarter revenue rose four per cent to €4.9bn (£4.1bn), the first time it had grown since the first quarter of 2012. Net profit [...]
Deutsche Post beats on profits March 12, 2014 Deutsche Post yesterday reported a seven per cent rise in operating profit in its fourth quarter, beating estimates, partly boosted by its parcel business and strong growth in its international courier Express division. The world’s biggest postal and logistics group by revenue posted fourth-quarter earnings before interest and tax of €885m (£740m) compared with €827m [...]
Kenmare falls on full-year losses March 12, 2014 Irish miner Kenmare Resources’ share price plunged over six per cent yesterday, after it unveiled pre-tax losses of $44.1m (£26.6m) in 2013, down from $49.5m profit in 2012. The FTSE 250-listed firm attributed the decline to foreign exchange and financing charges. “2013 saw the end of a long period of investment in the Moma mine,” [...]
Letters to the Editor – 13/03 – Made in Britain, Co-op damage, Best of Twitter March 12, 2014 Made in Britain [Re: British manufacturing’s long decline could be about to end, yesterday] I run a mid-sized contract manufacturing business, and I am busy this weekend transferring production back from China for a good customer. It’s not primarily because of cost or logistics – the product is mostly sold in the US. Manufacturing jobs [...]
City Moves for 13 March 2014 | Who’s switching jobs March 12, 2014 Forum Partners The investment management firm has hired George Ahl as managing director for capital markets. He was most recently at M3 Capital Partners, where he was a founding principal. Prior to that, Ahl held senior positions at Security Capital Group and Crimson Capital Corporation. Legal & General Legal & General Investments has appointed Martin Holland as [...]
Best of the Brokers for 13 March 2014 March 12, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com M&C SAATCHI Numis keeps an “add” rating on the advertising group and has a target of 369p ahead of final results on 20 March. The broker thinks the firm will post £18.5m in pre-tax profit and six per cent organic growth, offset by [...]
