Antofagasta and Anglo American soar on strong production results January 29, 2014 SHARES in Anglo American and Antofagasta both soared over five per cent yesterday, after stellar fourth-quarter production updates pleased investors in both the FTSE 100-quoted miners. Anglo American reported a 25 per cent increase in iron ore production over the period, while copper output rose by 24 per cent to a record 214,4000 tonnes, beating [...]
Analyst Views: What did you make of Antofagasta’s quarterly production update? January 29, 2014 MARC ELLIOTT | INVESTEC Antofagasta’s strong quarterly production report reflects record output of copper, which beat our expectations and previous guidance from management. Relatively stable production guidance for 2014 implies that performance will improve, offsetting declining grades. NICK HATCH | WESTHOUSE SECURITIES 2013 production exceeded guidance and costs were lower than guidance. This was also [...]
Amur Minerals set to benefit from new Russian tax breaks January 29, 2014 AMUR Minerals, the Russian nickel and copper explorer, yesterday said that newly implemented tax breaks would boost its revenues by $100m (£60.4m). The Russian government reduced the mineral resources extraction tax and the profits tax from the start of January, which Aim-listed Amur Minerals said has benefitted their Kun-Manie mine in the south of Russia. [...]
Boris tells TfL to create fares for part-timers January 29, 2014 PART-TIME workers will from next year be able to buy more flexible travel cards, the Mayor of London pledged yesterday after setting aside money in next year’s budget to fund the fares. Boris Johnson said the advent of contactless bank card payments on the Tube and bus networks makes it possible “to develop more flexible [...]
BP starts oil production at West Chirag platform off Azerbaijan January 29, 2014 FTSE 100-quoted BP yesterday said that oil production has started at the West Chirag platform of the Azeri-Chirag-Gunashli (ACG) development in the Azerbaijan sector of the Caspian Sea. Start-up of the platform completes the $6bn (£3.6bn) Chirag Oil Project, which was given the go-ahead in 2010. Over $4bn has been spent on the project, with [...]
Merkel calls for integration to end euro crisis January 29, 2014 GERMAN Chancellor Angela Merkel yesterday warned that the Eurozone is not out of the woods yet, and called on the troubled currency bloc to make a “quantum leap” in order to escape its economic crisis for good. Warning of “deceptive calm” surrounding the Eurozone, Merkel used her state of the nation address to urge further [...]
European figures reveal boost to the UK from tourism during 2013 January 29, 2014 TOURISM to the UK jumped by 6.5 per cent last year, according to data released in Brussels yesterday. Figures collating the number of nights spent in tourism accommodation through Europe showed growth in the UK outperforming many peer states. In the UK nearly 320m nights were spent in tourist accommodation, with the 6.5 per cent [...]
Labour demands parliamentary review into defence outsourcing January 29, 2014 THE DEBATE over the Ministry of Defence’s (MoD) outsourcing initiatives raged on yesterday, after Labour called for full parliamentary scrutiny of the department’s plans to hire a private company to support the management of its military estate. The MoD has denied that it is privatising or outsourcing the way it runs its military estate, but [...]
Helicopter firm AgustaWestland wins £760m contracts from MoD January 29, 2014 THE MINISTRY of Defence said yesterday that it has awarded two contracts to helicopter maker AgustaWestland worth £760m in total, securing over 1,000 jobs in the UK. A £430m contract will provide maintenance and support for the British Army’s Apache attack helicopter, which is currently used on operations in Afghanistan, for the next five years. [...]
Wartsila plans to cut jobs January 29, 2014 Finnish ship and power plant engine maker Wartsila said it planned to cut around five per cent of its workforce after reporting a weaker-than-expected quarterly profit. Wartsila said it plans to save around €60m (£49m) annually by cutting 1,000 jobs in response to “an environment of slow growth and intense competition”. Its fourth-quarter operating profit, [...]
