Costain on track for year with record forward orders of £3bn November 5, 2013 FTSE-LISTED engineering firm Costain yesterday said it is on track to meet full-year expectations, following a strong performance in the first half of the year. The company has won a number of high-profile contracts this year and its forward order book has increased to a new record of £3bn. Costain has secured a number of [...]
HTC says cost cuts will bring it back to profit November 5, 2013 SMARTPHONE maker HTC said yesterday it plans to slash costs by nearly a quarter and sell cheaper devices in a bid to bounce back to profit between this quarter. Under pressure in a market dominated by Apple and Samsung Electronics, the company warned revenue for the fourth quarter will fall up to 15 per cent [...]
Telefonica sells off its Czech unit for €2.5bn November 5, 2013 TELEFONICA has agreed to sell its Czech business for €2.47bn (£2.07bn), it said yesterday, the latest disposal for the Spanish group aimed at cutting debt and leaving it to focus on its Italian and Brazilian interests. Telefonica is selling a 65.9 per cent stake in Telefonica Czech Republic at 305.60 crowns a share to investment [...]
African Minerals production falls November 5, 2013 African Minerals – the Aim-listed iron ore miner founded by Frank Timis, the colourful former boss of Regal Petroleum – yesterday posted a fall in third-quarter production from four million tonnes to three million tonnes quarter-on-quarter, while sales fell from 3.4m tonnes to 2.8m tonnes over the period. Full-year sales guidance remains unchanged. “[The company] [...]
Grades improve at Gemfields November 5, 2013 Faberge egg owner Gemfields yesterday said that quarterly production of emeralds and beryl had fallen to 6.5m carats, compared to 7.9m carats the previous year, but the grade improved to 302 carats per tonne from 259 carats per tonne last year. Two auctions were held over the period, yielding revenues of $31.5m (£19.6m) and $8.5m [...]
Firestone updates mine study November 5, 2013 Firestone Diamonds unveiled an updated feasibility study for the Liqhobong diamond mine in the Lesotho Highlands yesterday, which confirmed the economic viability of the project. The diamond miner owns 75 per cent of the mine, with the other 25 per cent owned by the Lesotho government. “The updated [study] has confirmed the Board’s view that [...]
Best of the Brokers for 06 November 2013 November 5, 2013 AFRICAN BARRICK GOLD Westhouse Securities has downgraded the FTSE 250-listed gold miner from a “neutral” to “sell” recommendation after strong third quarter results caused a share price rally. It has increased its target price on the stock from 115p to 170p, after raising its gold price forecast for the year. HENRY BOOT Numis has initiated [...]
London Report: FTSE weakens after insurers and banks fall November 5, 2013 THE UK’S top share index weakened yesterday, with insurer RSA sinking after a profit warning while banks also dropped sharply. RSA shed 6.3 per cent in brisk volume after saying that insured losses caused by recent severe weather in Europe and Canada were “materially above assumptions” and that full-year returns to shareholders were likely to [...]
New York Report: Wall Street’s uphill climb hits plateau November 5, 2013 THE Dow and the S&P 500 ended lower yesterday following two sessions of gains as investors weighed the implications of strong economic data for the path of monetary policy over the next several months. After the closing bell, Tesla Motors reported a stronger-than-expected third-quarter profit, but offered a fourth-quarter outlook that fell short of Wall [...]
We can cut carbon emissions but not with inefficient renewable subsidies November 5, 2013 HOPE for a breakthrough at the international climate change talks in Warsaw next week is evergreen: “Where there is a will, there is a way!” the hosts’ environment minister says. But despite this optimism, there is little global will for an overarching agreement akin to the failed Kyoto protocol. Yet there is a very different [...]
