Shanta Gold ramps up production September 17, 2013 Shanta Gold yesterday showed the successful effects of ramped up production at one of its mines, with gold output hitting 26,336 ounces during the first half of the year. Sales of 23,842 oz generated $36.2m (£22.8m) in revenues. An operating loss of $4m was recorded due to higher costs. Chief executive Mike Houston said the [...]
Philips buyback plan shrugged off by investors September 17, 2013 PHILIPS has raised most of its financial targets and announced plans to return €1.5bn (£1.26bn) to shareholders, saying it would reap the benefits of a two-year revamp to focus on healthcare, lighting and consumer appliances. Yet the Dutch group also warned, yesterday, of tough conditions in many of its markets and the new goals fell [...]
Schaeffler’s share sell-off sends Continental on a trip downhill September 17, 2013 GERMAN car parts maker Schaeffler Group has sold a 3.9 per cent stake in automotive supplier Continental AG for about €950m (£798m), taking advantage of a more than 20-year high in Continental’s share price to pay down debt. Schaeffler placed 7.8m shares with international investors at €122.50 apiece, a 3.5 per cent discount to Monday’s [...]
City Moves for 18 September 2013 | Who’s switching jobs September 17, 2013 KPMG The professional services firm has announced the appointment of Sean Randall as head of its UK stamp taxes group. Randall spent the past eight years at Deloitte, where he specialised in stamp taxes. JP Morgan Private Bank Antoine Massoud has joined the private bank as a senior banker in its Middle East banking team. [...]
Best of the brokers for 18 September 2013 September 17, 2013 GLENCORE XSTRATA UBS has cut its rating on the commodities giant from “buy” to “neutral” and raised its target from 330p to 335p, as the shares have bounced back 32 per cent from the trough. The broker remains upbeat about Glencore’s cost-cutting plans until copper and coal prices improve. 888 HOLDINGS Numis has a “buy” [...]
London Report: FTSE drops from six week highs on Lloyds sale September 17, 2013 THE UK’S top share index fell off one and a half month highs yesterday, with Lloyds bank among the worst stocks, while traders held off adding to positions in fear of the US Federal Reserve reducing stimulus measures. The blue-chip FTSE 100 index closed down by 0.8 per cent, or 52.69 points, at 6,570.17 points [...]
New York Report: Expectation of modest taper lifts US shares September 17, 2013 US STOCKS advanced yesterday on expectations the Federal Reserve will make only moderate changes to its stimulus that has been highly supportive of stocks and other assets at the conclusion of its two-day meeting tonight. The policy-setting Federal Open Market Committee began meeting yesterday to discuss whether to trim its bond purchases, also known as [...]
Anti-globalisation campaigners got it wrong: Trade is defeating poverty September 17, 2013 GLOBALISATION is likely to have cut the number of people in the world in poverty by three quarters by 2015. This remarkable trend was the reason I first became interested in economics. I was brought up in Malaysia, and could see that economic development was gradually wiping out poverty. It seemed almost miraculous, and I [...]
All taxpayers should have a chance to benefit from the Lloyds privatisation September 17, 2013 THE SUCCESSFUL sale of 6 per cent of Lloyds to institutional shareholders was a crucial first step in returning the bank to full private ownership. That the government has been able to obtain a price above the initial purchase price – and well above the price in the national accounts – is particularly positive. Indeed, [...]
Tories can match Clegg’s income tax coup without punishing middle classes September 17, 2013 FORGET business secretary Vince Cable’s guttersnipe speech at this week’s Liberal Democrat conference – throwing childish insults at his coalition partners, to look clever in front of party activists. They may get written up by the media, but Cable’s political stock has plunged. Under fire from his own side for disloyalty – and the lousy [...]
