Tullow Oil plugs and abandons dry offshore Mozambique well September 2, 2013 FTSE 100-listed Tullow Oil yesterday said it had plugged and abandoned an exploration well in offshore Mozambique, after failing to discover oil. Despite the disappointing news, the oil and gas explorer’s share price rose yesterday and closed one per cent higher at £10.18. Tim Hurst-Brown, analyst at Mirabaud Securities, told City A.M. this was surprising [...]
Rolls-Royce sells £250m helicopter stake September 2, 2013 FTSE 100-listed Rolls-Royce yesterday said it has completed the sale of its 50 per cent stake in a helicopter engine programme for €293m (£249m). Turbomeca – a subsidiary of French aerospace firm Safran – will now fully manage the programme, which makes engines for Boeing Apache and Merlin helicopters. The sale is part of Rolls-Royce’s [...]
Indian factory growth stalls September 2, 2013 MANUFACTURING growth in India has stalled for the first time in four and a half years, according to HSBC’s purchasing managers’ index (PMI), with output and orders contracting at a faster pace. The headline figure was 48.5, with anything over 50 suggesting growth, and anything below suggesting that a sector is now shrinking. Tomorrow, former [...]
02 operator to run Wembley September 2, 2013 THE OPERATOR of the O2 Arena in the Docklands is to add another large entertainment venue to its books after winning approval to manage Wembley Arena. AEG Facilities, an affiliate of entertainment giant AEG, was given the all-clear by the Competition Commission to run the site on behalf of its owner Quintain. The property developer, [...]
Berkeley sees forward sales break £1.5bn September 2, 2013 AN IMPROVING housing market and a rise in the number of UK buyers has helped forward sales at housebuilder Berkeley Group top £1.5bn. Speaking at the group’s annual general meeting yesterday, chairman Tony Pidgley said trading in the four months to 31 August was in line with expectations and that Berkeley was on track to [...]
Rio Tinto port expansion kicks off September 2, 2013 FTSE 100-listed miner Rio Tinto yesterday said it has loaded its first ship from its expanded port, rail and mine operations in Australia, marking the start of its iron ore expansion to reach 290m tonnes a year. Phase two of the project, which will expand to 360m tonnes a year, is underway.
Brazil approves Chariot licences September 2, 2013 Aim-listed energy explorer Chariot Oil & Gas yesterday said the Brazilian oil and gas industry regulator has signed an agreement for Chariot to own and operate licences in the Barreirinhas basin, offshore Brazil. The company will now look to carry out an environmental impact assessment and aim to implement a 3D seismic programme in 2014.
Management changes at Nord September 2, 2013 Gold producer Nord Gold yesterday announced a raft of new senior appointments. Louw Smith is now chief operating officer. Martin White joins as technical director. Philip Lodewyk Engelbrecht has been hired as director of metallurgy and Matthew Wilcox is the new general director of the Lefa Mine in Guinea.
City Moves for 03 September 2013 | Who’s switching jobs September 2, 2013 Quantum Advisory The actuarial and benefits consultancy has announced the appointment of Deon Dreyer as principal investment consultant. Dreyer joins from PwC, where he was an investment director in its pensions risk business. Prior to that, he was a regional head of investment consulting at Aon Hewitt. RBS Alan Ainsbury has been appointed head of [...]
Best of the brokers for 03 September 2013 September 2, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com INMARSAT Morgan Stanley has upgraded the mobile satellite group from “equal weight” to “overweight’”with a rise in target from 740p to 820p. The broker thinks the market is being too cautious about the value of Inmarsat’s partnership with American firm LightSquared. FRESNILLO UBS [...]
