Gemfields makes over £20m in revenues at auction in Lusaka July 22, 2013 AIM-LISTED miner Gemfields yesterday announced that it made $31.5m (£20.5m) at an auction of rough emerald and beryl stones, its second highest auction revenues to date. The firm said that the gems were sold at an average price of $54 per carat, a new auction record. All stones placed on offer were sold. “These results [...]
Halliburton’s earnings beat expectations July 22, 2013 OIL EQUIPMENT firm Halliburton topped Wall Street’s forecasts with its quarterly profit yesterday, helped by strong sales in Asia. The firm said net income dropped 7.9 per cent to $679m (£442m) as America’s search for shale gas slowed down in the face of weak gas prices. Revenues rose 1.1 per cent to a record $7.3bn [...]
Union Jack looks to raise £800,000 July 22, 2013 Union Jack Oil yesterday said that it plans to raise £800,000 through a share placement as part of its proposed Aim listing. The proceeds of the placement, combined with the oil explorer’s existing cash resources, totals £1.2m and will be used to drill new wells, settle the costs of Aim admission and meet its working [...]
Providence plugs and abandons well July 22, 2013 Irish oil and gas explorer Providence Resources yesterday said that it has plugged and abandoned its first exploration well, with shares tumbling over ten per cent on the news. “The presence of a potential residual oil column may indicate that hydrocarbon entrapment has occurred…but that the oil has subsequently leaked,” said technical director John O’Sullivan, [...]
US Fed tapering biggest risk to London prices July 22, 2013 A FAILURE by the US Federal Reserve to engineer a smooth exit from its quantitative easing programme (QE) could wipe 20 per cent off London property prices, according to new research out today. A report by Fathom Consulting for Development Securities said that while it expects the US to manage its exit sensibly, there was [...]
Canary Wharf Group buys back Isle of Dogs building for £128m July 22, 2013 CANARY Wharf Group has bought 15 Westferry Circus on the Isle of Dogs out of administration for £128m, its listed parent company Songbird Estates revealed yesterday. The developer has bought back the asset after selling it to Vico Capital, the property vehicle owned by Ireland’s O’Donnell family, in 2006 at the top of the market [...]
Skanska wins contract for The Scalpel July 22, 2013 CONSTRUCTION firm Skanska has won the contract to build the 190m tall office building known as The Scalpel. The Nordic firm, which has also built the Gherkin and the Heron Tower, is due to start work immediately on the Kohn Pedersen Fox (KPF) designed high-rise, with completion set for early 2017. The building, at the [...]
City Moves for 23 July 2013 | Who’s switching jobs July 22, 2013 LDC The private equity firm has announced the appointment of Gordon Hague as investment director. He has over 15 years’ private equity experience, and was most recently a director at 3i. Berwin Leighton Paisner David Rowe has joined the law firm as finance director. He previously held senior roles at PwC, including director of finance [...]
Best of the Brokers for 23 July 2013 July 22, 2013 RANDGOLD Morgan Stanley has stuck to its “overweight” rating on the gold miner and raised its target price from £46 to £49. Despite the waning gold price, the broker thinks Randgold’s high-quality mines enable it to keep generating substantial cash flows. SPIRIT PUB COMPANY Panmure Gordon keeps its “buy” rating and price target of 93p [...]
London Report: Glaxo troubles in China weigh on the FTSE 100 July 22, 2013 BRITAIN’S blue-chip share index ended slightly lower yesterday, weighed by GlaxoSmithKline’s problems in China, but remained close to a retest of seven-week highs. Glaxo, the FTSE 100’s biggest pharmaceutical company by market capitalisation, fell 1.2 per cent and accounted for more than half the broader index’s decline after it said some staff in China appeared [...]
