Sirius Minerals granted deferral on York potash project approval July 18, 2013 BRITISH potash miner Sirius Minerals was yesterday given an extension by the North York Moors National Park Authority to defer the determination of its mining application. The company said earlier in the day that the decision to seek the deferral was “to address issues relating to European habitat legislation and robustly deal with the questions [...]
Bumi takes first steps towards separation from Bakrie Group July 18, 2013 TROUBLED miner Bumi yesterday took the next step in its separation from the Bakrie Group by agreeing to sell its stake in Jakarta-listed Bumi Resources to the Indonesian conglomerate for $501m (£329m). The FTSE 250-listed firm, which has been embroiled in an arduous tug-of-war between its founder Nat Rothschild and the Bakrie family, said that [...]
CRH names insider as new chief July 18, 2013 CRH has appointed chief operating officer Albert Manifold to replace retiring chief executive Myles Lee at the end of the year, the Irish firm said yesterday. Manifold, a 50-year-old former accountant, has been COO and a member of the company’s board of directors since 2009. Lee announced earlier this year that he would retire after [...]
London Mining upbeat on output July 18, 2013 Iron ore miner London Mining said yesterday it expects 2013 production at the higher end of its previous forecast range of 3.3m to 3.6m dry metric tonnes, boosted by higher production at its Marampa mine in Sierra Leone. London Mining, one of the few junior iron ore companies currently producing in West Africa, maintained its [...]
Golden Saint lists on Aim today July 18, 2013 West African diamond and gold explorer Golden Saint Resources began trading on the junior stock market Aim today, having raised £3.5m through a share placement. The firm’s market value at the placing price of 10p per share on admission is around £42m. The proceeds raised will be part used to fund the planned exploration programme [...]
City Moves for 19 July 2013 | Who’s switching jobs July 18, 2013 AXA Real Estate The real estate investment management company has appointed Nathalie Charles as regional head of asset management and transactions for the southern region. She joins from EDF, where she was managing director of corporate real estate. Shawbrook Bank The bank has made three hires to its wholesale lending division. Kieran McSweeney, Marc Sefton and [...]
Fresh economic hopes fuel the FTSE’s late rally July 18, 2013 UK EQUITIES rallied firmly into the close yesterday as bullish economic data both here and in the US calmed fears that the global economy may not be ready for a wind down in stimulus. The FTSE 100 closed up 62.43 points or one per cent at 6,634.36, its highest close since 30 May, while Wall [...]
Bernanke and good earnings lift Wall Street July 18, 2013 THE DOW Jones and the S&P 500 closed at record highs yesterday after Morgan Stanley and others reported better-than-expected earnings and Federal Reserve chairman Ben Bernanke’s comments further reassured markets. Shares of Morgan Stanley jumped 4.4 per cent to $27.70, its highest close since April 2011, after the bank posted a 42 per cent increase in [...]
Best of the Brokers for 19 July 2013 July 18, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com SHELL Nomura reduces its rating on the oil company to “neutral” from “buy” and cuts its target price to 2,400p from 2,500p. The broker thinks it will be difficult for the shares to outperform during the second half of the year and will [...]
It’s official: US-style shale revolution could soon slash gas prices in Britain July 18, 2013 IT’S now official – shale production can cut gas prices. After months of the government tiptoeing around the issue, a report commissioned by the Department of Energy and Climate Change (DECC) provides evidence for the first time that a British version of the North American shale revolution could be around the corner. The numbers are [...]
