Anglo Pacific boosts portfolio in $65m Whitehaven royalty deal February 4, 2015 SHARES in mining investment company Anglo Pacific dipped by 1.5 per cent yesterday after it announced the $65m (£42.8m) acquisition of a royalty interest in the Narrabri coal project in Australia. The transaction will be funded using a combination of a proposed firm placing, placing and open offer to raise $55m to $60m, as well [...]
Cairn Energy and Genel sheltered from oil prices due to cash balances February 4, 2015 London-listed Cairn Energy and Genel Energy are among the oil firms which are least exposed to oil price changes, due to a mixture of their gas price exposure and large cash balances. According to research from Morgan Stanley, if the brent crude oil price moves up or down by $10 per barrel in the long [...]
Marathon Petroleum shrugs off low prices to deliver big profits February 4, 2015 THE RECENT rout in global oil prices has led to Marathon Petroleum making the decision to defer its anticipated residual oil upgrader expansion (ROUX) project at its Garyville refinery. Chief executive officer Gary Heminger cited current market conditions for deferral of the expansion at the 522,000-barrel-per-day Louisiana refinery, despite claiming the company still believes the project [...]
Tata Steel targets construction market with new lighter product February 4, 2015 TATA Steel yesterday launched its “new super” steel, Celsius 420, designed to be 17 per cent lighter than conventional steel and aimed primarily at the construction industry. The decrease in weight will allow constructors to use smaller foundations and save on costs and time by requiring fewer temporary structures, in addition, the new steel is [...]
General Motors drives forward as earnings rise February 4, 2015 GENERAL Motors is set to mark its fifth consecutive year of profit by rewarding shareholders after expectation-busting earnings for the fourth quarter led the company to announce its intention for a 20 per cent increase to its dividend. The five-year run of profits marks a strong turnaround for the company which in 2008 required a [...]
Whirlpool sales up but profits go down the drain February 4, 2015 US HOME appliance giant Whirlpool has seen its fourth quarter profits plummet on the back of the high costs from recent acquisitions. Whirlpool completed the purchase of Italy’s Indesit and a 51 per cent stake in China’s Hefei Rongshida Sanyo last quarter, greatly expanding the company’s reach into the European and Asian markets where sales [...]
City Moves for 05 February 2015 | Who’s switching jobs February 4, 2015 Berwin Leighton Paisner Lisa Mayhew has been elected to the position of managing partner at the law firm. She succeeds Neville Eisenberg, who held the role for 16 years. An employment specialist, Mayhew joined the board as an elected member in 2012. She had previously been a partner at Jones Day and Hogan Lovells. Parker [...]
Best of the Brokers for 05 February 2015 February 4, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com ABERDEEN ASSET MANAGEMENT Numis has reiterated its “hold” rating on the asset management group, following an update which showed “near in line numbers”. The broker stated that while it does not “dislike” the firm at the current price, “we just think some other [...]
FTSE comes off recent gains as oil stocks hit – London Report February 4, 2015 THE FTSE 100 retreated from five-month highs yesterday as oil stocks slipped, while investment company Hargreaves Lansdown fell after its interim profits declined. The premier index closed down by 0.2 per cent at 6,860.02 points, after reaching its highest level since September on Tuesday. Hargreaves fell 7.6 per cent, the worst-performing FTSE 100 stock in [...]
Greek fallout hits Wall St in final minutes – New York Report February 4, 2015 Eurozone worries, caused by a stand-off between Greece and one of its creditors in the dying minutes of trade led the S&P 500 and the Nasdaq lower yesterday. The benchmark index added to losses late in the session after the European Central Bank (ECB) abruptly cancelled its acceptance of Greek bonds in return for funding. [...]
