CNOOC buys Nexen for $15.1 bn July 23, 2012 China’s top offshore oil producer CNOOC has entered into an agreement to purchase Canada’s Nexen for about $15.1bn (£9.7bn), according to the Chinese company. “The aggregate value of the consideration of the proposed acquisition is approximately $15.1bn, and is to be payable in cash,” CNOOC said in a statement filed on the Hong Kong stock [...]
Amplats cuts production and capex targets July 23, 2012 Anglo American Platinum, the world’s top platinum producer, is reducing its full-year production and project spending targets, hit by chronic weakness in prices and demand for the precious metal. The miner also reported an expected 78 per cent drop in interim profit. The company cut its refined production target for 2012 to between 2.4 and [...]
Aquarius Platinum falls on weak production July 23, 2012 Shares in Aquarius Platinum fall 8 per cent to touch a 12-year low, after the world’s fourth-largest platinum producer reports a 14 per cent drop in quarterly production. Revenue for the fourth-quarter also declines 20 per cent, hurt by lower platinum prices, which fell about 12 per cent during the period. “Poor platinum price and [...]
African Barrick Gold maintains 2012 targets as costs rise July 23, 2012 Miner African Barrick Gold said it was on track to meet its 2012 production targets despite posting an 11 per cent drop in quarterly production. The Tanzania-focused company posted attributable gold production of 153,099 ounces in the three months to 30 June, 11 per cent lower than in the same period last year, after mining [...]
Aberdeen reports slowdown in new inflows July 23, 2012 Fund manager Aberdeen Asset Management reported a slowdown in new client inflows in its third quarter as global economic uncertainties dampened demand for its fund products. Aberdeen said it attracted £300m of new client cash in the three months to end-June, bringing its assets under management to £182.7bn, down slightly on three months earlier. The [...]
Domino’s Pizza profits boosted by rain and Euro 2012 July 23, 2012 Britain’s biggest pizza delivery company Domino’s Pizza said pretax profit rose by 13.2 per cent in the first half, as the economic downturn, Euro 2012 and rainy weather led more Britons to stay home and order in pizza. Domino’s, which operates the British and Irish franchises of the global delivery brand, said on Monday pretax [...]
Crackdown on tax avoidance firms proposed by government July 23, 2012 The government could force finance companies to hand over the client lists in an initiative to curb aggressive tax avoidance schemes. The proposal is part of a consultation on curbing tax avoidance. According to the BBC, Treasury minister David Gauke will tell the Policy Exchange think tank that scheme operators will be “named and shamed” [...]
Shares and euro fall as Spain bailout fears grow July 23, 2012 Asian shares slid and the euro hovered near multi-year lows hit earlier on Monday, as Spain sparked concerns about its ability to stave off a sovereign bailout after two indebted regions sought financial assistance from the central government. Fears the euro zone’s fourth largest economy will be forced to follow Greece, Portugal and Ireland – [...]
John Lewis sales rise July 20, 2012 John Lewis, Britain’s biggest department store company, has reported a double-digit rise in weekly sales – a result of its summer sales, poor weather and the Olympics. The employee-owned firm announced an increase in department store sales of 17.3 per cent year-on-year to a total of £70.3m in the week ending 14 July. Dino Rocos, [...]
FTSE edges down as UK borrowing rises July 20, 2012 Telecoms giant Vodafone pushed the FTSE 100 lower while UK government borrowing came in above estimates this morning. The Office for National Statistics said that public sector net borrowing excluding financial sector interventions rose last month to £14.4bn from £13.9bn in June 2011. On London’s blue chip index Vodafone fell 1.3 per cent after the [...]
