Anglo American, Xstrata and BHP agree mine expansion August 18, 2011 Anglo American, Xstrata and BHP Billiton have approved a $1.3bn (£787m) expansion of the Cerrejon mine, home to one of the world’s largest coal deposits, in Colombia. The diversified miners said they would invest equal amounts in the project that will increase production and export capacity by 8 million tonnes per annum (mtpa) to 40 [...]
Foster’s rejects SABMiller bid for second time August 18, 2011 Australian brewer Foster’s rejected a $10bn (£6bn) offer from rival SABMiller for the second time as shareholders hold out for a better offer from the global brewing giant. SABMiller announced yesterday it would go directly to shareholders to gain about half of Australia’s beer market, with a repeated offer of A$4.90 a share. Foster’s on [...]
MPC in unanimous vote to freeze rate August 17, 2011 The Bank of England’s Monetary Policy Committee (MPC) voted unanimously to keep interest rates on hold at its August meeting. Two members who had regularly voted for an increase to keep inflation down changed their views based on the weak economic recovery. The vote means interest rates are likely to stay at the current record [...]
Flybe passenger numbers rise August 17, 2011 Passenger numbers have fuelled a revenue rise at budget regional airline Flybe. The regional carrier said its revenues for the three months to 30 June totalled £160.4m. That was up 8.3 per cent on the same period last year. Passenger passenger numbers rose by 7.7 per cent to 1.98m. Flybe said it was a “satisfactory” [...]
Rothschild’s Bumi reports $54m earnings August 17, 2011 Mining group Bumi, founded last year by billionaire financier Nat Rothschild as acquisition vehicle Vallar, posted underlying first-half earnings of $54m (£32m) and said production for the year was on track. Bumi said it expected to produce 86m tonnes of coal this year, up from 77m, when posting its first interim results since the thermal [...]
Balfour Beatty sees profit rise as order book fills August 17, 2011 Infrastructure contractor Balfour Beatty said first-half underlying pretax profit rose four per cent, in line with expectations and lifted by a one-off gain from the sale of investments. The company, which operates in 80 countries and whose projects include the refurbishment of London Blackfriars station and the building of Hong Kong’s West Island metro line, [...]
SABMiller goes hostile with $6bn bid for Foster’s August 17, 2011 Global brewer SABMiller went hostile with its $10bn (£6bn) bid for Australia’s Foster’s Group, going direct to shareholders on Wednesday at a discount to Foster’s last trade. A deal would join together the brewer of Miller Lite, Peroni and Grolsch with the Melbourne-based maker of Victoria Bitter, Pure Blonde and Cascade beer, and would be [...]
Regulator fines Sir Ken Morrison over share sale August 16, 2011 The Financial Services Authority has fined Ken Morrison, former chairman of supermarket chain William Morrison Supermarkets £210,000 for failing to disclose a series of shareholdings in the company. In a statement the FSA said Morrison, who retired in March 2008, had failed to disclose shares sales in 2009 and 2010 which reduced his holding in [...]
German GDP blow drags down markets August 16, 2011 European markets were this morning dragged down by figures showing spluttering German GDP growth. The slowdown in the Eurozone’s strongest economy cast a shadow over today’s summit between France’s Nicolas Sarkozy and Germany’s Angela Merkel aimed at hammering out solutions to the bloc’s debt crisis. The FTSEurofirst 300 index of top European shares was down [...]
Inflation rises more than forecast August 16, 2011 Inflation ticked up slightly more than expected in July, the Office for National Statistics said, as banks raised fees and retailers had slashed prices in summer sales already in June. Further price increases have been expected by the Bank of England, which sees inflation peaking later this year at five per cent before falling back [...]
