David Cameron backs new EU deal – and cheaper sandwiches January 22, 2013 The Capitalist was delighted to receive a call from David Cameron yesterday afternoon, arguing in favour of renegotiating Britain’s relationship with the EU and, er, the removal of VAT on hot sandwiches. Cameron – the owner of a Subway fast food franchise in Dewsbury, Yorkshire – was delivering a 150,000-strong petition to his namesake at Downing Street, calling for [...]
Fresnillo sinks despite posting top gold output January 22, 2013 MEXICAN precious metals miner Fresnillo sank on the FTSE 100 yesterday, despite reporting a relatively upbeat trading statement. The miner, which has seven operating mines in Mexico, posted record gold output of 473,034 ounces over 2012, up 5.4 per cent year on year, thanks to a successful first year at its Noche Buena mine and [...]
Cairn sets out spending plan January 22, 2013 OIL and gas explorer Cairn Energy said yesterday it was fully funded for all planned exploration and development activities over the next few years. Over the next five years, Cairn will spend between $1.5bn (£945m) and $2bn on its development assets, plus an annual average of between $250m and $300m on exploration. The FTSE 250-listed [...]
SA gives nod to Glenstrata January 22, 2013 THE £56bn Glencore-Xstrata mega merger jumped another hurdle yesterday as it won approval from the South African anti-trust authorities. The South African Competition Tribunal gave the green light to the merger, although it recommended that some employment conditions are met, including limiting the number of job losses among skilled workers to 80. Completion of the [...]
Grainger and APG get a grip on £349m property fund January 22, 2013 GRAINGER yesterday announced it has teamed up with Europe’s largest pension fund manager to create a £349m residential property fund. The Grip fund will see Grainger and APG Strategic Real Estate Pool acquire G:res, a residential property fund set up and managed by Grainger since 2005. APG is making an investment of £158m while Grainger [...]
Phones 4u to run network January 22, 2013 HIGH street phone retailer Phones 4u is launching its own mobile network. The company says its Life Mobile service, which will use EE’s airwaves, will be focused on offering customers flexibility. The move is a dramatic shift from Phones 4u, which has expanded to 550 UK stores since its 1996 opening. The retailer said Life [...]
ABG nets $142m for gold mine January 22, 2013 London-listed African Barrick Gold has secured $142m (£90m) in financing from a syndicate of banks to expand its flagship Bulyanhulu process plant in Tanzania, the miner said yesterday. Chief executive Greg Hawkins added that while the FTSE 250 miner had sufficient cash on its balance sheet to fund the expansion, it used the financing as a [...]
Output drops 5pc at Nord Gold January 22, 2013 Nord Gold, the gold unit spun off from Russian mining group Severstal in 2011, said yesterday its gold production for last year fell five per cent to 716,900 ounces. The gold miner blamed mechanical issues which hampered production in the first half of last year. Output for this year is expected to be in the [...]
Ryanair expects drag on growth January 22, 2013 Low-cost airline Ryanair expects passenger growth to slow in 2013 as it cuts back on short-distance flights in some markets due to higher airport fees, chief executive Michael O’Leary said yesterday. “I think the growth will be slower this year,” he told Reuters, predicting passenger numbers would increase three to four per cent to up [...]
City Moves | Who’s switching jobs January 22, 2013 Carmignac Gestion Keith Ney has been appointed co-manager of the asset management firm’s European bond fund, working alongside Carlos Galvis. He has worked for Carmignac for eight years, most recently as head of credit. Stenham Asset Management The asset management firm has made two appointments to its investment team. Akshay Krishnan joins as a senior [...]
