Fresnillo, Hochschild and African Barrick post mixed 2012 forecasts January 18, 2012 MEXICAN precious metals miner Fresnillo beat its annual output target and said it expected stable silver production in 2012, as a boost from new mines offsets lower ore grades at its flagship operation. Fresnillo, along with other miners of silver and gold, has benefited from prices that touched records last year, and said it would [...]
Essar considers appeal over tax January 18, 2012 Essar Energy said yesterday that it is likely to appeal against a ruling by India’s Supreme Court, which said that the company will no longer be able to defer payment of a sales tax at its oil business, having so far benefited from deferrals of $1.24bn (£800m). The firm also said its Essar Oil subsidary [...]
Faroe awarded Norway licences January 18, 2012 Faroe Petroleum has won seven new prospective exploration licences on the Norwegian continental shelf. The Aberdeen-based company said the awards demonstrated its growing ambitions for exploration in Norway. The new licences were granted under the 2011 Norwegian licence round. Faroe Petroleum focuses on exploration and production opportunities in the Atlantic margin, the North Sea and [...]
Wetherspoon margins hit by VAT costs January 18, 2012 JD WETHERSPOON reported better-than-expected sales in the Christmas period but its chairman Tim Martin called on the chancellor to rethink “punishing” tax increases levied on the pub sector. Martin said the company is still on course to open around 50 pubs in the current financial year but warned that it may scale back future expansion [...]
City’s lawyers see rise in pay and bonuses January 18, 2012 CITY lawyers enjoyed an average increase of almost £10,000 on annual bonuses last year, up 25 per cent from the previous year, according to research out this morning from legal recruiter Laurence Simons. The 2011 average was £35,500 – up from £26,500 in 2010. However, the number of lawyers who received a bonus fell last [...]
ANALYST VIEWS: HOW HAS WETHERSPOON FARED AGAINST RISING COSTS? January 18, 2012 PATRICK COFFEY | LIBERUM CAPITAL Despite JD Wetherspoon’s investment for the future, we believe the company’s valuation is inconsistent with a sector under pressure from rising costs and macro-uncertainty… We reiterate our “sell” recommendation. PAUL HICKMAN | PEEL HUNT Posting a good second quarter result shows Wetherspoon robustly on course for our modest earnings growth [...]
CITY MOVES | WHO’S SWITCHING JOBS January 18, 2012 Aberdeen Asset Management Peter Elston, an Asian investment strategist based in Singapore, has been promoted to the newly created role of head of Asia Pacific strategy and asset allocation. Elston has been a member of the global strategy team and the Asia Pacific multi-asset fund tactical asset allocation team since 2009. He joined Aberdeen as [...]
BEST OF THE BROKERS January 18, 2012 ROYAL BANK OF SCOTLAND Goldman Sachs rates the bank “neutral” and has raised its target price from 25p to 30p. The broker thinks the plans to restructure RBS Global Banking and Markets could hit earnings per share by six per cent, but raise returns on equity by 1.2 per cent by 2014. But it notes [...]
Miners and banks push FTSE to highest end since October January 18, 2012 BRITAIN’S top share index nosed ahead yesterday to close above 5,700 points for the first time since the end of October 2011, as strength in heavyweight miners and banks countered falls in integrated oils. The FTSE 100 ended the day up 8.42 points, or 0.2 per cent, at 5,702.37, just below the intra-day peak of [...]
US stocks jump on word of IMF plans January 18, 2012 US stocks jumped to their highest since July yesterday as the International Monetary Fund sought to help countries hit by the European debt crisis, while forecast-beating earnings from Goldman Sachs dispelled some worries over bank profits. The stronger-than-expected earnings from Goldman Sachs followed disappointing results from Citigroup on Tuesday and JPMorgan Chase last week. Goldman [...]
