Jubilant to spend $70m on Burmese gas project January 10, 2012 LONDON-LISTED explorer Jubilant Energy said yesterday it expects to initially invest between $70m (£45m) and $80m on an onshore oil and gas block it was recently awarded in Burma. The India-focused energy company, whose chairman Shyam Sunder Bhartia is in talks with the Southeast Asian country to buy a stake in another block, hopes to [...]
Centamin posts a 10pc rise in gold production January 10, 2012 GOLD miner Centamin posted a 10 per cent rise in fourth-quarter output yesterday, boosted by higher production rates at its flagship Sukari project in Egypt, lifting its shares 8.5 per cent. Egypt-focused Centamin was hit in the second quarter by local restrictions on blasting, which, along with supply disruptions in the first quarter, forced the [...]
Anglo sued by Codelco January 10, 2012 COPPER giant Codelco set out its lawsuit against Anglo American yesterday, asking Chilean courts to enforce its disputed option to buy a 49 per cent stake in the miner’s south Chilean properties. The move is the latest salvo in an increasingly bitter legal row, after Anglo last year announced it had sold a 24.5 per [...]
Petroplus runs at half capacity January 10, 2012 The two refineries owned by troubled Swiss group Petroplus that do not face immediate closure, out of the company’s total of five, are currently running at half capacity, trade sources claimed yesterday, The 240,000 barrel per day Coryton plant in the UK – the company’s most complex site – is running at roughly 45 per [...]
Airbus outsources to Korea January 10, 2012 Airbus is outsourcing to Korean Aerospace Industries some work from its wing-assembly plant in Broughton, north Wales, drawing fire from unions who said the move gave an unnecessary competitive advantage to foreign rivals. Airbus, the aircraft-making arm of Europe’s EADS, said yesterday KAI had been awarded work producing wing panels for the single-aisle A320. Final [...]
Weak exports boost looser policy hopes January 10, 2012 CHINESE trade grew at its slowest pace for two years last month, official figures revealed yesterday. However, markets rose in the hope that such weak figures would prompt the authorities to cut interest rates in an effort to stimulate demand. China’s exports expanded by 13.4 per cent in the year to December, the slowest growth [...]
HMV is finding it hard to match online value January 10, 2012 ON Monday, media store HMV reported a fall in sales over the Christmas period, and said it remains concerned about its ability to continue trading in its current form. A look at YouGov’s BrandIndex tells an interesting story about the problems the retailer faces. What we often see with companies that have financial difficulties is [...]
Small businesses grow more confident as hopes increase for an upturn in US January 10, 2012 CONFIDENCE in American small businesses has hit its highest level since last February as increasing numbers of firms looked to expand in December, according to data out yesterday from the National Federation of Independent Business (NFIB). The small business optimism index rose by 1.8 points to 93.8. The index has now gained 5.7 points over [...]
Mexican GDP shrinks as industrial output declines January 10, 2012 SLUMPING industrial output pushed the Mexican economy into its steepest monthly decline in nearly two years in October, official statistics agency INEGI revealed yesterday. Latin America’s second largest economy contracted 0.6 per cent in October from September, the biggest decline since January 2010 and more than analysts expected. Growth over the twelve months from October [...]
GEITHNER WANTS CHINA’S HELP ON IRAN January 10, 2012 US Treasury secretary Tim Geithner was in China yesterday to meet Vice-Premier Wang Qishan and senior party members Xi Jinping and Li Keqiang. Geithner is there to push China to join the international sanctions imposed on Iran, in an effort to make the theocratic state drop its nuclear plans, and to discuss the strength of [...]
