Maple Group edges closer to £2bn takeover of Canada’s TMX May 3, 2012 MAPLE Group said yesterday that it would accept a regulator’s conditions on its C$3.8bn (£2.3bn) bid for TMX Group, likely paving the way for the elusive takeover of the operator of the Toronto Stock Exchange to go ahead. The consortium of Canada’s largest banks, insurers and pension plans said that if the terms from the [...]
Antofagasta copper output hit May 3, 2012 ■ First-quarter copper production at Chilean miner Antofagasta fell 13 per cent on the previous three months amidst rising development costs, the London-listed firm said yesterday. Esperanza, a flagship growth project that hit troubles in its production build-up last year, saw damage to a key conveyor belt in the quarter which held up throughout February [...]
Avocet boosted by gold prices May 3, 2012 ■ Gold miner Avocet Mining said yesterday that its quarterly pre-tax profit rose on higher gold prices, but lower production resulted in higher cash cost per ounce produced. Profit before tax and exceptionals from continuing operations rose to $20.8m (£12.8m) from $12.6m a year ago. Avocet, which entered the FTSE 250 Index in March, maintained [...]
Mondi reports weaker quarter May 3, 2012 ■ South African papermaker Mondi yesterday posted a drop in first-quarter underlying operating profit due to lower prices and volumes, but said demand for its products was picking up. Mondi, also listed in London, said first-quarter underlying operating profit fell to €120m, (£97.5m) compared with €179m last year.
WHO’S SWITCHING JOBS May 3, 2012 KPMG David Ellis has been appointed as a partner and head of KPMG’s UK reward practice, which specialises in advising companies on how to most effectively pay their executives. He joins from BDO, where he was head of human capital and a partner since 2004. Ellis has also previously worked for Ernst & Young and [...]
BEST of the BROKERS May 3, 2012 UBS Deutsche Bank has changed its recommendation on the Swiss bank from “sell” to “hold” and increased its target price from SFr11.75 to SFr12, despite results that it calls “uninspiring”. The broker expects the investment bank operations to continue losing share, but asset gathering to beat expectations. ZIGGO Goldman Sachs has initiated coverage of the [...]
Wall St drops ahead of data May 3, 2012 US stocks fell yesterday as economic data sent mixed signals on the recovery a day before the April payrolls report, while shares of Green Mountain plunged after poor results. Slower-than-expected growth in the dominant US services sector drove the day’s trading. The retail sector dragged the market lower after several chains, including Target and Gap, [...]
FTSE ticks up as defensives rise May 3, 2012 BRITAIN’S blue chip-index edged up in thin volume yesterday as gains among defensive stocks offset disappointing trading updates among cyclicals and weak US macro data. The FTSE 100 closed 8.44 points higher, or 0.2 per cent, at 5,766.55 points, having traded only 87 per cent of its 90-day volume average. Some investors were reluctant to [...]
LONDONTIME May 3, 2012 World Timers: the executive watch Celebrating an icon: the Royal Oak Fast cars, fast watches
Watches for those with a global outlook May 3, 2012 THERE’S a case to be made that in the age of global business the ultimate executive watch is a world timer. For anyone whose work sees them regularly jetting between time zones, or who simply needs to know the hour in different markets around the globe at any given moment, a world timer – in [...]
