Polymetal buys out Ashanti February 8, 2012 RUSSIAN gold and silver miner Polymetal yesterday bought out AngloGold Ashanti from a joint venture in Siberia for $20m (£12.6m). FTSE 100-listed Polymetal acquired the 50 per cent it did not already own of the Veduga deposit in Russia’s Krasnoyarsk region. The companies worked on the project together from 2008 but Polymetal has found new [...]
European Goldfields gets nod for Eldorado merger February 8, 2012 EUROPEAN Goldfield’s merger with Eldorado Gold was given the green light by companies representing institutional investors yesterday. Institutional Shareholder Services and Glass Lewis & Co recommended the deal ahead of a shareholders’ vote on 21 February. Eldorado in December announced a friendly takeover bid for European Goldfields valued at the time at $2.5bn (£1.6bn). European [...]
Statoil profits up thanks to increases in oil prices February 8, 2012 NORWAY’S Statoil yesterday reported a 34 per cent jump in net profit in the fourth quarter. The country’s largest oil and gas company saw net profit reach NKr14.5bn (£1.5bn), triggered by higher oil prices. “Statoil delivered record financial results, further improved safety and made important strategic progress in 2011,” said Helge Lund, Statoil’s chief executive. [...]
Nissan driving towards victory against Toyota and Honda in race for earnings February 8, 2012 NISSAN is on track to be the most profitable of Japan’s three big carmakers this year, after record car sales last year and improved market share in every major region pushed up quarterly operating profit. Nissan kept its net profit forecast at ¥290bn (£2.37bn) for the year to end of March, ahead of Honda’s forecast [...]
Airbus to check all plane wings February 8, 2012 European air safety officials extended checks for Airbus A380 wing cracks to the entire superjumbo fleet yesterday and said the widespread defects could pose a safety risk if left unremedied. The move to inspect all 68 A380s in service came as Qantas Airways grounded one of its planes for up to a week following the [...]
Grainger still selling properties February 8, 2012 Property investor Grainger said UK house prices had proved surprisingly resilient and that it continued to sell off properties as it cuts debt and braces for what CEO Andrew Cunningham believes will be an orderly breakup of the Eurozone. The 100 year old company said in a trading statement yesterday that gross rents rose 22 [...]
CVS Caremark raises its forecasts February 8, 2012 CVS Caremark has raised its full-year profit forecast as it wins over former patrons of Walgreen who fill prescriptions with pharmacy benefits manager Express Scripts. CVS also posted a fourth-quarter profit in line with analysts’ expectations, helped by better-than-expected revenue. CVS added three cents per share to its first-quarter and full-year adjusted earnings forecasts. It [...]
CITY MOVES | WHO’S SWITCHING JOBS February 8, 2012 Hogan Lovells Hogan Lovells has appointed Nicholas Cheffings as chairman, effective from 1 May 2012 for a three-year term. Cheffings will take over from current co-chairs Claudette Christian, who will continue with her practice, and John Young, who will retire on 30 April. Cheffings joined Lovells in 1999, becoming a member of the Lovells Partnership [...]
BEST OF THE BROKERS February 8, 2012 BARCLAYS Citigroup released a note on UK banks yesterday, maintaining its overall overweight rating on the sector. The broker named Barclays its top pick in the sector, with a “buy” rating and an increase in its target price from 245p to 275p. In the same note, Citi maintained its “buy” rating on Lloyds, HSBC and [...]
Investors waiting for Greece put the brakes on FTSE rally February 8, 2012 BRITAIN’S blue chips closed a touch lower yesterday as investors awaited more clarity on a Greek debt deal. Greek party leaders gathered to agree reforms needed to secure a new EU/IMF rescue package necessary to avoid a chaotic default that would aggravate Europe’s financial crisis. Rating agency Standard & Poor’s added pressure on negotiations between [...]
