US jails three in huge fraud case October 12, 2011 A FORMER lawyer and Wall Street trader caught up in the US government’s crackdown on insider trading that ensnared Galleon founder Raj Rajaratnam was last night ordered to serve two years and six months in prison for his role in the case. Michael Kimelman, who co-founded trading firm Incremental Capital with brothers Zvi Goffer and [...]
Anglo may lose Chilean mines October 12, 2011 MINING group Anglo American said it would “consider the implications” of Codelco’s announcement that it hopes to use its option to buy Anglo’s 49 per cent shareholding in its Chilean copper assets. State-run Codelco said its has lined up $6.75bn (£4.3bn) of funds in a deal with Japanese trading house Mitsui. Anglo has held the two [...]
Demand for Burberry is still booming October 12, 2011 LUXURY goods group Burberry batted away fears of an economic slowdown in its key Chinese market yesterday as it unveiled forecast-beating results. Revenues for the three months to September hit £463m – above a forecast for £448m by a poll of analysts. Luxury goods stocks have fallen sharply in recent weeks on signs of an [...]
ANALYST VIEWS: CAN BURBERRY MAINTAIN ITS SALES MOMENTUM? October 12, 2011 RICHARD HUNTER HARGREAVES LANSDOWN The company intends to continue its expansion plans, whilst remaining flexible in tapping on the brakes should circumstances dictate. Continuing investment in its business will of course weigh on profit in the medium term, whilst the company could become a victim of its own success given increasingly tough comparatives. Even so, [...]
Travis Perkins is buoyed by BSS sales lift October 12, 2011 TRAVIS Perkins yesterday reported strong sales at its heating and plumbing business BSS, which offset weakness at its Wickes DIY chain. Across Travis Perkins’ businesses, like for like sales rose by 5.9 per cent over the nine months to September. The company said sales growth at its merchanting business and at its plumbing and heating [...]
Fast Retailing gets boost from Uniqlo October 12, 2011 JAPAN’S Fast Retailing yesterday forecast a 16 per cent rise in annual operating profit thanks to higher sales at its domestic Uniqlo outlets and expansion of the budget clothing chain, after posting its first profit rise in six quarters. Asia’s top apparel retailer is expanding overseas to offset slowing growth in Japan due to persistent [...]
Esprit hit by claim that it overstated shop numbers October 12, 2011 SHARES in fashion chain Esprit dropped yesterday after it was claimed that it had exaggerated the number of stores it has in China. The company has said it has 498 outlets and 404 retail spaces in department stores in mainland China – a number disputed in a report in Next magazine. Next reported that it [...]
Fresnillo cuts guidance for silver output October 12, 2011 FRESNILLO, the Mexican precious metals miner, yesterday cut its silver production guidance for 2011, after the company was to forced to improve safety conditions at all of its projects following the death of two miners in July. The FTSE 100 company said quarterly production decreased by 5.8 per cent compared to the third quarter of [...]
BHP Billiton commits to $1.2bn capital for mine October 12, 2011 BHP BILLITON yesterday approved $1.2bn (£761m) in pre-commitment capital to start expansion work on its Olympic Dam copper and uranium mine, which analysts say could nearly cost 30 times this sum to develop fully. The funds will be used to buy trucks, build worker housing and for other items requiring lengthy lead times, it said. [...]
BP gets upper hand in Russian director lawsuit October 12, 2011 A RUSSIAN court is likely to throw out a $2.8bn (£1.8bn) lawsuit brought by a shareholder against two BP executives on the board of the oil major’s Russian joint venture, TNK-BP, after a judge denied the claimant more time to gather the necessary shareholder support. Andrey Prokhorov, a minority shareholder in TNK-BP, filed a claim [...]
