Boeing splits off development arm December 3, 2012 Boeing said yesterday it is creating a new division to oversee airplane development, hiving off that function from production as it seeks to ramp up factory output. The company named Scott Fincher, who heads Boeing’s 777 jet programme, to lead the new division, “airplane development”, which will handle design and flight certification of planes that [...]
Polymetal ups estimates at Albazino site December 3, 2012 RUSSIAN precious metals miner Polymetal said it would decide next year whether to double production capacity at its Albazino gold project in Russia’s far east after doubling its estimate of mineral resources there. “Exploration results at Albazino highlight the tremendous potential of this asset and pave the way for the expansion decision to be taken [...]
BP sees off TNK-BP shareholder claim as it sets out new strategy December 3, 2012 MINORITY shareholders in Anglo-Russian oil firm TNK-BP are withdrawing a 100bn rouble (£2.01bn) damages suit against BP after the main stakeholders agreed last month to sell their stakes to Russia’s Rosneft. A Siberian court in July awarded the damages against the British oil major in a case brought by a group of minority shareholders in [...]
Uganda’s East African Gold to ring in New Year with listing December 3, 2012 GOLD miner East African Gold yesterday announced its plans to list on London’s Alternative Investment Market (Aim), becoming the first Ugandan-focused company to seek a London flotation. East African Gold, which was formed in September 2011 and holds more than 800 square miles of exploration licences in northern Uganda, said its shares will begin trading in [...]
St Modwen hunts for a partner on Elephant and Castle scheme December 3, 2012 ST MODWEN yesterday confirmed it was searching for a development partner for the £500m Elephant and Castle shopping centre regeneration in south London. In a trading update for the year to 30 November, the developer said it has hired Colliers International to find a joint venture partner for the scheme, which is expected to provide [...]
EADS confirms talks to shake up complex shareholder structure December 3, 2012 SHARES in EADS rose yesterday as European nations raced towards a deal aimed at overhauling a convoluted shareholder structure at Europe’s largest aerospace group. The Airbus parent company said it was in talks on the company’s ownership with France, German and Spain, confirming press reports. People familiar with the matter said the talks involved a [...]
Pipe maker Tricorn sees softer markets but improving margins December 3, 2012 PIPE and tube maker Tricorn’s shares rose 7.35 per cent yesterday after the Aim-listed group posted an 18 per cent rise in pre-tax profits as capital investments start to pay off. Tricorn, which makes pipe and tubing for engines, aircraft and cars, said revenues fell seven per cent to £11.55m in the six months to [...]
Lamprell appoints new chief exec December 3, 2012 Oil and gas rig contractor Lamprell yesterday named industry veteran James Moffat as its new chief executive, ending speculation over who would take the reins after Nigel McCue stepped down in October following a string of profit warnings. Moffat will join the firm from 1 March next year, having spent the last 16 years at [...]
Repsol files complaint over YPF December 3, 2012 Spanish oil major Repsol yesterday filed a complaint against Argentina at the World Bank’s international arbitration forum over the government’s expropriation this year of Repsol’s controlling stake in YPF. Argentine President Cristina Fernandez nationalised YPF, the country’s biggest energy company, in May, accusing Repsol of slack investment to boost output at a time of growing [...]
France and Italy rail link on track December 3, 2012 The leaders of France and Italy pledged yesterday to push ahead with a high-speed rail link between Lyon and Turin despite a row over EU spending. Despite pressure to slash billions of euros from the European Union’s 2014-2020 budget, French President Francois Hollande defended the rail link between southeast France and northwest Italy as essential [...]
