ENRC soars as output jumps in strong year February 6, 2013 EURASIAN Natural Resources (ENRC) shares soared yesterday as investors cheered the miner’s latest output report. In its ferroalloys division, ENRC produced 6.8 per cent more ferrochrome in the fourth quarter of 2012 than the previous year, and reported an 8.9 per cent jump in the amount of total saleable ferroalloys output in what chief executive [...]
Total partners with Cyprus in oil search as it divests gas unit February 6, 2013 FRENCH oil major Total said yesterday it had signed a deal with Cyprus to search for offshore oil and gas, as the Mediterranean nation hopes to become an energy hub. Signing a production sharing agreement yesterday with the third energy major this year, Cyprus hopes for a windfall from hydrocarbons beneath the seabed in a [...]
Victoria Oil & Gas raises £23.5m to fund Cameroon gas venture February 6, 2013 SHARES in explorer Victoria Oil & Gas plummeted yesterday, as it announced that it had raised £23.5m in an oversubscribed share placing. Victoria Oil & Gas, which has assets in Cameroon, will use the funds to finance the roll-out of its downstream strategy at its gas project in the central African country, in which it [...]
Ruspetro sinks as it postpones bond offering February 6, 2013 SHARES in Siberia-focused oil and gas explorer Ruspetro plunged yesterday as it said it would postpone its senior secured note offering. Ruspetro said it would consider the bond sale at a later date. It gave no reason for the delay. The proceeds from the placing were intented to replace Ruspetro’s existing debt facility with Sberbank, [...]
ArcelorMittal suffers a loss February 6, 2013 ARCELORMITTAL, the world’s largest steelmaker, forecast improving demand and earnings this year, after a wretched 2012 in which sliding European consumption and a Chinese slowdown drove it to a deep net loss. The group posted a net loss of $3.73bn (£2.38bn) for the year, mostly due to a massive writedown on its European business. ArcelorMittal said [...]
Rothschild calls for Bumi head February 6, 2013 In the latest development in the bitter Bumi divorce, co-founder Nat Rothschild yesterday called on the miner’s chief executive Nick Von Schirnding to step down over claims that he misled the company and shareholders over alleged irregularities on his CV. Bumi has said that the accusations are “false”, and that Von Schirnding was hired for [...]
Balfour Beatty wins Dubai deal February 6, 2013 FTSE 250 infrastructure group Balfour Beatty has snapped up a mechanical and electrical contract worth £64m with Dubai International Airport. Awarded by the Dubai Aviation Engineering Projects, it will install the electrical, ventilation, air conditioning, plumbing and fire protection systems in the new airport concourse, which hosts between 60 and 75m passengers each year.
City Moves for 7 February 2013 | Who’s switching jobs February 6, 2013 Quilter Cheviot The asset management firm has appointed Jane Seymour as group marketing director. She joins from Rathbone Brothers, where she held a similar position. Seymour has over 20 years’ experience working in the financial services sector, and will report to chief executive Martin Baines. Catalyst Corporate Finance The advisory business has appointed two new [...]
Best of the Brokers February 6, 2013 BREWIN DOLPHIN Shore Capital has a “sell” rating on the investment manager. In spite of a 50 per cent rise in the firm’s share price since the summer, the broker still believes the firm has overstretched on its new strategy, yet the share price already assumes the plan will succeed. Shore Capital expects cost forecasts [...]
Fund managers help FTSE 100 edge up again February 6, 2013 THE FTSE 100 nudged into positive territory yesterday on a strong showing from asset managers following robust results from Hargreaves Lansdown, which outweighed declines in energy stocks. The FTSE 100 closed up 12.58 points, or 0.2 per cent, at 6,295.34, having risen 0.6 per cent the previous session after suffering its sharpest one-day percentage drop [...]
