ArcelorMittal chops dividend as it tumbles to third quarter loss October 31, 2012 STEELMAKER ArcelorMittal yesterday slashed its dividend from 75 cents a share to 20 cents a share, on the back of weak third quarter results. The world’s largest steelmaker reported a third quarter net loss of $709m (£440m) over the quarter, down from £659m over the same period last year. Sales of steel dropped to $19.7bn [...]
Lower prices hit Bumi arm October 31, 2012 FTSE 250 miner Bumi said yesterday that lower prices had hit its Berau Coal arm, as the average price per tonne of the fuel fell 17 per cent quarter on quarter. Over the three months to September, Indonesian-based Berau mined 5.5m tonnes of coal, up four per cent from the previous quarter. The London-listed miner [...]
BG Group dives on warning of flat 2013 output October 31, 2012 SHARES in energy firm BG Group plummeted yesterday as it warned 2013 production would be flat. The FTSE 100 group said it did not expect to grow production next year, largely due to delays to projects. The shutdown of the non-operated Elgin/Franklin field in the North Sea and the deferral of the Jasmine field in [...]
Copper boost at Antofagasta October 31, 2012 CHILEAN miner Antofagasta yesterday reported a 3.8 per cent jump in copper output, boosted by higher production levels at its Esperanza mine. Over the three months to September, the FTSE 100 miner produced 179,800 tonnes of copper. The Esperanza mine produced 45,600 tonnes of copper in the period, up 21 per cent from the previous [...]
Glencore may end zinc deal October 31, 2012 GLENCORE has offered to end a zinc sales deal with global producer Nyrstar to win EU approval for its £56bn mega merger with Xstrata. The European Commission said yesterday it had extended its review of the Glencore and Xstrata mega merger until 22 November, as it considers the competition impact of the merger between the [...]
Strong jump in City jobs market as firms take on more risk staff October 31, 2012 THE CITY jobs market improved sharply last month, according to data out today from two recruitment agencies, as the economy continued to recover from the double dip recession. Morgan McKinley recorded an 11 per cent jump in opportunities on the month, from 2,205 in September to 2,457 in October. And Astbury Marsden saw a 10 [...]
Private houses stem landslide in troubled construction sector October 31, 2012 PRIVATE house building gave a vital boost to the construction sector in October, a survey showed today, balancing out flagging demand from other sources. Construction activity declined one per cent over the month, according to Glenigan’s index, but it would have declined much more, it says, if not for the 58 per cent boost to [...]
CBI boosts GDP forecasts after growth shock October 31, 2012 THE UK ECONOMY will stay flat overall through 2012, the Confederation of British Industry (CBI) forecasted today, upping its outlook based on better-than-expected GDP data out last week. The UK economy will be in roughly the same position it was at the end of 2011, overall through 2012, according to CBI forecasts out today, up [...]
UK investors trust Obama over Romney to heal US economy October 31, 2012 UK investors are firmly behind Barack Obama in his campaign to be re-elected president, data from Lloyds TSB revealed yesterday, with little more than a tenth backing Republican challenger Mitt Romney. Forty-two per cent of UK investors surveyed said they had more confidence in the President than former governor Romney, the data showed, versus just [...]
Legal & General: flexible labour market has helped employment October 31, 2012 THE EMPLOYMENT boom that has confounded market observers is down to the UK’s flexible labour markets, Legal & General said today, and is not down to government jobs schemes or fudged data. Despite a double-dip recession, employment has increased in release after release, a puzzle which Legal & General economist James Carrick put down to [...]
