Unrest spreads across Amplats’ mines as African crisis deepens October 4, 2012 LABOUR unrest has spread to Anglo American Platinum’s Kumba iron ore unit in South Africa, as around 300 striking miners downed tools. Amplats has declared the strike illegal and is talking to the workers to encourage them back to work. Kumba’s Sishen mine produced nearly 40m tonnes of iron ore in 2011. Amplats yesterday reassured [...]
Evraz buys stake in Russian firm October 4, 2012 Russian steelmaker Evraz yesterday announced it has bought a controlling stake in Raspadskaya, Russia’s largest coking coal firm. London-listed Evraz has bought a further 50 per cent interest in Corber, from Adroliv Investments Limited, which holds an 82 per cent interest in Raspadskaya. The remaining 18 per cent of Raspadskaya’s shares will remain listed on [...]
Atlantic Coal reports output jump October 4, 2012 AIM-listed Atlantic Coal said yesterday that coal output at its Stockton mine in Pennsylvania rose to by 130 per cent to 44,633 tons, from 19,424 tons last year, in the three months to September. The anthracite coal miner reported a 38 per cent increase in clean coal sold year on year to 33,336 tons, from [...]
Increased revenue at Norcros October 4, 2012 Shower maker Norcros said yesterday group revenue in the six months to September had grown 9.4 per cent to £106m, up from £102.4m over the first half of last year. In a trading update, it said underlying pre-tax profit is expected to come in at £5.9m, up from £5.4m in 2011. Its Johnson Tiles brand [...]
Redrow extends bid deadline October 4, 2012 The Takeover Panel has given Steve Morgan, the chairman and founder of Redrow, an extra two weeks to table a bid for the housebuilder. Morgan’s vehicle Bridgemere Securities, which is bidding with Penta Capital and Toscafund Asset Management, made a preliminary 152p approach in August, valuing the firm at £562m. Bid talks are understood to [...]
Who’s switching jobs October 4, 2012 Alliance Trust Savings The consumer finance division of Alliance Trust has appointed Patrick Mill as its new managing director. Mill has over 20 years’ experience in financial services, and has previously worked as sales director at Prudential and managing director of financial services at Bradford and Bingley. Linklaters Charles Clark has been appointed global knowledge [...]
Best of the Brokers October 4, 2012 TESCO UBS maintains its “neutral” rating for Tesco while raising the target price to 350p from 325p, despite first-half trading profits that slightly missed consensus estimates. SPORTS DIRECT Seymour Pierce has upgraded the athletics retailer from “hold” to “buy,” and raised its target price from 285p to 420p, saying the firm is well placed to [...]
FTSE treads waters as lack of action from ECB leaves investors nervous October 4, 2012 BRITAIN’S FTSE 100 share index stalled near the top of its recent range yesterday, supported by prospects of global central bank stimulus but struggling to break fresh ground ahead of a potentially gloomy earnings season. The European Central Bank reaffirmed its commitment to the euro and its plan to buy bonds to bring down their [...]
S&P in reach of five-year high as jobs data looms October 4, 2012 THE S&P 500 extended gains to a fourth day yesterday, putting it on the cusp of a new five-year high if today’s jobs report shows encouraging signs for the labor market. The rally was broad, with all 10 S&P 500 sectors up and financials in the lead. The S&P’s financial index gained 1.5 per cent. [...]
Rodgers riled by poor second half showing October 4, 2012 LIVERPOOL 2 vs UDINESE 3 LIVERPOOL manager Brendan Rodgers blamed the poor performance produced by his players immediately after half-time for the rapid transformation with which they went from an apparently comfortable position to a damaging home defeat. Midfielder Jonjo Shelvey capped a fine, flowing passing move with an authoritative header to give Liverpool a [...]
