Gold estimates up at African firm September 13, 2012 ■ Gold miner African Consolidated Resources yesterday upped its resource estimate to 3.2m ounces of gold, from 513,000 ounces, at its Pickstone-Peerless gold project in Zimbabwe. The gold firm says that 1.5m ounces are “open-pittable” at a good gold grade. It is moving the project forward this month with a feasibility study, which is targeting [...]
Bridge Energy lists on AIM September 13, 2012 ■ Oslo-listed Bridge Energy yesterday confirmed plans to list on the junior stock market. The North Sea explorer and producer will debut on AIM on 27 September with a market capitalisation of around £78m. Bridge Energy, which has oil and gas exploration and production operations in both the UK and Norway, has been listed on [...]
Revenues increase at Safestore September 13, 2012 ■ Self-storage retailer Safestore yesterday reported revenue of £24.9m for the third quarter up from £24.1m the year before, with occupancy up 8.8 per cent over the quarter. Revenue per available room was up to £18.71 in the UK, up six per cent on the same period last year. Chief executive Peter Gowers said that [...]
Who’s switching jobs September 13, 2012 Arbuthnot Latham Linda Amili Clack has been appointed to the position of international banking director and head of Middle East private banking. She was most recently head of Mubarakia Limited Family Office. Amili Clack has over 30 years’ experience in banking, and has also held senior roles at Coutts and the Bank of Bahrain & [...]
Best of the Brokers September 13, 2012 KINGFISHER Morgan Stanley rates the retailer “overweight” with a price target of 325p. Analysts have set out 10 questions for management to answer following lacklustre interim results, including why B&Q’s profitability has fallen and whether Screwfix could expand into new markets. Morgan Stanley also flags up the prospect of a long-term buyback strategy given Kingfisher’s [...]
FTSE closes at three-week high as data improves and optimism lifts September 13, 2012 BRITAIN’S benchmark share index rose to a three-week high yesterday, boosted by expectations of stimulus action from the US Federal Reserve, prospects of renewed merger and acquisition activity and a brightening technical picture. After the close of the UK market, the Fed was widely expected to unveil a third round of quantitative easing for the [...]
Wall St soars as Fed pledges fresh stimulus September 13, 2012 US stocks and crude oil prices rose and the dollar weakened yesterday as investors bet the Federal Reserve’s fresh dose of monetary stimulus would improve economic growth. The US central bank initiated another aggressive stimulus programme, saying it will buy $40bn of mortgage-backed debt per month until the outlook for jobs improves substantially as long [...]
Why Britain’s banking rules aren’t restricting our economic recovery September 13, 2012 The Financial Policy Committee (FPC) was set up in 2011 to protect and enhance the resilience of the UK financial system. Some commentators have argued that this is part of a regulatory onslaught by the UK authorities, responsible for stifling lending growth. So it may have come as a surprise to these critics when, earlier [...]
Middle Eastern embassy attacks threaten Obama’s foreign policy credibility September 13, 2012 HAVING supported the overthrow of totalitarian regimes in the Middle East, Barack Obama is now experiencing the backdraft. November’s presidential election was meant to be a predictable duel on domestic issues. But, with the ransacking of the US embassy in Cairo and the murder of the American ambassador and three others in Benghazi, it has [...]
Ten golden rules of investing September 13, 2012 Companies fail largely because their businesses are poorly financed. A strong balance sheet tells you many things. Most importantly, it tells you that the company is very unlikely to fail. But balance sheet strength is not just about the liabilities. It’s also important to look at the assets. What a company does with its cash [...]
