Fitch cuts troubled Egypt’s rating January 30, 2013 Fitch yesterday cut Egypt’s sovereign credit rating one notch to B from B-plus, citing a wider budget deficit and political instability. The rating “reflects a balance between short-term reserve pressure, political upheaval, a weak and deteriorating fiscal position and capital flight against our assumption that an IMF programme will be in place after the election,” [...]
Polymetal gives upbeat outlook as denies tie-up January 30, 2013 RUSSIAN precious metals producer Polymetal yesterday denied merger talks with peer Polyus Gold, as it said it was on track to produce 1.2m troy ounces of gold equivalent in 2013. A spokesperson from the FTSE 100 company yesterday told City A.M. that Polymetal was not in discussions with fellow Russian gold producer Polyus Gold regarding [...]
Costs force Antofagasta to warn over gold and copper output January 30, 2013 CHILEAN copper miner Antofagasta topped the FTSE 100 loser board yesterday as it warned on copper and gold production. Output this year is expected to fall to around 700,000 tonnes of copper and 260,000 ounces of gold, due to higher on-site costs at both the Esperanza and Los Pelambres mines. The cost to mine a [...]
Weaker sales hurt Johnson Matthey profit January 30, 2013 CHEMICALS firm Johnson Matthey saw profits plunge over the third quarter, due to lower sales in its precious metals products division. Underlying pre-tax profits sank 19 per cent to £84.3m over the third quarter, it said yesterday. The precious metal product division, which refines and fabricates metals such as platinum, posted a seven per cent [...]
Dutch court says Shell partly responsible for Nigeria spills January 30, 2013 A DUTCH court ruled yesterday that Royal Dutch Shell’s Nigerian subsidiary was responsible for a case of oil pollution in the Niger Delta and ordered it to pay damages in a decision that could open the door to further litigation. The district court in The Hague said Shell Petroleum Development Company of Nigeria (SPDC), a [...]
Lower prices hit Ferrexpo January 30, 2013 PRE-TAX profit at iron ore producer Ferrexpo tumbled 57.1 per cent over the first nine months of last year, it said yesterday. Profits sank to $228.8m (£144.8m), down from $533.6m over the first nine months of 2011, on the back of lower sales volumes and lower iron ore prices. Sales fell to 7m tonnes of [...]
United Utilities trading in line January 30, 2013 WASTE and water group United Utilities said yesterday that it is trading in line with expectations, although it said that revenue had increased at a rate slightly below the regulated price rises. This reflected the ongoing impact of a tough economic climate, it said. Depreciation, power and other costs also increased, which weighed on the [...]
Petrofac falls as sector hurt January 30, 2013 PETROFAC tumbled on the FTSE 100 yesterday as it was hurt by a profit warning from Italian peer Saipem. Shares in the oil and gas services group closed down 7.02 per cent down at 1,615p, as the Italian energy engineering firm issued an unexpected profit warning. The group, which is controlled by ENI, cut its [...]
City Moves for 31 January 2013 | Who’s switching jobs January 30, 2013 LM Investment Management The fund management firm has announced two appointments. Joe Samuel becomes director of LM London. He has previously held roles at Law Business Research. Simon Bottle becomes business development manager in London. He has also worked at Goldman Sachs and ABN AMRO. Actis The private equity firm has appointed Arjun Oberoi as [...]
Best of the Brokers January 30, 2013 WPP Jefferies upgraded the world’s biggest advertising group from a “hold” to a “buy” yesterday, saying that the outlook for 2013 is encouraging, even in a cyclically poor year. “With expectations low, we see upside risk,” the bank said, adding that after a period of acquisitions in 2012, WPP is more likely to use cash [...]
