Loeb quits board as Third Point sells back Yahoo July 22, 2013 ACTIVIST hedge fund Third Point reached an agreement to sell two-thirds of its stake in Yahoo back to the company for $29.11 a share yesterday, sending stock in the internet company down nearly five per cent. Three Yahoo board directors appointed by Third Point, including Daniel Loeb, the hedge fund’s chief, will resign from Yahoo’s [...]
Philips cheers strong demand from China as earnings treble July 22, 2013 ELECTRONICS group Philips beat forecasts yesterday by more than trebling its quarterly net profits to €317m (£272m). The Dutch firm said orders at its healthcare division – now its most profitable after a strategic overhaul – rose more than expected in the second quarter thanks to new ultrasound and scanning products and strong demand from [...]
Barrick Gold Chilean mine hit by protest July 22, 2013 A GROUP of indigenous Chileans have asked the country’s Supreme Court to revoke the environmental license of Barrick Gold’s Pascua-Lama gold mine, it emerged last night. The Copiapo Court of Appeals last week ordered a freeze on construction at the project, until the company builds infrastructure to prevent water pollution. However, it did not terminate the project. [...]
Lord King not so retiring with new title and a US job July 22, 2013 IT WAS all change for the former Bank of England governor yesterday. Not only did the former Sir Mervyn become Lord King of Lothbury, after being officially introduced in the House of Lords, he also accepted a new job over the pond in America. New York University’s Stern School of Business announced that Lord King will [...]
Panmure says goodbye to Dorgan July 22, 2013 PANMURE Gordon has said goodbye to the well-known retail analyst Philip Dorgan, after making him redundant last week. Dorgan is not normally known for biting his tongue – he famously said in advance of the Ocado initial public offering three years ago that the shop: “Begins with an O, ends with an O, and is [...]
Amplats profits up but warns of troubles ahead July 22, 2013 ANGLO American Platinum yesterday posted an 88 per cent increase in earnings per share in the first half of the year due to a weaker rand, but warned that the operating environment “remains difficult” looking ahead. Amplats, as the platinum miner is known, said that reported headline earnings per share had risen to 5.14 rand [...]
Bumi shares tumble on first day back to trading after suspension July 22, 2013 TROUBLED miner Bumi had a volatile first day back on the London Stock Exchange, having resumed trading almost three months after its shares were suspended due to irregularities on its balance sheet. The company, which is currently undergoing a separation after a long-running feud between its co-founders Nat Rothschild and the Bakrie family, had to [...]
Gemfields makes over £20m in revenues at auction in Lusaka July 22, 2013 AIM-LISTED miner Gemfields yesterday announced that it made $31.5m (£20.5m) at an auction of rough emerald and beryl stones, its second highest auction revenues to date. The firm said that the gems were sold at an average price of $54 per carat, a new auction record. All stones placed on offer were sold. “These results [...]
Halliburton’s earnings beat expectations July 22, 2013 OIL EQUIPMENT firm Halliburton topped Wall Street’s forecasts with its quarterly profit yesterday, helped by strong sales in Asia. The firm said net income dropped 7.9 per cent to $679m (£442m) as America’s search for shale gas slowed down in the face of weak gas prices. Revenues rose 1.1 per cent to a record $7.3bn [...]
Union Jack looks to raise £800,000 July 22, 2013 Union Jack Oil yesterday said that it plans to raise £800,000 through a share placement as part of its proposed Aim listing. The proceeds of the placement, combined with the oil explorer’s existing cash resources, totals £1.2m and will be used to drill new wells, settle the costs of Aim admission and meet its working [...]
