Indonesian Bumi Resources begins second probe November 9, 2012 Indonesian coal miner PT Bumi Resources said today it will submit a second independent investigation on its accounts. It follows London-listed Bumi’s investigation into alleged financial irregularities at Indonesian arm Bumi Resources. The probe, led by City law firm Macfarlanes, is expected to conclude this month. Bumi, co-founded by financier Nat Rothschild, owns 29 per [...]
Trade deficit beats forecasts in September November 9, 2012 Britain’s trade deficit narrowed more than expected to £2.7bn in September, compared with a deficit of £4.3bn in August. Britain’s economy bounced out of recession in the third quarter, growing by one per cent, but weak economic data since then had made some analysts concerned that this growth figure could be revised lower. Official figures [...]
Diageo buys stake in United Spirits November 9, 2012 Diageo announced today it would acquire a 53.4 per cent share of Indian United Spirits for around $2.1bn (£1.32bn). The purchase, which concludes an on-again, off-again courtship that began in 2008, would be the biggest inbound Indian M&A deal since British oil firm Cairn Energy sold a majority stake in its Indian business to Vedanta [...]
FTSE 100 down as investor sentiment drops November 9, 2012 The leading share index was down this morning, consolidating overnight losses in Asia and the US. Miners led the fallers in early trading, with Eurasian Natural Resources, Kazakhmys and Anglo American among the blue chips feeling the heat. On the FTSE All-Share, Finnish miner Talvivaara slid more than nine per cent in early deals. Yesterday [...]
Rolls-Royce confident on targets November 9, 2012 Power systems firm Rolls-Royce said this morning it expects to post good growth in underlying revenue and profit for the year, despite forecasting flat revenue in its marine division. The FTSE 100 firm said guidance for all business segments remained unchanged, except in its marine division, where revenue would be broadly flat due to “phasing [...]
IAG profits hurt by weak Iberia November 9, 2012 British Airways owner IAG this morning reported a 25 per cent drop in operating profit over the third quarter, as it announced a turnaround plan for poorly-performing subsidiary Iberia. The airline group posted operating profit over the three months to September of €270m, down from €363m over the same period last year. Over the nine [...]
Miner strike drags Lonmin to full-year loss November 9, 2012 Industrial action at South African mine Marikana had a significant impact on platinum miner Lonmin’s results, it said today. The world’s third-largest platinum miner was hit by special costs of $755m (£473m) over the year, including $159m for the cost of the strike. This dragged it to a full-year pre-tax loss of $698m. It lost [...]
End of quantitative easing will stop mad monetary recycling November 9, 2012 IT is time for George Osborne to start worrying. The Chancellor will be the biggest loser from the Bank of England’s right and proper decision to halt quantitative easing, at least for the time being. The biggest problem with QE – apart from its increasing lack of impact and the pain inflicted upon savers and [...]
City blasts Euro boss over growth claims November 8, 2012 Draghi’s delusions ■ Eurozone is poised for solid recovery ■ Debt to GDP is down even in the countries with the worst ratios EUROPEAN Central Bank boss Mario Draghi was under fire yesterday for claiming the Eurozone economies are back on track for growth – just a day after the European Commission slashed its own [...]
Bank turns off the taps November 8, 2012 THE BANK of England yesterday agreed a halt to quantitative easing (QE) for November, with economists warning the policy is close to running its course. The Bank’s monetary policy committee (MPC) rejected both a change in rates and QE – stopping asset purchases for only the third time since the policy began. While some analysts [...]
