ICE’s profit dips but exchange performs better than expected November 5, 2012 COMMODITIES exchange IntercontinentalExchange yesterday reported a dip in third-quarter profit as over-the-counter (OTC) North American natural gas and power contracts declined. However the results topped analyst expectations, helped by a lower tax rate and a drop in expenses. Net income attributable to the Atlanta-based exchange was $131.1m (£82m), or $1.79 a share, in the third [...]
M&S hires Knicker Queen Janie Schaffer November 5, 2012 MARKS & Spencer has hired Janie Schaffer (left), Victoria’s Secret’s chief creative officer and the founder of lingerie chain Knickerbox, to be its director of lingerie and beauty. Schaffer, known as “The Knicker Queen”, is to join the retailer early next year and will succeed Frances Russell, who has been promoted to director of womenswear, [...]
Olympics steel firm Severfield warns on profit November 5, 2012 OLYMPICS and Shard structural steel giant Severfield-Rowen yesterday saw shares plunge nearly 25 per cent after the firm posted a profit warning and said redundancies are likely. It forecast its profit this year will be “materially lower” than last year – down from a £6.8m pre-tax profit in 2011 to around £1m this year. The [...]
Centamin confident on gold mine lease as shares surge November 5, 2012 SHARES in Egyptian gold miner Centamin regained some lost ground yesterday, as it said it was confident it would win an appeal to prove its right to mine in the country was valid. Last week, an Egyptian administrative court said the company’s right to operate the flagship Sukari mine was invalid, sending the shares in [...]
Weir Group warns on slowing growth but confirms targets November 5, 2012 ENGINEERING firm Weir Group yesterday said orders fell in the third quarter, although it confirmed its full year profit guidance. Revenue and profit growth at the Glasgow-based pumps and valves maker edged down over the third quarter, largely due to a reduced order book, Weir said. Orders for the group fell eight per cent in [...]
Rio Tinto ramps up its Mongolia mine with Chinese power deal November 5, 2012 ANGLO-AUSTRALIAN copper miner Rio Tinto yesterday said it is set to start production in the next three months on the Oyu Tolgoi mine in Mongolia, after signing a deal with a Chinese power company to supply electricity to the site. Within the next few weeks, the flagship $6bn (£3.8bn) copper and gold mine will start [...]
Shanta increases production November 5, 2012 Explorer Shanta Gold yesterday said it was ramping up production at its flagship New Luika gold mine in Tanzania, as it forecast output of 6,000 ounces of gold in the fourth quarter. The miner also reiterated gold production for next year of 70,000 ounces. Shanta also said that Luke Leslie would join the board as [...]
Leni sells Gulf of Mexico assets November 5, 2012 Leni Gas & Oil has signed a deal worth $1.625m (£1m) to sell its assets in the Gulf of Mexico to an American group. The proceeds will allow Leni to accelerate the development on its Trinidad portfolio, particularly on the Goudron field, which has proven reserves of around 7.2m barrels of oil. The sale is [...]
Leakage shuts Talvivaara plant November 5, 2012 Shares in Talvivaara sank yesterday as it said a leakage from a pond on a mine site closed a metals recovery plant in Sotkamo, eastern Finland. The Finnish miner anticipated the plant being reopened tomorrow, after it has strengthened basin ponds on the site. In August, Talvivaara slashed its nickel forecast to 17,000 tonnes for [...]
Asia stagnates as China fights for new growth November 5, 2012 ECONOMIES across Asia failed to fight themselves out of the doldrums that have endured for months, data showed yesterday, with index levels improving only marginally into October. Business surveys recorded improved but marginal output growth in China and Hong Kong, while output in Australia and Japan continued to contract, while India’s expansion slowed down. Only [...]
