KGHM ups profit target on back of copper prices September 5, 2011 KGHM, Europe’s number two copper producer, has raised its 2011 net profit target by 16 per cent to a record 9.6bn zlotys (£2bn) on higher copper prices and asset sales, a touch above analysts’ forecasts. Analysts expected the state-controlled miner to raise the goal to 9.5bn zlotys from the 8.4bn it had predicted earlier, after [...]
Spanish airport sale heats up September 5, 2011 Spain’s two biggest airports have each attracted interest from six potential bidders as part of a €5.3bn planned privatisation sale, the country’s Public Works Ministry said yesterday. Five groups are interested in both Madrid’s Barajas and Barcelona’s El Prat airports, including German airport operator Fraport and partner Spanish infrastructure firm Acciona, and a consortium including [...]
Gulf Keystone in well success September 5, 2011 Gulf Keystone said yesterday that they payzone for its upper Jurassic reservoirs at its Shaikan-4 well is “significantly better” than the pay count of its previous two wells. The wells in the Kurdistan region of Iraq contain a total of up to 10.8bn barrels of oil. Gulf Keystone said Shaikan-2 has achieved flow rates in [...]
Circle Oil gets more time in Oman September 5, 2011 AIM-listed energy explorer Circle Oil yesterday said it has been granted an extension on its bid to find fuel of an onshore block in Oman. The firm said it now has until December 2012 to explore the block. Circle also said it is seeking partners to work on drilling in a separate prospect after finding [...]
Hunting completes Doffing buy September 5, 2011 Energy services group Hunting has completed the acquisition of WL Doffing for $20.8m. WL Doffing provides high precision machining services to the energy industry. The consideration paid is on a cash-free-debt-free basis and will be funded from Hunting’s cash balances, the firms said yesterday. An additional consideration of up to $2m is also payable on [...]
Higher retail sales a boost for Eurozone September 5, 2011 SHOP SALES increased across the Eurozone in July despite a tough summer in debt-laden peripheral countries and concern from healthier nations who might be dragged down, according to figures out yesterday. Overall, retail sales increased by 0.2 per cent in July compared with June. Portugal and Romania led the way with 2.5 per cent and [...]
Skilled Chinese prompting boom in R&D investment September 5, 2011 A GREATER take-up of science studies in China has resulted in a rapid growth of innovative industries, the Institute for Fiscal Studies (IFS) said yesterday. Almost one in two Chinese graduates study for science and engineering degrees, the group said. Research and development (R&D) investment has soared in China in recent years. The proportion of [...]
Deflation for Russia in August September 5, 2011 Russia’s Federal Statistics Service yesterday posted the first monthly deflation since 2005, driven by cheaper seasonal foods, making it less likely the central bank will raise key rates this month. Russia’s consumer price index fell 0.2 per cent month-on-month in August after staying flat in the previous period. This brings price growth in the first [...]
Price pressures steady in Taiwan September 5, 2011 Only very slight inflation was recorded in Taiwan in August, according to figures released yesterday. Consumer prices were up 0.03 per cent on the month, leaving the annual rate of inflation at 1.34 per cent in August – up from 1.33 per cent in July. Economists had expected inflation to come in at close to [...]
Gold bounces back over $1,900 September 5, 2011 Lingering concerns over the global economy were partly responsible for sending gold back over $1,900 an ounce yesterday, as the precious metal resumes its upward trajectory. Gold touched $1,903 in afternoon trading, having dipped as low as $1,779 last week as investors cashed in on profits.
