ENRC warns of slowdown May 10, 2012 Kazakh mining group ENRC warned yesterday that revenue decreased “significantly” in the first quarter compared to a bumper three months a year ago, hit by a drop in prices for the commodities it sells, especially iron ore, and weaker production volumes. The miner said it expects cost pressures to continue and unit costs to rise [...]
Bumi is on track for turnaround May 10, 2012 Indonesia-focused miner Bumi will update the market by the year-end on plans to streamline its structure and boost shares, chief executive Nalin Rathod said yesterday. The firm said coal production rose nine per cent in the quarter in spite of heavy rain hampering progress, and it is on course to hit its output targets for [...]
Great Portland raises debt in US May 10, 2012 Property specialist Great Portland Estates (GPE) has raised $200m (£128m) of debt through an issue of bonds in the US, to fund further developments in London. The firm said it originally set out to raise $75m (£47m) but was more than five times oversubscribed. GPE said the notes were placed with institutional investors, with more [...]
CITY MOVES WHO’S SWITCHING JOBS May 10, 2012 McGuireWoods Philip Newhouse has been appointed managing partner of the international law firm’s London office. He replaces Anders Grundberg, who will continue as partner in the firm’s international transactions and private wealth services practice. Newhouse has previously served as managing partner at Taylor Wessing Bucharest’s office and at Haarman Hemmelrath. Coutts The wealth division of [...]
BEST of the BROKERS May 10, 2012 INTERCONTINENTAL HOTELS GROUP Goldman Sachs retains its “buy” rating on the hotel chain and has raised its target price from £17.25 to £17.70 following first quarter results. The broker has also lifted its earnings forecasts and is expecting higher revenues per room, particularly in China and Europe. Goldman also notes that IHG trades at a [...]
FTSE lurches higher after a volatile day of bank and commodity swings May 10, 2012 A BOUNCE back by risk-sensitive banks and commodity stocks hauled Britain’s stock index higher yesterday after a roller-coaster session, with worries over the global growth outlook easing following benign US jobless claims. At the close, the FTSE 100 index was up 13.90 points, or 0.3 per cent at 5,543.95, holding above key technical support at [...]
Cisco’s outlook weighs on US stocks recovery May 10, 2012 THE DOW and the S&P 500 eked out a modest gain yesterday as investors dipped back into the market after a weak stretch, but a disappointing outlook from tech bellwether Cisco Systems and caution about Europe limited gains. In a positive development, Eurozone officials said the bloc’s countries are prepared to keep financing Greece until [...]
GOING OUT May 10, 2012 FILM DARK SHADOWS Cert 12A | By Steve Dinneen ** The Tim Burton/Johnny Depp/Helena Bonham-Carter professional ménage à trois has been rumbling on for some time now. Since 2005, they have collaborated on five movies. Depp and Burton have worked together eight times since Edward Scissorhands in 1990, while Helena Bonham Carter has appeared in [...]
Coach Lancaster faces inevitable difficult spell, admits Andrew May 10, 2012 RUGBY Football Union chief Rob Andrew is predicting some “difficult moments” over the coming months for England manager Stuart Lancaster, but has vowed the organisation will not lose faith with the inexperienced coach. Andrew spoke to City A.M. after Lancaster named his 42-man squad for next month’s tour to South Africa, his first since being [...]
Murray has work cut out to win Olympic gold, warns Rusedski May 10, 2012 FORMER tennis star Greg Rusedski has warned Britain’s Andy Murray he faces a huge task to win gold at London 2012, in what he expects to be the most special and meaningful Olympic tournament yet. Hopes are high that Scot Murray will provide some home cheer in the men’s singles competition, to be held on [...]
