Lonmin back in profit after heavy losses May 10, 2010 LONMIN swung to a first-half profit after metal prices rebounded and costs fell, the miner said. The platinum producer reported a pre-tax profit of $77m (£51m) for the six months ending in March. The figure beat most analysts’ expectations and compares with a loss of $196m for the same period last year. The South African-based [...]
BEST OF THE BROKERS May 10, 2010 ITV Nomura maintains a “neutral” recommendation of ITV and forecasts the television company to grow about 1.5 per cent ahead of 2009, partly because of growth from the World Cup this summer. Nomura no longer expects a “big bang” statement on ITV’s strategy and instead expects an announcement in due course. J SAINSBURY RBS said [...]
KKR plans to raise $500m in IPO May 10, 2010 Private equity firm Kohlberg Kravis Roberts & Co announced plans yesterday to issue new shares after it becomes a publicly traded US firm. The firm, which has long sought a US listing, said it will sell $500m (£336m) worth of new stock in a US offering. The regulatory filing did not say how many shares [...]
China returns to trade surplus May 10, 2010 China posted more double-digit trade growth in April in a sign of its recovery, but analysts said Beijing is unlikely to move quickly to let its currency rise because global demand still is weak. Imports jumped 49.7 per cent over a year earlier to $118.2bn, while exports surged 30.5 per cent to $119.9bn, the official [...]
Boeing to deliver Dreamliner May 10, 2010 US aircraft maker Boeing is on track to deliver its first 787 Dreamliner, which will compete with Airbus’s A350 jet, the company’s head of commercial airplanes said. Boeing is due to deliver the first 787 to Japan’s All Nippon Airways by the end of this year. “Testing is going well. If there are no unexpected [...]
Cold winter gives boost to Centrica May 10, 2010 THE cold winter has put British Gas owner Centrica on course for a positive first half. It said gas consumption was seven per cent higher in the first quarter of 2010 than the year before. Electricity consumption rose by two per cent, compared to 2009. It also added an extra 200,000 customers in the first [...]
Cost of BP slick hits £235m May 10, 2010 OIL giant BP has revealed the cost of the devastating slick in the Gulf of Mexico had cost it a staggering £235m. The cost of the mammoth operation looks set to spiral far higher than some analysts had predicted. BP said in a statement yesterday the figure included the cost of spill response, containment, relief [...]
Prudential investor fights back as FSA talks drag on May 10, 2010 RENEGADE Prudential shareholder Robin Geffen has launched an action group to fight against the insurer’s planned $35.5bn (£24bn) takeover of AIA in Asia. Geffen, whose firm Neptune Investment Management owns about £50m of Prudential stock, urged worried shareholders to club together so they could get the 10 per cent needed for a vote of no [...]
Red Knights will not pay over odds May 10, 2010 CITY financiers determined to take control of Manchester United have vowed not to over-pay for the club. A statement released yesterday came after Old Trafford sources ramped up the stakes by claiming the club has already knocked back a £1.5bn bid from a far east consortium. The news has been construed as a plan by [...]
BG Group to make £1bn investment in shale gas tie-up deal with EXCO May 10, 2010 BG Group will pay $950m (£637m) for a 50 per cent interest in Appalachian shale gas assets from EXCO Resources. The firm will gain access to a total of a total of 654,000 net acres in the Appalachian Basin BG will pay $800m in cash and a further $150 towards EXCOs drilling costs to take [...]
