Drax share price slides after it loses appeal on state subsidy August 8, 2014 Power producer Drax’s share price plummeted yesterday after it lost an appeal against the government’s decision to exclude one of its units from a new green subsidy framework. The FTSE 250 firm, which operates the UK’s largest coal-fired power plant, expected to be eligible for early contracts for difference (CfD) mechanisms so that it could [...]
Rio Tinto chief Sam Walsh says chairman’s dual role proof of a turnaround August 8, 2014 Rio Tinto’s chief executive Sam Walsh yesterday said that chairman Jan du Plessis’ appointment at brewing giant SABMiller would not have been possible in previous years and used it as evidence of the mining company’s improved performance. Du Plessis will be chairman of both FTSE 100 companies from next year, sparking criticism from investor group [...]
Randgold falls on weak results August 8, 2014 RANDGOLD Resources saw its share price slumped 1.7 per cent yesterday after it unveiled lacklustre second-quarter results. The FTSE 100-quoted gold miner produced 277,000 ounces at cash costs of $701 (£416) per ounce, missing analysts’ forecasts. Its fledgling Kibali mine in the Democratic Republic of Congo fared particularly badly compared to industry expectations. Output dropped [...]
African Minerals share price plummets after inquiry into chairman Frank Timis is revealed August 8, 2014 Sierra Leone-focused iron ore miner African Minerals yesterday saw its share price plunge for the second day running, after a probe into the financial dealings of its chairman came to light. On Wednesday it revealed that an independent investigation had been undertaken into its colourful chairman and founder Frank Timis over a deal with GIO [...]
Amec cuts its sales forecast August 8, 2014 ENGINEERING giant Amec yesterday lowered its full-year revenue guidance, after lower oil and gas exploration hit its first-half results. The FTSE 250-quoted firm, which mainly serves the oil and gas sector, reported a seven per cent decline in first-half revenue to £1.86bn, while pre-tax profit plunged 29 per cent to £83m. Boss Samir Brikho said [...]
Consumers could have to pay for new overseas power cables August 6, 2014 CONSUMERS may have to foot the bill for new electricity cables connecting the UK to overseas, under proposals set out by regulator Ofgem yesterday. Interconnectors allow electricity to flow from other countries, with the aim of ensuring security of supply. The UK currently has four of the cables, linked to France, Ireland, the Netherlands and [...]
Shire share price slides on fears US will stop tax deals August 6, 2014 Shares in drugmaker Shire plunged over four per cent yesterday due to fears that the US may clamp down on tax inversion deals and prevent its £32bn takeover by AbbVie. The US Treasury said on Tuesday that it was reviewing plans to stop tax benefits for US companies that relocated overseas, to curtail the recent [...]
Rio Tinto chair Du Plessis to join SABMiller August 6, 2014 RIO TINTO’S chairman Jan du Plessis is set to take up the same role at brewing giant SABMiller next year, sparking criticism that he will not have time to fulfil his duties at the helm of both FTSE 100 firms. The mining giant said yesterday that Du Plessis would join the board of SABMiller from [...]
Ferrexpo shrugs off Ukrainian fears with 32pc rise in earnings August 6, 2014 UKRAINE-FOCUSED iron ore miner Ferrexpo yesterday bucked geopolitical and pricing concerns with a 32 per cent rise in first-half earnings. The FTSE 250-quoted firm said higher pellet premiums and an improved marketing performance had partly offset a lower iron ore price, leading to core earnings of $321m (£190m). Its production costs fell by 23 per [...]
United Utilities slips as Ofwat grills price plan August 6, 2014 SHARES in United Utilities slumped yesterday, after regulator Ofwat said it had written to three water companies questioning their proposed spending plans. The FTSE 100-listed water and waste management firm slid over 1.5 per cent in early trading, after Ofwat raised concerns over its pricing forecasts for its wastewater business. Ofwat is currently assessing the [...]
