Jobs data boosts FTSE but US markets falter October 7, 2011 London stocks have closed slightly higher after better-than-expected US jobs figures prompted an afternoon rally, but US markets remain down after fresh downgrades of Spain and Italy. The FTSE 100 index spiked sharply when US figures showed 103,000 new jobs created, and while it gave up most of the gains it still closed up 0.2 [...]
FTSE lurches up on economic optimism October 6, 2011 BRITAIN’S top shares advanced yesterday as sentiment was lifted by hopes policymakers will take the necessary measures to stabilise stressed European banks and by the Bank of England’s decision to launch a second round of quantitative easing. “Central banks have come to the party and said ‘look, we’re really concerned about growth; we’re going to [...]
Gold-related groups might bring markets to life October 3, 2011 GOLD has been one of the few winners of the recent downturn because of its safe haven status, so it should come as no surprise that companies involved in the production of the precious metal should be first in the queue to bring a ray of sunshine to the nearly dormant new issues markets. Polymetal, [...]
Kazak miner plots to oust chairman October 2, 2011 HEADHUNTERS have been called in to find a new chairman for the Eurasian Natural Resources Company (ENRC), despite confirming the incumbent Johannes Sittard in the role in its corporate governance review last Wednesday. The FTSE 100 Kazakstan mining company last week said it was “fully supportive” of the board-level reshuffle that kept Sittard at the [...]
Miner ENRC unveils a board revamp but keeps chairman September 28, 2011 KAZAKH miner ENRC yesterday announced an overhaul of its board following a three-month governance review triggered by a boardroom row, which resulted in the exit of two well-known directors. The FTSE 100 miner, which has been subject to long-running tensions between the group’s founder shareholders and some board members, confirmed that Johannes Sittard will remain [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 26, 2011 FINANCIAL TIMES BP PROPOSES FOURTH PIPELINE ROUTE TO BRING AZERBAIJAN GAS TO EUROPE BP is planning a pipeline stretching 1,300 km across three countries to bring gas from Azerbaijan to Europe. The scheme is a new entrant in the highly charged competition to construct a supply route to the Caspian basin and reduce Europe’s dependence [...]
ROTHSCHILD OUTGUNS TURKS IN OIL DEAL September 7, 2011 VALLARES, the investment vehicle set up by Nat Rothschild and former BP boss Tony Hayward, yesterday agreed a deal to buy Turkish oil giant Genel Enerji in a $2.1bn (£1.3bn) transaction that sees the owners virtually frozen out of the management of the group. Vallares negotiated a share structure that sees both companies take an equal [...]
Banks slump as service sector data disappoints September 5, 2011 Stocks have retreated this morning after a poor overnight session in Asia and over intensifying concerns that economies worldwide face recession. London’s FTSE 100 has been hit by a barrage of fears over global growth since US employment data on Friday showed job creation slumped to zero in August. Service sector data from China has [...]
Kazakhmys to buy back shares August 25, 2011 KAZAKH miner Kazakhmys posted a 20 per cent rise in first-half underlying profit, boosted by stronger copper prices, and announced a surprise share buyback in London worth up to $250m (£150m). Its board has also approved a $1.8bn development of a major copper growth project, equivalent to a third of the miner’s current output, at [...]
ENRC dodges governance questions as it reports an increase in half year profits August 17, 2011 EURASIAN Natural Resources Corp (ENRC) reported a surge in half year profits yesterday, but faced criticism after it gave little information regarding its corporate governance review that has been going on since June. The Kazakh miner reported a 33 per cent rise in pre-tax profits to $1.6bn on revenues that increased by 32 per cent [...]