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 [...]
Brent crude and petrol prices fall as oversupply offsets global risks August 6, 2014 The price of brent crude hovered around a nine-month low yesterday, with plentiful supplies offsetting concerns of geopolitical risk in key oil producing countries. The industry benchmark fell below $105 (£62) a barrel due to oversupply, weak seasonal demand and the possibility of a deal between Russia and Iran, which would put more oil on [...]
Russian sanctions upset Moscow regatta show plans but Fine Art Sails still floats into Cowes Week August 6, 2014 Russian sanctions have taken the wind out of one London property developer’s sails. CNM Estates boss Michael Ross, who also runs Fine Art Sails, had been working on cultural ties with Moscow to bring his sail art to a regatta in the Russian capital this June. The plans ran into choppy waters, however, when [...]
New York Report: Wall Street closes flat August 6, 2014 MAJOR US stock indexes yesterday ended little changed, as simmering tensions in Ukraine and Russia and a failed merger between Sprint and T-Mobile offset gains in consumer staples shares. The Dow Jones industrial average rose 13.87 points, or 0.08 per cent, to 16,443.34. The S&P 500 was up 0.03 point to 1,920.24, and the Nasdaq [...]
Russia imposes retaliatory sanctions August 6, 2014 Russian President Vladimir Putin has shown signs of retaliation against the West by imposing sanctions on some imports to the country. In a decree issued today, he ordered that certain agricultural and food imports should be banned from countries that have imposed sanctions on Russia since the Ukraine crisis began. Citing the country's [...]
FTSE 100 tumbles to lowest point since April August 6, 2014 The FTSE 100 fell to its lowest point since 17 April today, closing at 6,636.2 – 46.3 points lower than yesterday. This decline of 0.7 per cent follows disappointing economic data for the UK and the rest of Europe: two areas from where British blue chips get around half of their sales. Figures [...]
Russia moves to retaliate over sanctions by cancelling flights August 5, 2014 RUSSIA is preparing plans to retaliate against the EU after the 28 nations and America imposed heavy sanctions on the country in the wake of the downing of Malaysian Airline MH17 last month. Russian Prime Minister Dmitry Medvedev threatened to take action against the EU yesterday, after the sanctions caused low-cost airline Dobrolyot to ground [...]
Counting the cost of a Russian trade war – Bottom Line August 5, 2014 It’s hardly the Cold War all over again, but Russia’s announcement that it intends to retaliate against sanctions imposed on it by Europe and America are an unfortunate escalation. The sanctions are well-deserved in the wake of Russia’s interventions in Ukraine and the downing of flight MH17. But trade is two-way and sanctions hurt the [...]
Inmarsat share price dips as broadband network delayed by Russian rocket launch failure August 5, 2014 British satellite operator Inmarsat warned yesterday its new broadband communications network would be delayed by as much as six months following the failure of its Russian launch provider Proton. Inmarsat also reported a nine per cent drop in profits to $168.3m (£99.8m) during the half year to 30 June. It was hit by the strength [...]
Russia can’t decide if it’s made an oil deal with Iran or not August 5, 2014 Russia announced it had agreed a five-year deal with Iran to help export oil from the Middle Eastern country earlier today, only for Russian energy minister Alexander Novak to later withdraw his statement about the agreement. Novak had said: "Based on Iran's proposal, we will participate in arranging shipments of crude oil, including to the [...]