Goldman’s O’Neill to step down February 5, 2013 THE ECONOMIST who first picked out the BRIC economies will retire from Goldman Sachs later this year. Jim O’Neill, the chairman of Goldman Sachs’ asset management division, coined the term to refer to the four markets of Brazil, Russia, India and China, which he forecast would lead a shift in the global economy. Earlier this [...]
Randgold boss warns changing mining codes will dent finance February 5, 2013 THE CHIEF executive of blue chip gold miner Randgold Resources has warned that making changes to mining codes in African countries could stunt investment in mining companies. Speaking at the Mining Indaba conference in Cape Town, Mark Bristow said that Africa, which is rich in mineral terms, has to compete for investment with other regions [...]
BRICS roar their way out of global slowdown February 5, 2013 BUSINESS activity increased sharply in Brazil, Russia, India and China in January, banishing fears the world was set for an economic slowdown. Chinese output increased at its fastest rate for two years, according to Markit’s purchasing managers’ index (PMI) business survey, which rose from 51.8 in December to 53.5 in January – where 50 indicates [...]
Russian stock exchange priced February 4, 2013 MOSCOW’S stock exchange will be valued at up to $4.6bn in its planned stock market flotation, which will raise around $500m for the company and selling shareholders, according to a price range published yesterday. The Moscow Exchange, Russia’s main venue for trading in stocks, bonds, currencies and derivatives, is to float on its own platform [...]
Price rises help Diageo offset European woes January 31, 2013 DRINKS giant Diageo reported a rise in sales in the second half of the year, driven by price rises and growth in the US of premium brands like Ketel One vodka and Bulleit Bourbon. The maker of Baileys and Guinness beer saw global sales grow five per cent to £6.04bn in the six months to [...]
Taxing times for tobacco as smokers count the change January 30, 2013 THERE were more bleak economic figures out of Spain yesterday, with its output in the last quarter of 2012 down 1.8 per cent year-on-year. That won’t have been much of a surprise for Imperial Tobacco, which produced an interim management statement for the last quarter of 2012 that announced its six month adjusted operating profit [...]
Imperial Tobacco warns that black market could hit first-half profit January 30, 2013 Imperial Tobacco said this morning it expects first half operating profit to be down year on year, hit by growing competition from the black market in Europe. The cigarette group said this morning that market trends had worsened in a number of key markets, including the EU and Russia. Imperial, which makes brands including JPS, [...]
Crouch and Samba on Redknapp’s shopping list January 29, 2013 QUEENS PARK RANGERS 0 vs MANCHESTER CITY 0 QUEENS Park Rangers manager Harry Redknapp last night confirmed he is eyeing a fifth spell with former England striker Peter Crouch, after holding Premier League champions Manchester City to a draw. Redknapp wants to sign Crouch, 31, from Stoke and Russia-based former Blackburn defender Christopher Samba before [...]
Software group Aveva struck by difficulties in Brazil oil and gas January 28, 2013 DELAYS to oil and gas projects in Brazil have affected design software company Aveva, whose engineering technology is used to design oil rigs, power plants and ship structures. However, the FTSE 250 company said it had been boosted by increased spending in the Europe, Middle East and Africa region and continued growth in Asia Pacific. [...]
Analyst Views | What did you think of Aveva’s interim statement? January 28, 2013 JULIAN YATES INVESTEC Russia, India and Europe are strong, China is recovering, Brazil is still weak and the net update is positive. This is not enough to take the shares higher on a near-term basis. However the long term prospects of E3D look very compelling. We retain “Buy” and upgrade target price to 2,450p. GEORGE [...]