Output drops 5pc at Nord Gold January 22, 2013 Nord Gold, the gold unit spun off from Russian mining group Severstal in 2011, said yesterday its gold production for last year fell five per cent to 716,900 ounces. The gold miner blamed mechanical issues which hampered production in the first half of last year. Output for this year is expected to be in the [...]
City Moves | Who’s switching jobs January 22, 2013 Carmignac Gestion Keith Ney has been appointed co-manager of the asset management firm’s European bond fund, working alongside Carlos Galvis. He has worked for Carmignac for eight years, most recently as head of credit. Stenham Asset Management The asset management firm has made two appointments to its investment team. Akshay Krishnan joins as a senior [...]
Superfit Djokovic up for repeat of five-hour battle in Australia January 22, 2013 TENNIS world No1 Novak Djokovic declared himself ready for another five-hour epic after brushing off fatigue to reach the Australian Open semi-finals. Djokovic endured a gruelling test against Stan Wawrinka in round four but showed no ill effects 48 hours later as he overcame fifth seed Tomas Berdych 6-1, 4-6, 6-1, 6-4. “I felt good enough [...]
Moscow stock exchange plans Russian float January 21, 2013 MOSCOW’S stock exchange plans to float on its own platform, seeking to revitalise Russia’s capital markets and convince companies to list domestically rather than abroad. Shareholders of the Moscow Exchange, Russia’s main venue for trading in stocks, bonds, foreign exchange and derivatives, are expected to sell stock worth at least $500m (£315.9m), one source familiar [...]
Cyprus bailout delayed by two more months amid wrangling January 20, 2013 A BAILOUT for Cyprus has been delayed at least two months amid wrangling over how the country’s debt-laden government could afford it. Cypriot leaders claim the setback is because a review of its banking sector’s capital needs is not yet finished. But Germany is also balking at the prospective deal, claiming not enough is being [...]
Figures to show the state of the UK economy as Davos meeting begins January 20, 2013 FIGURES this week from the Office for National Statistics will reveal whether the UK economy shrank in the fourth quarter of 2012 and over the year as a whole. “We expect the economy to have contracted by 0.2 per cent quarter-on-quarter in the fourth quarter of last year which would limit year-on-year growth to 0.2 [...]
The protectionist beast is back in a subtly fresh form January 20, 2013 IT’S a classic: during every recession, protectionism resurfaces. After four years of economic turmoil, unemployment is critical in the US (7.7 per cent) and Europe (11.7 per cent). Obviously, governments want to protect national companies and jobs, especially if they want to be re-elected. But if protectionism is back, it’s also more subtle. Gone are [...]
I couldn’t have argued if I had lost, says Serb January 20, 2013 WORLD No1 Novak Djokovic was left almost speechless after prevailing in a five-set marathon against 15th seed Stanislas Wawrinka to reach the quarter-finals of the Australian Open yesterday. The Serb came from a set down to lead 2-1 and then drew on the experience of his five grand slam wins to see off the dogged [...]
Evraz annual output down five per cent January 18, 2013 Crude steel production slumped by five per cent last year for Russia’s largest steel producer Evraz. Output fell to 15.9m tonnes, from 16.7m tonnes in 2011, on the back of overhauls at its Russian steel mills. The temporary suspension of production at Evraz Vitkovice’s steel shop in the Czech Republic also weighed on output over [...]
Petropavlovsk ups gold goal January 17, 2013 PETROPAVLOVSK’S shares soared yesterday as the Russian gold miner lifted its production targets and announced a potential $238m (£149m) investment in subsidiary IRC by new shareholders. The investment, from General Nice Development and Minmetals Cheerglory, will be used to fund production growth. The FTSE 250 miner posted a 13 per cent year-on-year increase in gold [...]