Polymetal shrugs off drop in silver value as revenues rise August 30, 2012 PROFITS at Russian metal miner Polymetal fell by two per cent in the first half of this year, as it battled declining silver prices. The gold and silver miner, which joined the FTSE 100 last year, posted profit in the first half of $149m (£94m), hurt by a $60m foreign exchange loss thanks to fluctuations [...]
Gazprom ices Shtokman gas field project August 29, 2012 OIL giant Gazprom is to shelve its development of the Shtokman natural gas field in the Arctic Sea due to excessive costs. Total and Statoil, which are the Russian company’s partners in the project, are understood to have agreed with the decision that costs cannot overrun. Shtokman, which is Gazprom’s flagship project, is one of [...]
RusPetro records loss despite higher oil production levels August 29, 2012 RUSSIAN-focused oil and gas firm RusPetro yesterday reported a pre-tax loss of $26.4m in the six months to 30 June. RusPetro, which listed on the LSE in January, said the cost of sales and administrative expenses dragged profits down. Revenue increased to $33.8m (£21.3m) from $11.4m last year, on the back of higher production levels [...]
FTSE 100 lower on worries over global economy August 29, 2012 The UK’s blue chip index opened lower this morning, with concerns over the health of the global economy and falling metal prices dragging shares down. Russian oil and gas company Ruspetro led the fallers, shedding 8.41 per cent in early trading as investors reacted negatively to news that it swung to a loss in the [...]
Why a flair for storytelling is vital if you want others to follow you August 28, 2012 EVERYONE tells stories. It’s one of the ways we connect with our friends and families. It’s how we impress people when we apply for jobs, or sell business products to potential customers. Telling stories is also what we do on Facebook and Twitter, and is even part of how we go about finding a partner. [...]
Russia’s Rusal cuts its capacity August 27, 2012 Russian group Rusal, the world’s largest aluminium producer, said yesterday that it would cut capacity three per cent by the year-end and was taking a charge on its investment in Africa, as it grapples with weak prices and rising power costs. Rusal, which produces nine per cent of the world’s primary aluminium, has been hurt [...]
Murray masters Bogomolov but admits to being below his best August 27, 2012 BRITISH No1 Andy Murray admitted he was unable to perform to his best during the 6-2, 6-4, 6-1 US Open first round victory over Alex Bogomolov Jr but was regardless satisfied with the result on a court he felt had slowed in the year since the last Grand Slam at Flushing Meadows. The Scotsman was [...]
Petropavlovsk rocked by 91pc drop in profits August 23, 2012 SHARES in London-listed Russian gold miner Petropavlovsk slumped 15.97 per cent in trading yesterday, as it posted a 91 per cent drop in profit for the first half of the year. Interest payments, depreciation and foreign exchange costs were behind the sharp profit slump to $11m (£6.93m), from $108.2m last year. Net debt ballooned to [...]
City Moves | Who’s switching Jobs August 20, 2012 Investor Relations Society The professional body for the investor relations profession has appointed John Gollifer as its new general manager. He succeeds Michael Mitchell, who retires at the end of 2012. Gollifer is a former head of investor relations for the Singapore Exchange, and was involved in establishing the Investor Relations Professionals Association in Singapore. [...]
FTSE 100 flat despite Lonmin losses August 20, 2012 Britain’s leading share index opened flat this morning, despite widening losses in mining shares, tracking a decline in the price of copper. Beleaguered platinum producer Lonmin continued another day of losses, with the shares down more than 3.5 per cent. The mining company today issued an ultimatum to the striking workers. Defence group Chemring was [...]