Rothschild’s Bumi reports $54m earnings August 17, 2011 Mining group Bumi, founded last year by billionaire financier Nat Rothschild as acquisition vehicle Vallar, posted underlying first-half earnings of $54m (£32m) and said production for the year was on track. Bumi said it expected to produce 86m tonnes of coal this year, up from 77m, when posting its first interim results since the thermal [...]
Magic Circle law firms rule UK’s top 100 August 14, 2011 TOTAL revenues at the UK’s top 100 law firms hit £14.27bn in 2010-11, a four per cent increase from the previous year and a return to growth after declining turnovers since 2008. Profit at the biggest firms hit £4.3bn – also up four per cent from the £4.15bn in 2009-10, while the overall profit margin [...]
Best to keep hold of those hard hats August 11, 2011 Hang on to those hard hats for a little bit longer. To the relief of all concerned in the financial markets, yesterday saw stocks rally in most parts of the world. But these are anything but safe times. In Europe rumours of some form of ban on short-selling, confirmed late last night, lifted stocks. Such [...]
Deloitte sees UK revenue rises return August 9, 2011 UK REVENUES at Deloitte, one of the City’s big four accountancy firms, have risen by seven per cent over the past year, it said yesterday, returning to growth after seeing contraction since 2008. The global firm posted UK revenue of £1.9bn for the year to 31 May, up from £1.78bn in 2010. Chief executive and [...]
FTSE continues downward spiral August 5, 2011 Markets continued the downward spiral which saw £35bn wiped off London’s blue-chips yesterday as the debt crisis and fears that the world economic recovery is not gaining traction took their toll. There were few signs of life in markets across Europe this morning with the FTSE 100 slumping 2.8 per cent on opening. Germany’s Dax [...]
Down, down, down August 4, 2011 ■ FTSE slumps to 5,393.14, its lowest level this year and 11.3 per cent below May peak ■ £35bn wiped off the value of Britain’s blue-chips; Glencore down 26 per cent since float ■ After a torrid week, Dow Jones suffers its sharpest one day drop since October 2008 STOCKS in Japan collapsed this morning, following [...]
Commodities make losing streak worse August 3, 2011 BRITAIN’S top share index fell more than two per cent yesterday, driven lower by uncertainty over global growth, with commodity stocks heading the list of fallers. The FTSE 100 sank to its lowest closing level since November 2010, dropping 133.88 points, or 2.3 per cent, to 5,584.51, extending its losing streak to four days. Integrated [...]
FTSE takes a battering on recovery fears August 3, 2011 Energy companies took a hammering in London today as a renewed investor focus on global economic fragility saw a flight to safety across Europe. The FTSE 100 retreated more than 133 points or 2.3 per cent to close at 5,584.51, levels not seen since November 2010, after confidence in sovereign debt fell again and investors [...]
Xstrata set to buy First Coal July 28, 2011 MINER Xstrata has made an all-cash bid for First Coal Corporation, a privately held Canadian miner, that values the firm at $153m (£93.7m). Xstrata, the fourth largest global diversified miner, said in a statement yesterday that the board of First Coal had unanimously recommended the deal, which will give it access to coking coal exploration [...]
Moonpig founder hits the jackpot July 25, 2011 JUST over a decade ago, Nick Jenkins was working as a trader in the Moscow office of commodities giant Glencore. His departure, both from the firm and the country, was hastened when he found a death threat pinned to his front door, the work of a rogue supplier he had helped send to jail for [...]