Legal & General share price up as insurance group bucks annuities trend November 4, 2014 Shareholders appeared pleased with Legal & General’s quarterly update, published yesterday, pushing share prices up by over two per cent. The insurance group reported growth in revenues, operating profit, customer numbers and net cash. The company sold a record £3.9bn worth of annuity sales in the nine months to September 2014, up five per cent [...]
Interim report leads to plunge in shares at JLT November 4, 2014 INSURANCE broking group Jardine Lloyd Thompson (JLT) saw share prices fall by almost six per cent yesterday after releasing its results for the period from 1 July to 3 November. The broker said that trading since the first half of 2014 was broadly in line with its expectations, and claimed this was “despite the continuing [...]
Another departure at Balfour Beatty as chief financial officer Duncan Magrath steps down November 4, 2014 Construction company Balfour Beatty announced the departure of chief financial officer Duncan Magrath yesterday. Magrath, who has been with the infrastructure firm for eight years and in the top finance role for six, will leave the business in 2015 after a successor has been found. He will also continue as a member of the board [...]
Glencore reports rise in copper production after mines expand November 4, 2014 GLENCORE’S copper production rose eight per cent in the first nine months of the year thanks to strong output from Africa while the company’s trading division performed in line with its expectations. The miner and commodity trader has the biggest exposure to copper among the diversified miners. The London-listed company, which makes almost half its [...]
Ex-City sheriff Sir Paul Judge hit by setback over ENRC leak case November 4, 2014 The High Court has rejected an application made by Sir Paul Judge to strike out claims brought against him by his former employer, Eurasian Natural Resources Corporation (ENRC). He has also been ordered to pay 80 per cent of the company’s costs, which have yet to be determined. A source told City A.M. they [...]
Weir Group share price falls as engineering firm plans to cut 350 jobs in efficiency drive November 4, 2014 Engineering firm Weir Group will close five of its manufacturing facilities and cut around 350 jobs in 2015, the company announced yesterday in its third-quarter results. A group-wide review undertaken with the aim of identifying opportunities to reduce costs “while aligning resources globally to capture end market opportunities”. In addition to the plant closures, Weir [...]
DCC Energy hit as mild weather impacts profits November 4, 2014 Mild weather in the six months to September knocked results at support services firm DCC, as operating profit in its energy division took a 4.7 per cent downward turn, falling from £33.5m to £31.9m. Tommy Breen, chief executive at DCC, said the group estimated that the warmer than expected weather had had a negative effect [...]
Supermarkets slump as half of UK shoppers head to discounters December 17, 2013 FOR THE first time ever, more than half of the UK shopped in either an Aldi or Lidl in the last three months, putting pressure on bigger retailers as the shift toward discount shopping continues unabated. Sales at Aldi surged by 30.7 per cent in the 12 weeks to 8 December while its smaller discount rival [...]
Frank Timis swoops to save Marampa iron mine in Sierra Leone November 3, 2014 Mining tycoon Frank Timis has acquired the Marampa mine from London Mining’s administrators at PwC, through his business Timis Corporation. Timis is executive chairman of African Minerals, which operates the Tonkolili iron ore mine in Sierra Leone, where Marampa is also located. Timis Corp and African Minerals are looking at blending the products from [...]
Evraz share price dips as Roman Abramovich-backed miner aims to raise $350m in note offering November 3, 2014 Russian steel-making and mining company Evraz announced yesterday that it is aiming to refinance a portion of its debt with an offering of 7.5 per cent of secured notes worth $350m (£219m) through its Canadian subsidiary EICA. According to Evraz, which is headquartered in London, the notes will be guaranteed by Evraz North America and one [...]