Polymetal buys $96m gold field February 21, 2013 JSC Polymetal, the subsidiary of Russian precious metal producer Polymetal, has agreed to buy ZAO Maminskaya Gornorudnaya kompania, which has a mining licence for the Maminskoye gold mining field in Russia, in a deal worth $95.5m (£62.7m). The licence is valid until 2023. Scoping studies show that the field could have the potential to produce [...]
Severstal lays out spending plans February 21, 2013 Russian steelmaker Severstal yesterday said it would spend $1.3bn (£850m) this year, focusing mostly on its Russian operations. Out of the $1.3bn, it will direct $704m towards its Russian steel business, to spend on projects such as building steel mills and modernising operations across the region. Around $107m will be spent in Severstal’s North America [...]
Lafarge returns to quarterly profit February 21, 2013 French cement maker Lafarge returned to profit in the fourth quarter, as it secured almost €900m (£787m) of divestments in 2012. Quarterly net profit was €100m, compared to a loss of €3m in the same period a year earlier, while sales declined one per cent to €3.8bn, it said yesterday. Full-year sales were up three [...]
US startup incubator TechStars moves into Silicon Roundabout February 21, 2013 A COLORADO-BASED firm that nurtures technology startups has made its first move out of the US by launching in London. TechStars will launch a programme designed to help 20 small businesses develop, allowing them €85,000 (£74,000) made up of funding and convertible debt each. The startups will also receive mentoring from successful British technology startups [...]
Tesco voted worst supermarket in survey of 11,000 UK shoppers February 21, 2013 TESCO has been voted the worst of Britain’s nine major supermarkets in a poll carried out by one of the leading consumer groups. More than 11,000 Which? members rated the supermarkets with customer scores based on customer satisfaction and the likelihood they would recommend it to a friend. Tesco, the UK’s largest supermarket group, came [...]
Kabel hikes its payout as tries to fend off bid February 21, 2013 VODAFONE takeover target Kabel Deutschland hiked its dividend by two thirds yesterday in a move that may protect the company from a bid. The German cable company, which Vodafone is circling as it attempts to improve its presence in the country, also saw profits double to €200m (£175m), boosted by strong demand for broadband and [...]
Sky splashes out with a deal for Disney movies and new channel February 21, 2013 BSKYB has inked a deal with Disney that will see the Hollywood giant’s films shown on a new channel as well as open up its catalogue of historic films to on-demand viewing. The deal will tighten Sky’s grip on exclusive film rights by giving it first access to new titles such as Iron Man 3 [...]
Carpet maker Axminster on brink of failure February 21, 2013 AXMINSTER Carpets, the historic manufacturer that has woven carpets and rugs for Britain’s stately homes since the eighteenth century, has filed for administration. The Devon-based company, which employs around 400 people, confirmed its intention to appoint Duff & Phelps as administrators. It said it would continue to trade while it explores all potential restructuring operations. [...]
STV shares leap as battle with ITV ends and it returns to profit February 21, 2013 SHARES in Scottish broadcaster STV jumped by more than 10 per cent yesterday as the company posted a rise in profit on improved TV advertising revenues. STV, which runs the terrestrial channels in central Scotland run by ITV in England, posted a surprising improvement in performance during 2012, and said it expects advertising revenues to [...]
Digital revamp takes its toll on Centaur Media as losses widen February 21, 2013 THE PUBLISHER of business magazines Marketing Week and The Lawyer saw its losses more than treble in the six months to the end of last year, owing to restructuring costs. Centaur Media, which also owns market researchers Econsultancy, said exceptional costs associated with recent sales and acquisitions had dragged the company down to a loss [...]
