Fresnillo announces lift on explosives ban October 9, 2013 (Yahoo Finance) Fresnillo has announced that a temporary suspension of an explosives permit has been lifted. (Release) The Mexican-based mining company has reported that all of its explosive permits for mine Minera Penmont had been suspended following a court decision on a land boundaries issue. The company is confident that two further temporary suspensions at [...]
Greggs announces lukewarm results as like-for-like growth decline softens October 9, 2013 High street baker Greggs has reported a 0.5 per cent drop in like-for-like sales in the 13 weeks to 28 September, as they witness a 2.1 per cent drop in like-for-likes in the year to date (release). So things might be looking up slightly, or at least chief executive Roger Whiteside thinks so. He says [...]
N Brown sales soar on internet sales and younger customers October 9, 2013 Retailer N Brown has posted strong sales and operating profits in its half year results for the 26 weeks till 31 August. Total group revenue stood at £406.6m, an increase of eight per cent with an increase in like-for-like sales of 7.8 per cent. Operating profit grew to £48.4m, an increase of 5.9 per cent. [...]
US ISS calls for Murdoch to quit 21st Century Fox October 9, 2013 America's Institutional Shareholder Services (ISS) has called for Rupert Murdoch to quit as chairman of his film and television business, 21st Century Fox. The proxy advisory group called for the media mogul and his two sons, James and Lachlan, to step down from the film company's board, advising shareholders to vote against Murdoch's reelection. The call [...]
What you need to know before the open – 09/10 October 9, 2013 President Obama's comments last night – that there is "no magic bullet" to end the standoff between the two parties – seems to finally be drumming home to markets the ramifications of shutdown. US markets saw their biggest one-day slide in 11 months. There was some stabilisation, however, on the news that Janet Yellen would [...]
Mining company Vedanta sees record oil and gas production October 9, 2013 Metals and mining company Vedanta has reported record oil and gas production in the second quarter of 2013. (Release) The global business, which is the largest miner in India, saw 213,299 barrels of oil equivalent per day (boepd) produced over the period, ending 30 September. Mined metal production increased 16 per cent in the second [...]
Investment Comment: Emerging markets: A risky bargain October 8, 2013 Despite cheap valuations, investors must exercise extreme caution EMERGING market equities have underperformed developed markets for three years in a row. This year has been particularly volatile for the former, with concerns over the deceleration of the Chinese economy and the growing realisation that a wind-down in quantitative easing (QE) by the US Federal Reserve [...]
Experts tip developing market equity funds October 8, 2013 IT HAS been a testing year for emerging market equities. While the S&P 500 has gained roughly 16 per cent year to date, the MSCI Emerging Markets index has fallen from over 1,080 at the beginning of the year to recent levels close to 1,000. But some see the tides turning. Research by JP Morgan [...]
Dow off over 100 points with no end to US shutdown in sight October 8, 2013 US index the Dow Jones Industrial Average is off over 100 points this session as investors are starting to get worried about the possibility of a default. Earlier today an aide of GOP speaker John Boehner said that President Barack Obama had called – apparently the Democrats won't negotiate until after the debt ceiling is [...]
Goldman takes 50 per cent stake in insurer Hastings October 8, 2013 American investment bank Goldman Sachs has taken a 50 per cent stake in UK motor insurer Hastings. The deal will see Hastings valued at £700m. Talk of a deal has been around since August when it emerged that Goldman Sachs was thought to have turned to capital markets to raise money from a bond issue. [...]