Johannesburg and New York listed gold miner, Sibanye Gold, on Thursday posted what it described as a robust performance in the six months to June this year. “Production increased by 8 percent year-on-year and costs declined in real terms,” CEO Neal Froneman said as the company released interim results in Johannesburg.
Updated 6 Years ago

OPEC’s oil production rose in July from June, a Reuters survey found on Wednesday, as a fragile recovery in Libyan supply outweighed fighting in Iraq and reduced output from Angola. Despite the increase, unrest in Africa and the Middle East is still weighing on supply. That could hinder OPEC’s ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise.
Updated 6 Years ago

Dubai luxury property developer DAMAC is offering investors the option of converting its Global Depositary Receipts (GDRs), listed on the London bourse, into ordinary shares that would be listed on Dubai’s main stock market. Investors would get around 23.08 shares per GDR. They have until September 2 to decide on the offer, the developer said in a statement to the London bourse on Wednesday.
Updated 6 Years ago

Dubai’s bourse edged up in early trade on Thursday on the back of property-related stocks, while Abu Dhabi’s benchmark slipped because of telecommunications firm Etisalat. The Dubai benchmark added 0.5 per cent in the first hour of trade. Contractor Arabtec dominated turnover, rising 1.5 per cent. Developers Union Properties and Deyaar rose 2.4 and 0.8 per cent respectively.
Updated 6 Years ago

Travel agencies have reported brisk sales of flight-delay insurance policies in the past two weeks, especially on routes in the eastern and central parts of China, as a result of an increasing number of flight delays. Ctrip.com International Ltd said on Wednesday that its sales of such policies rose 90 percent this month compared with the first two months of the year. The company is the largest online travel agency in China.
Updated 6 Years ago

Chinese investors stepped up their investment in overseas commercial and residential markets in the first half of 2014, with London the most popular location, real estate services firm Jones Lang LaSalle IP Inc said on Wednesday. Overall Chinese outbound investment climbed to $5.4 billion in the first half, 17 percent above the same period in 2013.
Updated 6 Years ago

A television expose showing improper meat handling by one of its Chinese suppliers caused "significant, negative" damage to sales at its KFC and Pizza Hut restaurants over the past 10 days, Yum Brands Inc said on Wednesday. "If the significant sales impact is sustained, it will have a material effect on full-year earnings per share," Yum said in a regulatory filing. The latest food safety scandal to rock China came as Yum's restaurant sales there had just begun recovering from a slide last year due to an avian food outbreak and a food safety scare.
Updated 6 Years ago

The S&P 500 and Nasdaq ended higher today after the Federal Reserve gave a rosier assessment of the US economy while reaffirming that it is in no hurry to raise interest rates. The US central bank also, as expected, reduced its monthly asset purchases to $25 billion from $35 billion. Among the biggest positives were bank shares, with the S&P financial index up 0.4 percent, helping to support the S&P 500. Shares of Wells Fargo gained 1.1 percent to $52.10.
Updated 6 Years ago

The European Commission published the names of eight Russians, including some of President Vladimir Putin's associates, and three companies which will have their assets frozen as part of sanctions against Russia's actions in eastern Ukraine. The people on the list include Arkady Rotenberg who is Putin's long-time judo partner, and already on a US sanctions list since March.
Updated 6 Years ago

Nintendo Co. sank to a worse-than-expected loss for the fiscal first quarter on lagging Wii U and 3DS video-game machine sales. But the Japanese company stuck to its annual forecasts Wednesday for a 20-billion yen (US$196-million) profit on 590-billion yen (US$5.8-billion) sales. Kyoto-based Nintendo reported a 9.92-billion yen (US$97.3-million) April-June loss compared with an 8.62-billion yen profit a year earlier.
Updated 6 Years ago