Friday 28 July 2017

Ormonde reveals positive gold results

MINING

Ormonde Mining yesterday announced positive gold results from its drilling programme with Joint Venture partner Aurum Mining in Spain. Ormonde said the results included the best grades yet achieved at its Zamora Gold Project in western Spain. The Irish mining firm closed up 3pc in Dublin.

Apple shares drop 4pc on low results

TECHNOLOGY

APPLE fell more than 4pc yesterday after quarterly results missed expectations for the first time in years. The tech giant reported record high third-quarter profit of $6.62bn (€4.8bn) on revenue of $28.27bn boosted by iPad sales that nearly tripled to 11.12 million compared with the same time last year, but analysts had expected profit of more than $7bn. Meanwhile, Intel rose 4pc. Net profit in the third quarter was $3.5bn, up 17pc. Yahoo reported a 26pc drop in revenue but still met forecasts.

SABMiller to take 24pc stake in Efes

BREWING

SABMILLER is to take a minority stake in Turkish brewing group Anadolu Efes as the two companies aim to boost sales in Russia, other former Soviet states, Turkey and the Middle East. Efes will transfer a 24pc stake in its business to UK-based SAB.

Citigroup paying out over fraud charges

BANKS

CITIGROUP is paying $285m (€206m) to settle without admission or denial civil fraud charges from the Securities and Exchange Commission. SEC said Citigroup misled investors when it invited them to invest in a product based on US mortgage debt. It claimed Citigroup did not inform investors it was betting on the value of the investment falling or that it had chosen the assets itself.

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