GOLD exploration and development company Conroy Gold and Natural Resources has announced details of new funding arrangements to raise up to €3.94m. The funding has been arranged through a placing and subscription for 16,154,400 new ordinary shares of €0.03 in the capital of the company, at a price of 2.5 pence per share, and the securing of up to €3.43m by way of a standby equity distribution agreement with YA Global, an investment fund managed by Yorkville Advisers.
BP returning to Libyan exploration
BP is to resume exploration activities in Libya that it suspended because of last year's uprising. BP's return is a milestone in the recovery of Libya's energy sector, though this was tempered by an announcement from Royal Dutch Shell that it would pull out of fields in Libya on the grounds that they were not worth developing.
Pessimism rises among Americans
AMERICANS became slightly more pessimistic about the economy in May, with consumers saying their opinion of the current situation and expectations of the future had weakened. The Conference Board said its consumer confidence index declined from 68.7 in April to 64.9 in May. "Consumers were less positive about current business and labour market conditions, and they were more pessimistic about the short-term outlook," said the board's Lynn Franco. The data, which is keenly watched on Wall Street, could point to slower growth ahead.
South Africa price pressure 'contained'
SOUTH Africa's central bank said the potential of price pressures spreading in Africa's biggest economy was "contained" because of slower growth. That contrasts with comments from Reserve Bank Governor Gill Marcus, who said in a March 15 speech that inflation was becoming "more generalised" as demand picked up. "Core inflation has trended higher but remains relatively moderate, with the potential for more generalised price pressures contained," the Reserve Bank said in its 'Monetary Policy Review'. "Demand pressures are muted."