Europe

Since we last looked at Greenland Minerals and Energy A/S (GME), a subsidiary of Perth (Australia) based Greenland Minerals and Energy Ltd, a great deal of progress has been made. To recap, GME entered the Greenland scene in 2007 when it acquired a majority interest in an exploration licence covering the northern Ilimaussaq Complex, subsequently increasing that to 100 percent.

Rare earth elements (REEs) continue to be a hot topic. This group of 17 chemically similar elements crucial to the manufacture of many hi-tech products is causing international supply headaches. China currently produces about 90 percent of the world’s rare earths and produces more than 70 percent of the world’s rare earth magnets - neodymium in particular is used to make smaller, more efficient and more powerful magnets used in loudspeakers and computer hard drives.

As the dust settles on the Scottish referendum and the comfortable margin for the ‘no’ camp, the removal of what they saw as a major threat has resulted in a rapid return of business confidence. This was boosted by announcements by large financial institutions like RBS and Standard Life that they would remain in Edinburgh. Both companies’ shares rose following the announcement of the result.

Russia's main financial regulator unexpectedly increased its key rate half a percent from 7.5 to 8 percent on Friday, saying that even in the present situation of slowing economic growth, quelling inflation is its main priority. “Inflation risks have risen, connected, among other things, with the increased political tension and with its possible impact on the dynamics of the national currency rate, as well as with the changes in tax and tariff policies that are being discussed,” the Central Bank said in a statement on its website.

To the disappointment of rival bidders Arriva, Keolis and National Express, the eight year concession to run Crossrail, the £15 billion project that will provide trains in an east-west link across London, with links to south London as well, has been granted to MTR. Short for Mass Transit Railway this is a company that operates nine urban lines in Hong Kong, and already runs London's Overground metro service in conjunction with Arriva.

On July 14th, European Fisheries Ministers will be meeting at the Council in Brussels. A reform of the EU deep-sea fisheries management regulation, including the ban of deep-sea bottom trawling, was proposed by Fisheries Commissioner Maria Damanaki in July 2012. As trawlers continue to drag their nets, the Fisheries Council drags its feet mainly due to the pressure that countries such as France and Spain have put up to hinder the reform. These industrial fishing nations are now jeopardising the adoption of the ban in Council.

Showing no sign of slowing down, Rolls-Royce Motor Cars  has reported record breaking results for the first half of 2014 with a 33% increase in worldwide car sales. 

China broke away from the US for the first time to take the lead for volume, with Europe showing the fastest growth with a 60% increase in sales. Asia has also performed well with 40% gains. With the predicable middle eastern market pushing 30% increases in sales.

It puts the current gold market into perspective when one looks back just a couple of years. In 2012 when we last looked at Alacer Gold's Çöpler gold mine gold prices stood at just over $1,000 an ounce. Since then they have risen of course to as high as $1,800 in mid-2011 before setting out on a steady decline.

Adjusted pre-tax profit for the year to the end of March was £461 million, up eight percent on the £428 million the company posted a year ago. Meanwhile, revenue rose by 17 percent to £2.33 billion.

Overall retail sales rose by 15 percent and contributed 70 percent of total revenue. While footfall remained weak, the number of customers buying goods, and their average spend, both increased.

Lying in close proximity to Gelibolu, along the coast of the Dardanelles, one will find Gelibolu Shipyard. A present day reminder of the historic links this part of Europe has to the maritime sector, Gelibolu Shipyard is a family owned newbuilding yard founded in 1975. One half of Aksoy Shipping Group, it specialises in the building of small-to-medium sized sea and river going vessels for its ship chartering sister company, Ali Riza Aksoy Denizcilik.