Aerospace sector in bullish mood after growth starts to accelerate June 30, 2014 THE UK aerospace sector is growing 10 times faster than the rest of the economy after ballooning nine per cent last year, according to a new trade report out today. The strong performance, which saw revenues grow to £28bn in 2013, is being driven by a surge in exports, the report from trade organisation ADS [...]
Africa Oilfield Logistics gets Ardan boost June 30, 2014 AFRICA Oilfield Logistics, the Aim-listed oil and gas support services and logistics company, announced yesterday it had bolstered revenues thanks to its primary investment in Ardan Risk & Support Services. The company said it had revenues of approximately $9.5m (£5.5m) for the four-month period ended April 2014, representing an annualised run rate of $38m and [...]
City Moves for 30 June 2014 | Who’s switching jobs June 29, 2014 Unigestion The boutique institutional asset manager has appointed Jérôme Teiletche as managing director, head of cross asset solutions. He will also join its executive committee. Teiletche previously worked for Lombard Odier Investment Managers, where he was head of the solutions group. RSA The insurer has appointed Steve Lewis as chief executive for the UK and [...]
Best of the Brokers for 30 June 2014 June 29, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BARCLAYS Standard and Poor’s has reduced Barclays to “hold” from “buy”, also cutting the target price to 240p from 300p. The broker noted the further risk for potential regulatory fines, with Barclays already facing investigation from various authorities into a number of alleged [...]
London Report: Mortgage lending down but price of houses still rising June 29, 2014 MORTGAGE approval numbers are expected to fall to a 10-month low of 62,000 for May, after the introduction of tough new rules in the Mortgage Market Review (MMR) in April. Howard Archer, of IHS Global Insight, said: “This would be down from 62,918 in April, 66,563 in March and a 74-month high of 75,838 in [...]
New York Report: Volatility likely in short week June 29, 2014 WALL Street may kick off the second half of the year with an uptick in volatility, thanks to the June jobs report and plenty of other market-moving data in a short trading week. Financial markets will be closed on Friday for Independence Day. So Thursday will bring a blitz of numbers: the nonfarm payroll figures [...]
GoPro shares surge as IPO takes off June 27, 2014 Shares in wearable camera maker GoPro have surged by more than 60 per cent above its initial $24 IPO price during the first two days of trading. The stock rallied by 30 per cent on its market debut and has leapt even further today to above $37 at pixel time, Friday noon in New York. [...]
Police reconsider Wonga criminal investigation over fake letters June 27, 2014 Police are considering whether to pursue a criminal investigation against Wonga after it sent out fake legal letters to customers. The City of London Police confirmed that it will look again at the appropriateness of an investigation after initially deciding it was up to the Financial Conduct Authority. The Law Society today called for Wonga to [...]
Philip Morris takes tobacco fight to courts June 27, 2014 Philip Morris has lodged a challenge against new European laws on tobacco products with the courts. The cigarette company has filed papers with UK courts seeking a judicial review of the EU’s Tobacco Products Directive by the European Court of Justice. Philip Morris, one of the world’s biggest tobacco companies, contends that the new law [...]
Bank of England’s new interest rate norm not the same as the old – Mark Carney June 27, 2014 Mark Carney, the governor of the Bank of England, today suggested that interest rates may be heading for a "new normal" of 2.5 per cent, rather than the historical five per cent. Carney was decidedly vague regarding when this norm might be reached, suggesting 2017 as a possible date. He stressed that a mid-term norm [...]