Best of the Brokers for 26 June 2014 June 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com KAZAKHMYS Westhouse Securities has cut Kazakhmys to “add” from “buy”, keeping the target price at 350p. The broker thinks the news of reduced mineral extraction tax rates for mature assets as part of a planned restructuring is positive, but cut the rating to [...]
London Report: Two-month low for FTSE as Iraq jitters hit home June 25, 2014 UK shares yesterday hit their lowest level in two months, as spiralling violence in Iraq scared off investors. The FTSE 100 index closed down 0.8 per cent at 6,733.62 points – its lowest close since 28 April, while Europe’s FTSEurofirst 300 shed one per cent. Security forces are fighting rebels for control of Iraq’s biggest [...]
New York Report: Dow Jones ignores US economic woes June 25, 2014 Stocks on Wall Street rose yesterday despite disappointing US economic data and after a Supreme Court decision boosted the shares of major broadcasters and as drugmakers’ stocks rallied. The Dow Jones industrial average rose 27.67 points, or 0.16 per cent, to 16,845.8, the S&P 500 gained 4.98 points, or 0.26 per cent, to 1,954.96. The [...]
Just how big is the pay packet of WPP boss Martin Sorrell? June 25, 2014 WPP shareholders have once again aired unhappiness at the size of Sir Martin Sorrell's pay packet at the holding company's AGM today. Sorrell's total pay for 2013 has shot up by 70 per cent nearing the £30m mark making him the highest paid exec in the FTSE 100. At today's meeting which took place at [...]
Luis Suarez bite ban: Could Suarez face a Premier League suspension? June 25, 2014 Serial biter Luis Suarez faces an anxious wait to discover his fate after Fifa launched disciplinary proceedings against the Uruguayan for appearing to bite Italian defender Giorgio Chiellini, in the third such incident of his career. Those looking at the rule book today to establish how bad things could get for the Liverpool forward have [...]
Carphone Warehouse and Dixons merger cleared by EU Commission June 25, 2014 A big question mark over one of the most prominent high street deals in years can now be removed. Carphone Warehouse has announced that the European Commission has unconditionally cleared a merger between the company and Dixons. An all-share merger deal was first announced on 15 May, and it's taken until now for the European [...]
The cost of popularity: How a fear of looking stingy makes us overspend June 25, 2014 Over half of adults in the UK apparently spend more than they can afford on their social lives, but what's driving this habit? It is not a genuine desire to spend, but rather an eagerness to be regarded as generous in the eyes of others, according to a survey by the Money Advice Service. Appearing [...]
EasyHotel IPO raises just half of target £60m June 25, 2014 EasyHotel has raised just half of the £60m it had hoped to gain for its 30 June IPO on the AIM market. The company has now priced its shares at 80p for the company's flotation on 30 June, implying a market capitalisation of £50m. The £30m the IPO is set to raise will be used to roll out [...]
Ghana sends plane with $3m in cash to pay World Cup squad June 25, 2014 Ghana has dispatched a plane with more than $3m in cash to Brazil to pay their World Cup squad growing increasingly agitated at not having received their appearance fees. The country's president, John Dramani Mahama, had to wade into the matter and ensure the money reached the players by this afternoon, averting the risk of [...]
Orange juice set to become cheaper June 25, 2014 Bets by traders on orange juice indicate that the soft commodity is likely to become cheaper. According to Bloomberg data, futures contracts for orange juice traded on the US ICE market dropped 4.5 per cent overnight and settled at $1.541 a pound. Trade body Florida Department of Citrus has also released data showing that retail [...]