Tullow Oil increases credit facility April 7, 2014 FTSE 100 energy explorer Tullow Oil yesterday said it has refinanced its $500m (£300m) revolving credit facility and increased the size to $750m. It has also extended the offering’s maturity until April 2017, replacing the previous facility which was due to expire in November 2014. Bank of America Merrill Lynch, BNP Paribas, Credit Agricole, HSBC, [...]
BAE wins artillery shells contract April 7, 2014 Defence giant BAE Systems has been awarded a £16.8m contract to produce illuminating artillery shells for the Ministry of Defence. The FTSE 100-listed company said that production starts immediately, with final assembly taking place in Sweden. Upon completion of this two-year contract, BAE Systems will have delivered more than 60,000 rounds of the 105mm white [...]
Kentz awarded Australia gas deal April 7, 2014 Kentz, the engineering firm, yesterday said that its Australian subsidiary has won a $570m (£343m) contract from the Ichthys liquefied natural gas project in Darwin, Australia. The FTSE 250 company said the 30-month contract, which starts in August, will provide more than 1,200 construction jobs. “This award…further strengthens our position in the Australian LNG market,” [...]
City Moves for 08 April 2014 | Who’s switching jobs April 7, 2014 Barclays The bank has announced the appointment of Karl Trumper as head of trade and working capital for the UK. He joined in 2002, and was most recently head of sales for larger business. Towers Watson Tammy Richardson has been appointed UK head of insurance management consultancy at the professional services company. She joined in [...]
Best of the Brokers for 08 April 2014 April 7, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com GULF MARINE SERVICES Canaccord Genuity tells investors to “buy” the newly listed oil service vessel operator and has set a target of 185p. The Abu Dhabi based firm has one of the youngest fleets in the industry and Canaccord said it has the [...]
London Report: FTSE suffers its sharpest daily fall in a month April 7, 2014 BRITAIN’S top equity index had its biggest one-day decline in a month yesterday, retreating from a three-week high as a drop by housebuilders weighed on the market. The blue-chip FTSE 100 index, which rose 0.7 per cent on Friday to reach its highest point in around three weeks, closed down by 1.1 per cent, or [...]
New York Report: Slump in tech shares weighs on the Nasdaq April 7, 2014 US STOCKS fell yesterday, with the S&P 500 posting its biggest three-day drop in two months, as investors bid down internet stocks and rotated into defensive names to protect against further declines. Internet stocks were among the day’s biggest decliners with Amazon down 1.6 per cent and Yahoo off 3.5 per cent. The Global X [...]
The UK Holcim-Lafarge assets that could be up for sale April 7, 2014 The Holcim Lafarge mega-merger will result in a number of asset disposals across multiple jurisdictions to avoid the wrath of the competition regulators. The UK will most likely play a part in the world’s largest cement makers’ plans for €4.9bn (£4bn) of divestments – providing opportunities for existing or new players to tap into the [...]
Is the US Jobs act a dud for alternative investment managers? April 7, 2014 The Jumpstart Our Business Startups (Jobs) act came into law in the US heralding what many believed would be a watershed moment in the notoriously secretive and guarded world of hedge funds. The law, passed exactly two years ago this month, lifted restrictions on hedge funds and other alternative investment managers to market their funds [...]
Why don’t Britons identify with Canadians? April 7, 2014 There's some pretty predictable stuff in Ipsos Mori’s new poll on how Britons are becoming less nationalistic, but feel a greater sense of connection on a local and global level. Social media, easy travel and sharing networks (to name but a few) mean that, on the one hand, people feel closer to those immediately around them, but [...]