Analyst Views: After downgrades last year is Dunelm on the road to growth? April 3, 2014 JOHN STEVENSON | PEEL HUNT Yesterday’s update was quite good and stronger than I was looking for. Looking forward, given that they have a new advertising campaign coupled with the fact that their online business is relatively nascent and they could benefit from the economic housing recovery, they could actually be a winner this year. [...]
Former BP bosses Hayward and Browne team up for Angola deal April 3, 2014 TWO COMPANIES led by former BP chief executives have joined forces to buy stakes in oil assets located off Angola. Genel Energy, headed up by Tony Hayward, and White Rose Energy Ventures, which is chaired by Lord Browne and backed by his investment firm Riverstone Holdings, will pay a total of $222m (£113.7m) to Norway’s [...]
Rame Energy to list on Aim as it targets Latin America expansion April 3, 2014 RAME Energy, an energy consultant, engineer and power generator, is listing on Aim today to finance new projects in Chile. The company, which provides power generation solutions to firms including Anglo American, Barrick Gold and BHP Billiton, is raising up to £2.1m to fund its participation in three wind projects in Chile with a combined [...]
Rio Tinto hires new head of strategy April 3, 2014 Rio Tinto has hired former BHP Billiton executive Peter Toth as its new head of strategy, a spokesperson from the miner confirmed to City A.M. yesterday. He will be reporting to finance chief Chris Lynch. Toth resigned as boss of manganese miner OM Holdings in January.
Cairn refutes Indian tax requests April 3, 2014 Oil explorer Cairn Energy yesterday said it has filed a nil return for its 2007 tax year in India and has received two further notices from the country’s income tax department. The Indian regulator had contacted Cairn at the start of the year, as part of the country’s tax crackdown to try to cut its [...]
British Land secures £1bn in debt April 3, 2014 Property giant British Land said yesterday it has signed a new £785m loan with a syndicate of 14 banks and that it has also closed a £200m US private debt placement. The unsecured five-year revolving credit facility is provided by banks including Barclays, Bank of China and Royal Bank of Canada.
Hyder Consulting is right on track April 3, 2014 HYDER Consulting, the London-listed engineering firm behind Crossrail and the Burj Khalifa skyscraper, yesterday said that trading is in line with expectations and it is confident in its future. “We are encouraged by the recovery in the UK and our expansion in the Middle East,” it said.
City Moves for 04 April 2014 | Who’s switching jobs April 3, 2014 Brewin Dolphin The wealth management firm has announced the appointment of Guy Foster as head of research. He joined in 2006 as an analyst from Hill Martin Asset Management, where he was an investment director and portfolio manager. Axa Investment Managers The investment management business has appointed Robert Price as a solutions strategist in its [...]
Best of the Brokers for 04 April 2014 April 3, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com DEUTSCHE BANK JP Morgan has cut the bank from “overweight” to “neutral” and trimmed its target from €40 to €38. The broker thinks Deutsche’s capital buffer will decline this year due to imminent rule changes, though it does not believe the bank will [...]
London Report: Shares close down despite dovish ECB and Tullow’s gains April 3, 2014 BRITISH blue-chip shares edged lower after testing a three-week high yesterday, as the end of a two-week rally in mining shares offset gains by Tullow Oil. The session proved volatile, however, with gains made in the afternoon after European Central Bank president Mario Draghi said that action will be taken if the currency union suffers [...]