Deutsche Post beats on profits March 12, 2014 Deutsche Post yesterday reported a seven per cent rise in operating profit in its fourth quarter, beating estimates, partly boosted by its parcel business and strong growth in its international courier Express division. The world’s biggest postal and logistics group by revenue posted fourth-quarter earnings before interest and tax of €885m (£740m) compared with €827m [...]
Kenmare falls on full-year losses March 12, 2014 Irish miner Kenmare Resources’ share price plunged over six per cent yesterday, after it unveiled pre-tax losses of $44.1m (£26.6m) in 2013, down from $49.5m profit in 2012. The FTSE 250-listed firm attributed the decline to foreign exchange and financing charges. “2013 saw the end of a long period of investment in the Moma mine,” [...]
City Moves for 13 March 2014 | Who’s switching jobs March 12, 2014 Forum Partners The investment management firm has hired George Ahl as managing director for capital markets. He was most recently at M3 Capital Partners, where he was a founding principal. Prior to that, Ahl held senior positions at Security Capital Group and Crimson Capital Corporation. Legal & General Legal & General Investments has appointed Martin Holland as [...]
Best of the Brokers for 13 March 2014 March 12, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com M&C SAATCHI Numis keeps an “add” rating on the advertising group and has a target of 369p ahead of final results on 20 March. The broker thinks the firm will post £18.5m in pre-tax profit and six per cent organic growth, offset by [...]
London Report: G4S tagging woes drag FTSE down to a one-month low March 12, 2014 THE UK’S top share index fell to a one-month low yesterday, led down by G4S after the security firm agreed a settlement with the government over an offenders’ tagging scandal. G4S sank 5.3 per cent in brisk trade after agreeing to repay £108.9m to the British government after overcharging it on a contract to tag [...]
New York Report: Wall St shrugs off China data March 12, 2014 US stocks finished little changed yesterday, with the Nasdaq up for the first session in five, as investors grappled with the evolving situation in Ukraine but shrugged off concern over weakness in China’s economy. The Dow Jones industrial average fell 11.17 points or 0.07 per cent, to 16,340.08, the S&P 500 gained 0.57 points or [...]
Here’s why plunging Herbalife shares have been halted March 12, 2014 Shares in nutritional supplement company Herbalife have resumed trading some 13 per cent lower, after being halted. They were halted after the US company received a Civil Investigative Demand (CID) from the Federal Trade Commission (FTC). Before that halt they were trading up by 4.5 per cent. The company has said that it "welcomes the [...]
French billionaire brings electric car sharing to London March 12, 2014 Londoners will from next year be able to hire an electric car for 15 minutes at a time, along the lines of the Boris Bike scheme, under plans unveiled by French industrialist Vincent Bollore today. Bollore, the company that will take over the existing Source London network of 1,500 electric charging points from TfL and [...]
EU parliament makes progress on open immigration March 12, 2014 European commissioner Laszlo Andor has welcomed the European parliament's adoption of a series of measures that were proposed by the commission in April, intended to make it easier for EU citizens to exercise the right to work in other member states. The decision comes a little over a month after fresh evidence emerged showing that [...]
Don’t believe Osborne – his taxes are making the UK less competitive March 12, 2014 Higher income taxes risk driving businesses away, tax firm Baker Tilly warned today, reversing the gains made by cutting corporation taxes. Tax partner George Bull fears George Osborne and Ed Miliband are both threatening Britain’s competitiveness by targeting high earners relentlessly. Britain’s headline corporation tax has dived from 30 per cent a decade ago to [...]