BEST OF THE BROKERS January 6, 2011 TRAVIS PERKINS RBS rates the building materials firm “buy” with a raised target price of £12.95. The broker sees the firm’s purchase of BSS Group last month as an attractive earnings driver over the next two years until the underlying market recovery takes over in 2013. It adds that the acquisition gives the company significant [...]
National Grid agrees £8m Ofgem penalty January 6, 2011 BRITAIN’S energy regulator Ofgem yesterday imposed an £8m fine on National Grid for misreporting information during a gas mains replacement programme between 2005 and 2008. Ofgem will hold a 21-day consultation period on the fine to consider comments from the public. If the consultation concludes in favour of the penalty, National Grid will be expected [...]
Expansion pays off for Hays as foreign fees drive revenue January 6, 2011 BRITISH recruitment group Hays reported a 21 per cent rise in second-quarter net fees yesterday, as its overseas expansion strategy was vindicated by a recovery to pre-recession levels in many international markets. “We have now got several countries both in Asia and Europe approaching above pre-downturn levels,” said finance director Paul Venables, noting an improved [...]
F&C board fights back as Sherborne showdown looms January 6, 2011 EMBATTLED F&C Asset Management has set a date for its showdown with Sherborne Investors over its bid to replace chairman Nick MacAndrew and take control of the board. F&C shareholders will meet on 3 February at Sherborne’s request to vote on whether to oust MacAndrew and director Brian Larcombe and appoint Sherborne’s founder Edward Bramson, [...]
HK’s richest 40 worth $163bn January 6, 2011 The combined wealth of Hong Kong’s top 40 billionaires now totals $163bn, adding $28bn to last year’s figure. The latest Forbes rich list sees Chung Kong and Hutchison Whampoa controller Li Ka-shing stay on top, with a personal fortune valued at $24bn ($105.3bn). A third of the top 40 make their money in real estate [...]
Boom in media sector M&A January 6, 2011 Fifty per cent of M&A?transactions by value in the media sector took place in the fourth quarter of 2010, with analysts predicting that the upswing will last throughout 2011. According to new figures from PricewaterhouseCoopers, 110 European Media deals were closed in 2010, totalling €12bn (€10.1bn) in deal value. This was more than a 90 [...]
Skoda sees jump in Czech sales January 6, 2011 Volkswagen’s Czech unit Skoda Auto sold a record number of cars worldwide in 2010 and said it aimed to double sales by 2018. Skoda boosted its global sales by 11.5 per cent year-on-year to 762,600 vehicles in 2010. The automotive industry is a key driver for the Czech economy, which is expected to grow around [...]
US jobless claims data confirms overall downward trend January 6, 2011 NEW US claims for jobless benefits moved higher last week, but a decline in the four-week average to a nearly two and a half-year low suggested the labour market continues to improve. Initial claims for state unemployment benefits increased 18,000 to a seasonally adjusted 409,000, the Labor Department said, above economists’ expectations for 400,000. The [...]
BP and Transocean shares shrug off oil spill report January 6, 2011 SHARES in BP and Transocean have risen in trading despite the publication of the US Presidential panel report that spreads the blame for the country’s worst-ever oil spill. Investors are betting that the companies will avoid a highly costly gross negligence charge in spite of the report’s findings. BP’s London-listed shares were up one per [...]
Renault says spy scandal put assets at risk January 6, 2011 THE SCANDAL over suspected industrial espionage at Renault has deepened as the French carmaker warned company assets were at risk and France’s industry minister called the matter serious. Renault suspended three executives on Monday, including a member of its management committee, after an “ethical alert” was sent to the group’s compliance committee in August. Renault’s [...]