Regal Petroleum chief executive steps down after Ukrainian disappointment September 30, 2010 OIL explorer Regal Petroleum said its wells in Ukraine had performed poorly and it would carry out a strategic review, adding that its chief executive David Greer was stepping down. The company said yesterday it had agreed to sell its licence in Romania to Chevron for $25m (£15.9m), as part of a move to refocus [...]
BEST OF THE BROKERS September 30, 2010 MICHELIN Citigroup believes the market will take until the end of 2010 to get more comfortable with Michelin’s investment case. The broker, which rates the stock as “overweight”, estimates the €1.2bn rights issue causes around 11 per cent dilution, which implies new cash is utilised at a similar return as the rest of the business [...]
CITY MOVES | WHO’S SWITCHING JOBS September 30, 2010 Threadneedle The investment manager has appointed Vanessa Donegan, a founding member of its investment team, as head of Asia and global emerging markets. Donegan has 30 years of experience in fund management, including her most recent role as Threadneedle’s head of Asia Pacific equities. She will now be responsible for overseeing the management of £6.5bn [...]
MEREDITH WHITNEY FEARS BANK APOCALYPSE September 30, 2010 A DIRE warning yesterday to the investment bankers of the world, as one of Wall Street’s most famous banking analysts, Meredith Whitney, called the apocalypse (Part II). Whitney, a former Oppenheimer & Co analyst who now runs her own advisory firm, is one of the most dedicated bears in the business, having begun by betting [...]
BP looks to restore dividend after oil spill crisis September 30, 2010 BP may resume paying a dividend to shareholders in the new year, incoming chief executive Bob Dudley has said. He said BP’s board would meet to discuss restoring the dividend in the coming months, in an interview with the BBC BP stopped paying out money to shareholders following the oil disaster in the Gulf of [...]
Moody’s downgrades Spain’s rating September 30, 2010 Spain has lost its last triple-A credit rating with the major rating agencies, following a downgrade from Moody’s. The agency downgraded Spanish debt by one level to Aa1, following similar moves by Fitch and Standard & Poor’s earlier this year. Moody’s said the downgrade reflected the “considerable deterioration” in Spain’s public finances. Spain has been [...]
Rolls-Royce chief retires September 30, 2010 Rolls-Royce’s chief executive Sir John Rose is to retire after 14 years at the helm of the engine-maker. Sir John, who has been with the company for almost three decades, will be succeeded by John Rishton, currently chief executive of the Dutch retail giant Ahold. Rishton is also a former chief financial officer at British [...]
ICAP sales growing but costs hold back earnings September 30, 2010 ICAP, the world’s biggest interdealer broker, said it expected higher first-half revenues, though increased interest costs were holding back earnings growth. “Increased interest costs resulting from the previously diclosed refinancing of ICAP’s debt facilities reduced earnings growth,” ICAP said in a trading update on Thursday. ICAP said revenues for the first six months to 30 [...]
3i trebles buyouts September 30, 2010 British private equity firm 3i Group trebled its buyout investments in the five months to August, the group said, after recent shake-ups at the firm saw its head of buyouts resign. Investment in buyouts increased to £236m from £86m 2009, with overall investments up more than 65 per cent to £257m, 3i said. Realisations from [...]
House prices in slim rise in September September 30, 2010 House prices rose slightly in September, according to the Nationwide building society. Prices rose by 0.1 per cent last month, following a 0.8 per cent decline in August. Nationwide said that “buyers appear to have a slightly better hand than sellers at the moment”. The average house price now stands at just over £166,757, up [...]