BEST OF THE BROKERS September 5, 2010 BAE SYSTEMS Execution Noble retains a “hold” rating on the defence giant, with a fair value price of 325p. The broker has looked at the possible outcomes of the UK strategic defence review out in October, and believes the firm will see EPS rise once the spending cuts are made public. WM MORRISON Seymour Pierce [...]
Kirsh vows to oust Minerva management September 5, 2010 BILLIONAIRE investor and activist shareholder Natie Kirsh is gearing up to oust the bosses of property developer Minerva this week. The 78-year-old owner of investment firm KiFin forced Minerva to call an extraordinary shareholder meeting to be held this Wednesday, where he will ask investors to vote on whether to retain chief executive Salmaan Hasan [...]
The City needs workers from outside the EU September 5, 2010 AS THE days count down until the immigration cap consultation on non-EU workers closes a week on Friday, it is more important than ever that we engage with policymakers to voice concerns across the City. Of course, we recognise the wider national concerns about immigration levels. With the latest figures from 2009 showing a 20 [...]
CITY MOVES | WHO’S SWITCHING JOBS September 5, 2010 Hermes Fund Managers The fund management group has appointed Chris Taylor as chief executive of its real estate investment management business. Taylor joins from Australian fund manager QIC, where he has been head of European property for the past four years. Prior to that, he was at HSBC Specialist Investments as head of European property, [...]
First Quantum pulls DRC workers September 5, 2010 First Quantum Minerals has pulled nearly all its expat workers out of the Democratic Republic of Congo (DRC) since the government seized its Frontier copper mine at the end of August. The London-listed miner is in discussions over whether to sue the African state and ENRC, the FTSE 100-listed new owner. It is already in [...]
Wagamama gears up for auction September 5, 2010 Wagamama owner Lion Capital is expected to contact potential bidders this week before auctioning the restaurant chain for as much as £250m. Rothschild, which is advising Lion, will send a memorandum with further information to interested parties this week. Lion cancelled a public flotation and turned down a £210m bid in 2007, after it felt [...]
Kabul Bank clients fear collapse September 5, 2010 Customers of Kabul Bank spent hours queueing to withdraw their saving yesterday amid talk that the Afghan bank was close to collapse. Armed police and barbed wire were brought in to hold back the crowds. The US Treasury denied yesterday it is preparing to bail out the bank, and Afghan officials insisted the bank will [...]
Chinese funds in talks with LS September 5, 2010 A Chinese sovereign wealth fund has approached Land Securities about taking a 25 per cent stake in the Walkie Talkie skyscraper development on Fenchurch Street, according to the Independent on Sunday. The China Investment Corporation already owns a 19 per cent stake in Songbird, the property firm that owns 60 per cent of Canary Wharf.
BORIS LEADS LONDON PEDAL POWER September 5, 2010 KELLY Brook, London Mayor Boris Johnson and Olympic cyclist Sir Chris Hoy led the bike brigade yesterday as the annual SkyRide cycling event was held over a 15km course in London. Before the event Brook said she loves cycling and it is an ideal way to keep fit. Nevertheless she had a wobbly start – [...]
MPC poised to keep interest rates on hold September 5, 2010 THE Bank of England’s Monetary Policy Committee (MPC) is expected to hold interest rates at 0.5 per cent when it meets later this week, as fears of a slowdown intensify following weaker-than-expected surveys. Data published last week showed further falls in house prices and a marked slowdown in economic activity across the manufacturing, construction and [...]