BEST OF THE BROKERS September 1, 2010 BUNZL Shore Capital rates the distribution and outsourcing firm a “buy” at 710p. The broker upgraded its forecasts for pre-tax profit for the year by £6m to £279m after interim results this week. The broker was impressed by Bunzl’s return to acquisition-led growth, and believes investors should ignore the firm’s “worthy but dull” image. SMITH [...]
Worst August in 28 years for GM and Ford September 1, 2010 AUTO sales in the US slumped last month to their worst August in 28 years, reflecting the end of government sales subsidies and underscoring uncertainty about the strength of the US economic recovery. The monthly auto sales figures are one of the first and broadest-based snapshots of consumer demand. Most major automakers posted double-digit sales [...]
CITY VIEWS: DO YOU EXPECT MORE BRITISH COMPANIES TO BE ACQUIRED BY FOREIGN PREDATORS? September 1, 2010 MARK SEGELOV | QUANTAINIA “If Britain wants to operate in a global market it is going to have to expect more takeovers by foreign companies, and there will be more. But Britain has to also make sure that it takes the opportunity to buy up companies in other countries.” DAVOR LALIC | WILLIS “There will [...]
CITY MOVES | WHO’S SWITCHING JOBS September 1, 2010 Baker & McKenzie The London office of Baker & McKenzie has expanded its financial services and regulatory practice with the hire of partner Ian Mason, who started at the firm yesterday. Mason, who joins from Barlow Lyde & Gilbert, previously worked in the FSA’s enforcement division as head of the wholesale group. He joins a [...]
US ARMY GIVES BAE A $123m CONTRACT September 1, 2010 BAE SYSTEMS was awarded a $123m (£79.6m) contract by the US Army to continue developing thermal weapon sights – the infrared technology used on rifles, machine guns and mounted weapon systems yesterday. The contract, which is the latest renewal within the last five years, brings the total value of thermal weapon sight development BAE Systems [...]
Ping An buys £2.8bn stake in rival September 1, 2010 Ping An Insurance Co, the world’s second-biggest insurer, agreed to buy a further 32 per cent of Shenzhen Development Bank for 29.1bn yuan (£2.8bn) for a controlling stake in the Chinese lender, Ping An said yesterday. Ping An will fund the deal using cash and by selling its entire 91 per cent stake in Ping [...]
Ex-Tomkins boss Hutchings is disappointed by sale price September 1, 2010 THE former boss of engineering group Tomkins yesterday attacked the £2.9bn takeover of the firm as “disappointing” for shareholders. Greg Hutchings, who spent 17 years with the firm, said yesterday the proposed takeover of the British engineering group by US private equity Onex Corporation and the Canada Pension Plan Investment Board was “disappointing” for shareholders. [...]
Manufacturing growth stalls September 1, 2010 GROWTH in the country’s manufacturing sector slowed more than expected last month, led by the weakest expansion in new orders for more than a year, a purchasing managers’ survey showed. The Markit/Chartered Institute of Purchasing and Supply Manufacturing PMI fell to 54.3 in August – from a downwardly revised 56.9 in July. That was the [...]
Vivendi ups forecast as profit rises September 1, 2010 MEDIA giant Vivendi has raised its forecast for 2010 after reporting a four per cent rise in first-half profit. Vivendi saw a net profit of 1.53bn euros (£1.26bn) in the first six months of the year, up from the 1.47bn euros it made a year ago. But the comnow expects 2010 profit to exceed the [...]
China considers probe into BHP Billiton’s bid for Potash Corp September 1, 2010 China may launch an antimonopoly probe into BHP Billiton’s $39bn (£25bn) bid for Canada’s Potash Corp, the China Business News has claimed. China will also review the merger of two Russian potash firms – Uralkali and Silvinit – given the major impact the two deals would have on China, the paper cited the unnamed source [...]