BEST OF THE BROKERS July 14, 2010 PENNON UBS has downgraded Pennon from “buy” to “neutral” but maintains its 565p target price. UBS said that it has seen infrastructure funds continue to raise cash and with credit conditions improving, it sees all UK water stocks as potential M&A targets. However, apart from this it sees little fundamental upside in Pennon currently. ITV [...]
Fairfield on brink of pulling flotation July 14, 2010 FAIRFIELD Energy, the oil and gas group, is close to pulling its planned flotation, sources close to the transaction have confirmed to City A.M. The company, which is being advised by Credit Suisse and Goldman Sachs, will hold a board meeting later today at which the decision is likely to be confirmed. One source close [...]
Regulators approve BA and Iberia merger July 14, 2010 BRITISH Airways and Spain’s Iberia gained EU regulatory approval for their merger to create the world’s third-largest airline. The carriers hope the merger will enable them to compete better with rivals Lufthansa and Air France as well as low-cost carrier Ryanair. It will also clear the way for a tie-up with American Airlines. The European [...]
Unemployment falls by 34,000 July 14, 2010 UNEMPLOYMENT has fallen by 34,000 to 2.47m, official figures have shown. The figure was expected to hit 2.5m in June, but an increase in part-time workers helped to bring the total down. Minister for work and pensions Chris Grayling said a continued economic recovery depended on supporting british business, which would in turn create job [...]
Barratt on target for full year profit July 14, 2010 HOUSEBUILDER Barratt Developments said the group’s full-year profits will come in above expectations as it continues to focus on maximising selling prices while keeping a lid on costs. The UK’s third largest housebuilder has pencilled in an operating profit of at least £85m with margins rising to four per cent. The average selling price rose [...]
ICAP predicts “reasonable” year ahead July 14, 2010 ICAP, the world’s biggest interdealer broker, said forecasts for full-year profit still appeared reasonable despite volumes slowing significantly in June due to a cut in the appetite for risk. The company said group revenue in its first quarter grew by eight per cent compared with revenue from continuing operations last year, while group profit grew [...]
LSE revenues up one per cent July 14, 2010 THE London Stock Exchange’s revenues rose by one percent in the first quarter of its financial year, reflecting mixed market conditions. “Reflecting the breadth of the group’s activities, performance has been resilient in what have been mixed market conditions,” chief executive Xavier Rolet said in a statement. The LSE said it expects conditions to remain [...]
Arrow shareholders approve $3bn takeover July 14, 2010 ARROW Energy shareholders approved a $3.05bn (£1.9bn) takeover by Royal Dutch Shell and PetroChina clearing the way for a final legal go-ahead. Shareholders voted to demerge Arrow’s international assets into Dart Energy, a newly listed entity, and to sell the bulk of the company, including the coveted coal-seam gas assets to a consortium of Shell [...]
BP delays tests on new oil cap July 14, 2010 BP has delayed tests on a new cap on its blown-out oil well in the Gulf of Mexico. The energy giant is postponing the test to establish whether the well can withstand the pressure caused by closing the cap on top of the ruptured wellhead. “We decided that the process may benefit from additional analysis [...]
Asos sales soar by 54 per cent July 14, 2010 ONLINE fashion retailer ASOS has posted a 54 per cent jump in first-quarter sales, fuelled by demand from abroad. The firm – which provides the latest fashions at cheap prices – made £61.7m of sales in the three months to 30 June. UK sales rose 32 per cent, while international sales were up 111 per [...]