London hoteliers report boom July 14, 2010 Hotels in London have reported a 9.3 per cent surge in revenue per available room during the first half of 2010 to £102. Average room rates were the key driver of growth, up 7 per cent to £129, while occupancy rose 2.1 per cent to 78.9 per cent, according to research by Deloitte.
AgBank gets a fees bargain July 14, 2010 Agricultural Bank of China is expected to pay a total of $248m (£162m) in fees to the firms handling its $19.3bn initial public offering, the lowest underwriting payout by any of China’s big four banks. Yesterday banking insiders said 1.4 per cent, or $147m, of the $10.5bn in proceeds from the Hong Kong offering would [...]
Cable: Grants aren’t needed to secure cash July 14, 2010 Business secretary Vince Cable yesterday said the coalition is committed to attracting foreign investment to the UK but that the days of “irresponsible hand-outs” seen during the Labour administration are over. He told a UK Trade & Investment meeting the government plans to turn the UK into one of the most competitive business hubs in [...]
Class of 2010 will find rewarding City career July 14, 2010 AS the latest crop of graduates takes the first tentative steps into the world of work this summer, thousands of college and university-leavers who are desperate for a job will look towards the City with envy. Despite the improving picture for unemployment, many will struggle to find fulfilling work that pays well. Yet those high [...]
Dana strikes black gold in the North Sea July 14, 2010 Dana Petroleum has struck oil at its Blackbird oil field in the central North Sea. Aberdeen-based Dana said analysis had indicated 75ft of good quality oil bearing reservoir sands. Blackbird is in the same licence area as Ettrick, an oil field which has been producing up to 22,000 barrels of oil per day since August [...]
CITY MOVES | WHO’S SWITCHING JOBS July 14, 2010 Macquarie Capital Advisors The corporate advisory group has appointed Marc Middleton, left, as vice chairman of its European advisory business and Ian Brimecome as executive chairman of its European financial institutions group (FIG). Middleton formerly spent 24 years at NM Rothschild, including eight as global head of the telecoms group. Brimecome became a senior adviser [...]
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 [...]