Essar Energy buys Indian power project July 13, 2010 ESSAR ENERGY, part of the conglomerate Essar Group, has signed a deal to buy Indian power project, Navabharat Power. Under the deal, the Indian owned company will initially acquire 76 per cent of Navabharat’s equity. The remaining 24 per cent will be purchased after a number of project milestones are completed, said Essar Energy. Navabharat [...]
BEST OF THE BROKERS July 13, 2010 CABLE & WIRELESS Morgan Stanley initiates coverage of Cable & Wireless (CWC) at “equal-weight” with a 72p price target. Morgan Stanley said that although it acknowledges that CWC has improved operating performance it sees better upside elsewhere in the sector. Beyond the dividend yield valuation does not look compelling, believes Morgan Stanley. L’OREAL UBS reiterates [...]
CITY MOVES | WHO’S SWITCHING JOBS July 13, 2010 Barclays Corporate Barclays’ corporate banking arm has appointed Colin Nutt as a vice chairman with responsibility for its financial institutions business. Nutt, who was previously head of financial institutions at the bank, will be tasked with growing the business within the group, including exploring new opportunities among the Barclays Capital client base as part of [...]
Inflation falls to 3.2pc July 13, 2010 THE consumer prices index (CPI) has fallen from 3.4 per cent to 3.2 per cent in June, official figures have shown. That is still well above the Bank of England’s inflation target of two per cent. Meanwhile the Retail Prices Index – which includes mortgage and council tax payments – came down from 5.1 per [...]
Barclays hires bankers for Asia business July 13, 2010 BARCLAYS has hired six senior bankers in Singapore for its wealth management business, including Soh Chye Guan from HSBC, as it seeks to tap into growing numbers of high net worth individuals in Southeast Asia. The move comes after the bank, which managed £151.2bn globally under its wealth management arm Barclays Wealth, poached three senior [...]
Burberry revenue up 24 per cent July 13, 2010 BURBERRY has beaten beat forecasts with a 24 per cent rise in first-quarter underlying revenue. The luxury retailer made £282m of revenue, excluding a restructuring at its Spanish arm, in the three months ended June, led by growth in Asia and the rest of Europe. Sales at the group’s retail outlets rose an underlying 16 [...]
Flybe and Air France agree tie-up July 13, 2010 Flybe and Air France have agreed a tie-up to give their passengers access to more routes. Flybe passengers wil have access to five additional routes between the UK and France as well as seven new domestic French routes and 11 international routes from the autumn. Meanwhile Air France will be able to use 45 new [...]
BP successfully fits new cap to stem oil leak July 13, 2010 BP has installed a new sealing cap on the leaking Gulf of Mexico oil well, the company has confirmed. The system is designed stop the leak and capture all the oil before it gushes into the ocean. However BP said “its efficiency and ability to contain the oil and gas cannot be assured”, because of [...]
FSA SET TO RIP UP MORTGAGE RULES July 12, 2010 THE FINANCIAL Services Authority (FSA) unveiled plans to overhaul the mortgage market this morning, with some warning the changes will punish borrowers while doing little to tackle the number of repossessions. The FSA said in a report today it will impose “affordability tests” on all borrowers, effectively banning self-certified mortgages and further restricting credit for [...]
UK’s rating not secure, warns S&P July 12, 2010 GEORGE Osborne’s bid to get the UK’s spiralling Budget deficit under control was dealt a blow yesterday when Standard & Poor’s (S&P) warned Britain remains at risk of losing its prized triple-A rating. The credit rating agency said it was keeping its negative outlook on the UK’s debt despite Osborne’s austerity Budget and warned the [...]