HMRC gets City’s vote of confidence but change needed July 6, 2010 HM REVENUE and Customs (HMRC), despite winning a vote of confidence from the City still needs to make improvements, an influential survey published yesterday found. After speaking to 22 of the UK’s largest companies, information gathered by law firm Norton Rose found that their relationship with the HMRC was broadly on the right track but [...]
Housing market confidence takes a knock as job losses worry owners July 6, 2010 CONFIDENCE in the housing market dipped slightly last month, as worries about interest rate rises and job losses loomed over homeowners, according to a survey released yesterday. Just over three-quarters of homeowners believe property prices will rise in the next six months, down from 81 per cent who predicted gains in April. Around 27 per [...]
BEST OF THE BROKERS July 6, 2010 WM MORRISON Collins Stewart upgrades Wm Morrison to a “buy” with a new target price of 300p. Cites Morrison’s valuation relative to the European food retail peer group, strength of the balance sheet and its many strategic opportunities as key positives. Believes shares offer good value relative to peers. ATOS ORIGIN S&P maintains its “sell” [...]
NEWS | IN BRIEF July 6, 2010 Toyota yesterday recalled 3,238 Lexus vehicles that could be affected by a rare problem with the valve operating system. The carmaker said the valve spring could degrade, causing it to break and make the engine misfire or run rough. It stressed there have been no accidents related to the issue – which affects certain vehicles [...]
NEWS | IN BRIEF July 6, 2010 GeoPark has revealed new gas and oil finds in the Fell block in Chile. In a drilling update yesterday, the company released details about the successful testing of the wells – Cerro Iturbe 1, the new gas discovery, and Tetera 4, the new oil producer. GeoPark operates and has a 100 per cent working interest [...]
NEWS | IN BRIEF July 6, 2010 Industrial services group Cape yesterday announced it has won an $18m (£12m) contract to provide thermal insulation works on the Borouge phase of three petrochemical projects in Ruwais, Abu Dhabi. The Yorkshire-based company has been operating in Abu Dhabi since 1979.
Car sales jump 10.8 per cent July 6, 2010 UK new car sales rose 10.8 per cent in June compared with the same month last year, industry figures have shown. The rise came despite the end of the scrappage scheme. A total of 195,226 new cars were sold in June, the Society of Motor Manufacturers and Traders (SMMT) said. In the six months from [...]
Punch on track thanks to World Cup and sunshine July 6, 2010 BRITIAN’S biggest pubs firm Punch Tavern said it was on track to meet full-year expectations as trading was boosted by hot summer weather and the World Cup. The company, which has over 7,100 pubs, said trading during the World Cup had been brisk, helping sales at pubs open for more than a year grow in [...]
Persimmon sees house sales rise July 6, 2010 HOUSEBUILDER Persimmon said total house sales and completions rose in the first half, despite slipping in recent months on election and budget uncertainty. The company, the UK’s largest housebuilder by market value, said legal completions in the first half increased by 16 per cent to 4,657 homes year-on-year, with the average selling price rising by [...]
Ocado sets £1.2bn valuation for listing July 6, 2010 ONLINE grocer Ocado is aiming for a valuation of over £1bn in its planned initial public offering (IPO), despite turbulent markets and scepticism among some analysts and investors. The firm, which announced plans last month to raise £200m in a stock market listing, said on it would price its shares at between 200 pence and [...]