Mining mergers set to continue into next year December 20, 2009 Consolidation among AIM-listed mining companies will continue next year, according to Ernst & Young (E&Y), following a rapid recovery in stock values in the sector during 2009. Mining stocks on the junior market nearly tripled in value this year, according to an index of shares monitored by E&Y. Its Mining Eye index gained 173 per [...]
HSBC Shanghai plan to boost expansion December 20, 2009 HSBC is poised to become one of the first foreign companies to list on the Shanghai stock exchange, returning to its Asian roots. The bank wants to raise its profile in China as it opens more branches and considers taking stakes in Chinese lenders. It first announced in May last year that it wanted to [...]
The timing of withdrawal of fiscal stimulus is crucial December 20, 2009 How will the markets look once central banks start withdrawing their massive stimulus packages? This is what everyone wants to know, especially after the US Federal Reserve last week indicated that they would start this exiting process early 2010. Lothar Mentel, chief investment officer of Octopus Investments says that we should not be too worried [...]
Call for probe into collapse of Flyglobespan December 20, 2009 SCOTTISH finance secretary John Swinney has called for an investigation into the failure of collapsed airline Flyglobespan. The Edinburgh-based business went into administration on Wednesday leaving thousands of passengers stranded and 550 staff facing redundancy a week before Christmas. Swinney said that a probe into the failure should look at the role of credit card [...]
THOMAS OWNERS HIT THE BUFFERS December 20, 2009 THOMAS the Tank Engine looks set for new owners, as debt-laden media group HIT Entertainment may be forced to sell its most profitable brand to lenders in order to avoid breaching its banking covenants next year. The group, which also owns Bob the Builder and Barney the Dinosaur, revealed debt of $470m (£291m) in July [...]
No bonus for Morgan Stanley chief December 20, 2009 Morgan Stanley’s outgoing chief executive, John Mack, will not receive a bonus for the third year in a row. The board was willing to pay him one for his role in the bank’s survival, but Mack, who will remain chairman, insisted he should not receive it. The bank is set to make its first annual [...]
Moulton eyes 10 deals for new vehicle December 20, 2009 JON MOULTON is looking closely at the purchase of up to 10 stricken companies, including an automotive parts manufacturer, a building supplies firm and a garden equipment maker. The private equity guru, whose new investment vehicle Better Capital made a successful debut on the stock market last week, told CityA.M. that the rate of companies [...]
Service companies key to City’s business success December 20, 2009 In light of recent headlines it is hard to believe that London’s ongoing reputation as a world class financial centre depends on anything other than tax and regulation but I assure you it is true. One of the City’s traditional advantages, especially over emerging markets, is the quality of its local services – firms and [...]
CITY MOVES | WHO’S SWITCHING JOBS December 20, 2009 PricewaterhouseCoopers The accountancy firm has appointed Martin Caddick to lead its risk and business continuity management services team. Caddick joins from insurance broking and risk advisory firm Marsh, where he developed a successful business continuity practice and worked with numerous Fortune 500 companies in the UK and overseas. He also previously held director roles at [...]
BEST OF THE BROKERS December 20, 2009 FORTH PORTS Investec Securities kept its recommendation for Forth Ports as “buy”. Investec says the ports group should deliver robust business in a challenging economic environment, and praised the group’s resilience, thanks to a high level of contract cover and spread of commodities handled. The target price is 1,500p. ARIGHTMOVE Collins Stewart reiterated its “buy” [...]