BEST OF THE BROKERS July 15, 2009 INVENSYSAhead of Invensys’ interim management statement tomorrow, Nomura said that it expects the company to confirm that the short-term environment remains difficult and uncertain. The broker does not expect any changes to its full year 2010 guidance, and retains its “buy” rating with a 12-month target price of 275p. LAND SECURITIESKBC Peel Hunt upgraded Land [...]
JOB GLOOM FOR CLASS OF 2009 July 15, 2009 BRITAIN’S unemployment rate has surged to a 12-year high, with young adults aged 18-24 particularly badly affected, official data showed yesterday. The news confirms growing fears that unemployment will continue to rise for many months, even though the economy and the banking systems have stabilised. Figures from the Office for National Statistics (ONS) showed that [...]
Strong gains on markets July 15, 2009 MARKETS on both sides of the Atlantic rose strongly yesterday on the back of healthy corporate results and improving US economic data. The FTSE 100 closed up 2.6 per cent at 4,346.46 led by mining and financial shares, its biggest jump since 24 April. In the US the Dow climbed 3.1 per cent to 8,616.21, [...]
Oversight for US hedgies July 15, 2009 PRESIDENT Obama’s administration sent legislation to Congress yesterday to bring hedge funds under government supervision. The Securities and Exchange Commission (SEC) would oversee hedge funds, private equity and venture capital funds. It would have the power to open their books and they would be subject to fuller disclosure.
Rio Tinto in China strife July 15, 2009 RIO Tinto, the world’s second-largest iron-ore producer led by Tom Albanese, has been accused of mass bribery by an official Chinese newspaper, as the row over arrested executives from the firm continues to mount. The state-owned China Daily paper said Rio has bribed all of China’s 16 major steelmakers, and threatened to cut them out [...]
Unemployment inflicting huge toll on UK July 15, 2009 EVEN though the economy has now stabilised, the recession’s terrible human cost keeps on rising. Yesterday’s jobless data was horrific; younger people are being hit especially hard. Jobless numbers jumped by 281,000 to 2.38m in the three months to May, the largest quarterly rise since 1971; 7.6 per cent of the workforce is now officially [...]
UK energy bills will soar July 15, 2009 THE UK’s energy bills could rise by 17 per cent over the next decade as a result of government plans announced yesterday to generate one third of the country’s electricity from renewables by 2020. Energy secretary Ed Miliband presented a white paper setting out the government’s plans to also cut carbon dioxide emissions by 34 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 15, 2009 FINANCIAL TIMES SKF SEES LITTLE HOPE OF QUICK RECOVERYSKF, the world’s biggest producer of industrial bearings, has dashed hopes of a quick recovery in global manufacturing after its chief executive said a broad upturn could be several years away. Tom Johnstone told the Financial Times that even by 2011 it was impossible to say whether [...]
Final Gatwick bidder walks away July 15, 2009 A consortium led by Manchester Airport Group has walked away from its bid for Gatwick, the UK’s second-largest airport, after it was unable to meet the price being demanded by UK airports group BAA. The consortium, which also includes Spain’s Ferrovial, was the last bidder for the airport but its £1.4bn offer was £100m short.
China bank plans London launch July 15, 2009 Chinese commercial banking giant China Merchants Bank is launching an office in London with an eye to rolling out across Europe. The bank is currently seeking authorisation from the Financial Services Authority to offer services in the UK, following the launch in Canary Wharf of China Construction Bank in June.