CITY A.M. SHADOW MPC October 7, 2009 ALLISTER HEATH CITY A.M.“Weak money supply growth masks the strong likelihood that the demand for money has dropped, which suggests that there is now enough liquidity in the economy. So the Bank should start winding down QE.” SIMON WARD HENDERSON NEW STAR“Hold rates, suspend QE. Asset price strength and pound weakness suggest excess liquidity. Sluggish [...]
Sportingbet’s profits surge October 7, 2009 ONLINE gaming firm Sportingbet yesterday posted a surge in full year pre-tax profit, suggesting it has weathered an economic storm that threatened to destroy it. The group also said it would reinstate its dividend of 1p and unveiled plans to move to a full listing on the main market of the London Stock Exchange. Sportingbet [...]
ARE YOU BETTING ON SPORTINGBET’S RECOVERY? October 7, 2009 NICHOLAS BATRAM KBC PEEL HUNT“Sportingbet’s results are slightly ahead of our expectations and the statement is undoubtedly positive. The dividend payout and news that it will move to an official list shows further signs that the business is developing. But its advances make it a tempting takeover target.” IVOR JONES EVOLUTION SECURITIES“Sportingbet has shown its [...]
AB InBev sells US attractions to Blackstone October 7, 2009 ANHEUSER-Busch InBev yesterday said it had agreed to sell its US theme parks to private equity group Blackstone for up to $2.7bn (£1.6bn), as it offloads non-core businesses to help pay for its merger. The world’s largest brewer, formed by InBev’s $52bn takeover last year of US rival Anheuser-Busch, has said it plans to raise [...]
Hochschild to raise $250m to fund an acquisition spree October 7, 2009 HOCHSCHILD, the FTSE 250 Latin American focused precious metals miner, is set to raise $250m (£157m) through an equity raising, it said yesterday, and will use the cash to make acquisitions. It will place 30.38m shares to raise $150m, while the remaining $100m will come from offering senior unsecured convertible bonds set to mature in [...]
Windpower group rebuffs 90m bid from GuyHands’ energy firm Infinis October 7, 2009 GUY Hands’ energy group Infinis yesterday launched a hostile £90m takeover bid for wind power group Novera. Novera, which is being advised by Oriel, immediately rejected the offer, saying the 62.5p a share price significantly undervalued the company. Infinis already owned 29.9 per cent of Novera and yesterday increased this to more than 40 per [...]
HSBCto snap up RBS assets October 7, 2009 HSBC Holdings is understood to be in talks to buy the Asian banking assets of stricken rival Royal Bank of Scotland. RBS is trying to offload its Chinese, Indian and Malaysian retail and commercial banking assets to pay back some of the government’s giant £37bn bailout. Talks between RBS and Standard Chartered over the assets [...]
Cranswick brings home the bacon as sales rise October 7, 2009 PORK supplier Cranswick yesterday said that its first half sales rose in-line with expectations, helped by an acquisition. Cranswick – which supplies fresh pork and gourmet sausages to the UK’s food retail and manufacturing sectors – said the business had been impacted by a rise in pig prices, although these now appear to have peaked. [...]
Japanese beer lifts Shepherd Neame volumes October 7, 2009 SHEPHERD Neame, the brewer of Spitfire and Bishops Finger ales yesterday said sales remained strong after a further surge in demand for its bottled beers. The group reported a 6.3 per cent jump in total beer sales volumes for the year ended 27 June. It also reported a bigger jump of 10 per cent in [...]
All eyes on Christmas for Thorntons as sales jump October 7, 2009 CHOCOLATE retailer Thorntons yesterday said it was well-positioned for Christmas as it posted a 2.3 per cent rise in first-quarter sales, sending its shares up by five per cent in morning trading. Thorntons, which trades from 378 stores and 199 franchises, said its total sales increased to £46.8m in the 14 weeks to 3 October, [...]