From stamp duty to the triple lock, Andy Haldane says bold Burnham leadership can usher ‘vibe change’ for UK economy
Tourists flocking to UK as 10m visitors make it a bumper year October 9, 2014 Tourism provided a welcome boost to the UK economy over the last year with more than 10m overseas visitors opting for a British holiday. The number of tourists visiting the UK was up six per cent for the year-to-date, according to figures released yesterday by the Office for National Statistics. Meanwhile, the beaches of Brighton [...]
Investment in North Sea oil on the backburner October 9, 2014 OIL AND gas operators may delay investing in North Sea operations until after the chancellor’s Autumn Statement, according to a new report from Deloitte. The report found that four deals were announced offshore UK in the third quarter of 2014, down slightly on the five transactions signed off in the second quarter, and significantly reduced from [...]
Rolls-Royce flying high after new $440m Norwegian deal October 9, 2014 ROLLS-Royce has been selected to supply Norwegian with Trent 1000 engines for nine additional Boeing 787-9 Dreamliner planes and has been signed up for a maintenance and servicing contract worth $440m (£272m). The deal will see Norwegian’s leased planes powered by the Trent 1000-TEN, which Rolls-Royce claims boasts the “best through-life fuel efficiency, lowest emissions [...]
Moody’s warns that Russia may prompt Ukraine state to default October 9, 2014 UKRAINE’S government could begin to default on its debts if Russia calls in a $3bn (£1.86bn) loan made to the troubled state late last year, analysts at Moody’s warned yesterday. The state’s debt to GDP ratio is set to rise above 60 per cent this year, breeching the terms of the Russian loan and thus [...]
Ithaca Energy production falls short after problem summer October 9, 2014 ITHACA Energy’s share price fell by almost seven per cent yesterday after a third-quarter trading update revealed that production had failed to meet the predicted level. The company reported average production of 11,600 barrels of oil equivalent per day (boepd) and said it now anticipated full-year production of 12,500 boepd for 2014, whereas guidance production [...]
Espirito Santo Financial Group files for bankruptcy after Luxembourg court denies protection request October 9, 2014 One of the groups behind bailed out Portuguese lender Espirito Santo has filed for bankruptcy after it was denied protection from creditors. Espirito Santo Financial Group (ESFG), which once owned 25 per cent of the main banking group Espirito Santo, was denied protection by a court in Luxembourg last Friday alongside its subsidiary Espirito Santo [...]
Brent crude falls below June 2012 price ahead of Opec meeting October 9, 2014 BRENT crude oil prices continued to slide yesterday, dipping below $91 a barrel for the first time since June 2012. Despite unrest in many parts of the Middle East, prices have been falling for three months, with many experts blaming a combination of oversupply and unyielding US shale gas production. Michael Hewson, head analyst at [...]
Expedia gets thumbs up for £380m takeover of Wotif October 9, 2014 EXPEDIA’S $615m (£380m) takeover of Australian online travel firm Wotif Group was passed with a thumping majority by shareholders yesterday. The tie-up had faced heavy scrutiny from the Australian Competition and Consumer Commission, which feared a takeover would hurt competition in the online travel industry, but it approved the deal last week. Wotif shareholders passed [...]
City Moves for 10 October 2014 | Who’s switching jobs October 9, 2014 MORE TH>N RSA’s direct financial services arm has appointed Phil Wilson-Brown as managing director. He has worked for RSA for 10 years, and joins from its Scandinavian business, where he is strategy, marketing and customer director. Michael Page Paul Sykes has been promoted to senior managing director at the recruitment company. He has worked for [...]
Best of the Brokers for 10 October 2014 October 9, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com EUROPA OIL & GAS Northland Capital Partners reiterated its “buy” rating and 10.3p target price, citing Europa’s delivery of operational results in line with expectations. The broker said: “The strong balance sheet and production cash flows make Europa one of the best placed [...]