Jupiter Fund Management snaps up Merian for £370m February 17, 2020 Jupiter Fund Management today confirmed it has clinched a £370m deal to buy Merian Global Investors in what analysts have branded a “defensive” move. Jupiter will become the world’s second largest retail funds manager after the acquisition in a sector where rising regulatory pressures have encouraged actively managed funds to band together. “This is an [...]
Tullow Oil sees stock fall again as drilling comes up dry February 17, 2020 Tullow Oil’s shares fell six per cent this morning as the exploratory firm said that it would abandon one of its wells in Peru after failing to find oil while drilling there. The well, of which Tullow owns a 35 per cent stake, was the first to be drilled in the offshore Tumbes basin, a [...]
Petra Diamonds books $10m loss as prices decline February 17, 2020 Petra Diamonds fell to a loss in the first half of the year after increasing production at the miner was offset by a decline in diamond prices. Shares in the firm fell over nine per cent in early trading. The figures The company booked a $10m loss in the six months to December, a swing [...]
Global dividend payouts hit $1.43 trillion last year February 17, 2020 Global dividends rose to a record $1.43 trillion (£1.1 trillion) in 2019, research published today showed. Dividends rose 3.5 per cent on a headline basis, according to asset manager Janus Henderson’s global dividend index. Underlying growth, adjusting for the strong US dollar and unusually high special dividends, was 5.4 per cent, driven by North America, [...]
US private equity snaps up UK companies on the cheap February 17, 2020 The total value of acquisitions of UK companies by US private equity funds jumped 53 per cent last year to £19.9bn. According to a report by law firm Mayer Brown, the depressed valuations of UK companies versus their European peers has made them look to be good value for funds. The period of Brexit uncertainty, [...]
Anglo takeover becomes Sirius’ last hope as alternative falls through February 14, 2020 Embattled UK miner Sirius Minerals said today that it had dropped an alternative funding scheme to its takeover by Anglo American as it was unviable. Last week the firm, which is seeking funds to develop the North Yorkshire polyphalite project, the UK’s largest mine in a generation, said it was exploring potential financing of €680m [...]
GBP/EUR Update – Cabinet Reshuffle February 14, 2020 | City Talk Reports over the weekend of tensions rising between the UK and the EU over trade negotiations meant that the pound got off to a shaky start this week. Despite this, sterling did make some gains later in the day, reflecting investors’ optimism that a suitable deal will be reached, despite reports that the EU may [...]
Water industry hits back at Ofwat over price determinations February 14, 2020 Two more water companies have referred Ofwat to the Competition and Markets Authority (CMA) today over its five-year financial plan for the sector, after Yorkshire Water did so on Monday. Both Anglian and Northumbrian Water have referred the regulator’s price determinations, with the latter claiming that the plan runs “contrary to the long term best [...]
EDF smashes expectations as renewables arm goes from strength to strength February 14, 2020 EDF Energy smashed analyst expectations today as the French utilities giant enjoyed a strong performance from its renewable energy business. The figures The firm’s profit for 2019 was €5.2bn (£4.3bn), almost five times larger than the €1.1bn it posted in 2018. Analysts had predicted a profit of €3bn. Revenue rose four per cent to €71.3bn, [...]
Pound pushes higher after chancellor reshuffle February 13, 2020 Sterling rallied this afternoon after the prime minister’s Cabinet reshuffle was thrown into disarray by the resignation of chancellor Sajid Javid. The pound fell against the dollar following Javid’s surprise departure, which came after the chancellor refused to fire two of his special advisers. But it swiftly bounced back to trade up 0.5 per cent [...]