South Africa’s investment corp rings in changes December 11, 2014 South Africa’s Public Investment Corporation yesterday promoted chief investment officer Daniel Matjila to chief executive officer. Matjila’s appointment follows the surprise resignation in May of Elias Masilela, from the state-owned pension fund manager’s top job. Masilela, who had been in the role since 2011, never explained his decision to quit. The PIC, Africa’s biggest and [...]
Cargill back in battle for Dutch nutrition company Nutreco December 11, 2014 SHARES in nutrition company Nutreco jumped 3.9 per cent yesterday after Cargill, the American commodities behemoth, announced it still wanted to buy the company, but without breaking it up. Investors in Nutreco reacted favourably to the news of a possible bidding war with rival suitor SHV Holdings, a family-owned Dutch trading company. Nutreco said last [...]
Polar Capital under target despite small profit increase in first half December 11, 2014 BRITISH investment firm Polar Capital yesterday reported a small rise in first-half profits, despite being hamstrung by a poor performing Japan. In its first-half interims, Polar recorded pre-tax profits of £11.6m – up 15 per cent year-on-year. The company also saw its assets under management increase one per cent to £13.4bn, and its earnings per [...]
Sidley Austin names 32 new partners across global network December 11, 2014 GLOBAL law firm Sidley Austin has elected 32 lawyers to its partnership, with the new partners to be spread across the law firm’s global network, it announced yesterday. Effective from 1 January, the new partner class is made up of lawyers from across the spectrum of the company practice areas. The class will be spread [...]
City Moves for 12 December 2014 | Who’s switching jobs December 11, 2014 Castle Harbour The financial services firm has appointed Eric Daniel to co-manage a new convertible bond fund. Daniel was formerly head of equity derivatives and convertible bond sales at Citigroup in Paris. He will run the Castle Harbour R&D Pure Global Convertibles Fund. Canaccord Genuity Nishad Vallonthaiel has been appointed head of electronic and programme [...]
Best of the Brokers for 12 December 2014 December 11, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com CENTAUR MEDIA Westhouse Securities has moderated its rating from “buy” to “add”, to reflect that the upside to its 71p target price has been reduced by recent share price strength. The broker said this performance was well deserved due to the positive initiatives [...]
Miners weigh on FTSE as demand for metal drops – London Report December 11, 2014 BRITAIN’S top share index slipped to a six-week low yesterday, as mining shares fell sharply on concern that metal demand was weakening, while some stocks traded without the attraction of their latest dividend payouts. The mining companies put pressure on the blue chip FTSE 100 index, which closed 0.6 per cent lower at 6,461.70 points. [...]
Strong figures help Dow end three-day fall – New York Report December 11, 2014 US STOCKS rose yesterday as upbeat retail sales and other data pointed to a strengthening economy and lifted optimism about consumer spending. Indexes ended well off their highs for the day, however, paring gains late in the session as Brent Crude oil settled down 0.9 per cent, putting a lid on energy shares, and as [...]
How to get a bigger Christmas bonus December 11, 2014 Some subtle boasting may be in order – even if you work at a relatively small company. It's that time of year when work calms down and Secret Santa gifts are exchanged. But while Christmas is generally a time for giving and altruism, thoughts in the City also turn to the reward you’ve grafted [...]
Russell Brand Vs Nigel Farage: Play BBC Question Time bingo as political upstarts go head-to-head December 11, 2014 TV viewers of all persuasions will be treated to a political showdown between revolutionary jabberer Russell Brand and immigration delayed Nigel Farage on Question Time tonight. The must-see event (or must-avoid, depending on how strong your political gag reflex is), kicks of at 10.35pm. Be prepared for a war of words. But what choice words [...]