Gemfields sees glistening future as its revenues more than treble September 22, 2014 Leading coloured gemstone supplier Gemfields revealed its revenues had more than tripled as it returned to profit in 2014, boosted by strong emerald and ruby sales. Shares in Aim-listed Gemfields jumped over five per cent yesterday, as it said revenues rose to $160.1m (£97.9m) in the year to 30 June 2014, up from $48.4m in [...]
Latin American states to be hit most by oil price fall September 22, 2014 Latin American petro-states face being hardest hit by the recent 15 per cent drop in price of oil to below $100 (£61) per barrel (pb), according to a new report released yesterday. The report by research consultancy Capital Economics said lower oil prices could hit Latin American producers worst because many relied on higher prices [...]
Angola LNG plant needs huge rebuild September 22, 2014 ANGOLA’S liquefied natural gas (LNG) plant faces a lengthy closure and massive reconstruction work to fix design flaws and corrosion of its nearly-new equipment, which will add at least $12bn (£7.3bn) to the project’s cost. US oil group Chevron, its biggest shareholder, accepted there were design problems with the project, which began production last year [...]
Laying down the law on M&A and sell offs September 22, 2014 LAW FIRM of the year The past year has seen law firms work with the government and banks on the selling of shares and on the investigations into alleged failings at big companies. Against that backdrop lawyers have also started to benefit from the upturn in the M&A and financing markets, beefing up their private [...]
City Moves for 23 September 2014 | Who’s switching jobs September 22, 2014 Baker & McKenzie Gillian Coyle has been appointed London HR director at the law firm. She joined in 2010 as the head of the HR business partner team, and previously spent 12 years at Deloitte. Coyle will also serve on Baker & McKenzie’s London Management Committee. Deutsche Asset & Wealth Management Astrid Manroth has been appointed [...]
Best of the Brokers for 23 September 2014 September 22, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com PETROFAC Barclays has upgraded to “overweight” from “equal weight”, with the target price kept at 1,500p. Barclays says while Petrofac’s Great Stella development needs to come on-stream, its record order backlog will likely ensure strong growth in the years ahead, with significant upside [...]
London Report: Tesco’s woes and miners’ China fears drag down market September 22, 2014 SHARES in giant retailer Tesco tumbled yesterday 11.5 per cent to 203p – their lowest in 11 years – because of fears that first-half profits were overstated by around £250m, dragging down the FTSE 100. The blue-chip index was off 64.29 points, 0.94 per cent, at 6,773.63 points. Supermarket rivals Morrison and Sainsbury’s were hit [...]
New York Report: Housing data hits Wall St September 22, 2014 American shares yesterday closed lower, with the S&P 500 suffering its biggest one-day fall since early August as the latest housing data came in much weaker than expected, raising new concerns about the level of growth in the economy. The Dow Jones industrial average fell 104.01 points, or 0.6 per cent, to 17,175.73, the S&P [...]
Why the tide is against the iron ore mining giants – CNBC Comment September 22, 2014 Mining firms have put on a brave face over the past 18 months. I warned last year that the super-cycle had popped, despite the largesse still being exhibited by the industry in the mining hub of Perth. Since then, billions of dollars have been extracted from cost savings, economies of scale are being wielded to [...]
Shifting your time frame can improve risk-reward ratios – Daily FX Tips & Picks September 22, 2014 With FX volatility picking up and trends turning parabolic, it’s easy to miss out on strong trends. One good example is the current 830 pips rally in dollar-yen. Traders that are not long now probably feel that they have missed too much already, and so hesitate to trade. Risk-reward ratios with longer time frames will [...]