Skanska wins £600m Battersea Power Station building contract September 10, 2014 Skanska has been chosen as preferred bidder to redevelop the Battersea Power Station building, it emerged yesterday, in a major coup for the Swedish construction firm. The company is understood to have beaten Balfour Beatty, Lend Lease and Mace to win the estimated £600m job. A formal announcement is expected to be made within the [...]
Winkworth to expand in the commuter belt September 10, 2014 WINKWORTH has revealed a strong increase in sales in the last half year as the UK property market soared. The estate agent’s sales in the six months to 30 June were £2.49m, up 20.4 per cent on the same time last year. Profit before tax increased to £803,785, against £594,633 last year. Chief executive Dominic [...]
German venture capitalist Rocket heads for €5bn float in Frankfurt September 10, 2014 German venture capital firm and startup incubator Rocket Internet yesterday unveiled plans for a stock market listing in Germany that could value the company behind dozens of online start-ups at €5bn (£4bn), riding a wave of e-commerce flotations. Rocket, that replicates e-commerce businesses in a number of startups that it has launched around the world, [...]
London listing to raise $2.1bn for AngloGold September 10, 2014 SOUTH African mining giant AngloGold Ashanti yesterday announced plans to raise $2.1bn (£1.3bn) in a rights issue and spin its international assets into a new London-listed company. The Johannesburg-based mining firm, created by a merger between AngloGold and Ashanti in 2004, revealed it would focus on its core South African operations after the asset spin [...]
Ferrari chief zooms off into the sunset after 23 years at the wheel September 10, 2014 ITALIAN supercar maker Ferrari yesterday announced the resignation of chairman Luca di Montezemolo. The move brought to an end “23 unforgettable years”, he said yesterday. Montezemolo’s departure follows recent poor F1 racing results at Ferrari, which led to criticism from chief executive Sergio Marchionne of parent company Fiat, who will take over as Ferrari chairman. It [...]
Philip Morris International hikes its dividend after strong quarter September 10, 2014 TOBACCO giant Philip Morris International yesterday announced a 6.4 per cent boost in its dividend and the appointment of three new directors to its board. Philip Morris reported second quarter profits that beat forecasts in July due to strong European sales. The maker of Marlboro cigarettes said the increase to its quarterly dividend would result [...]
City Moves for 11 September 2014 | Who’s switching jobs September 10, 2014 Falcon Group The alternative finance firm has appointed two to its risk management team. Mark Wyatt (pictured) joins as chief risk officer. He was director of risk, information and claims at Euler Hermes. Tim Esden joins as portfolio manager from Coface, where he was head of claims and debt collection. PwC The professional services firm has [...]
Best of the Brokers for 11 September 2014 September 10, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ROYAL BANK OF SCOTLAND Investec has upgraded to “hold” from “sell”, and raised the target price to 355p from 340p. Investec expects a no vote in the Scottish referendum to ease recent share underperformance, and continues to expect a gradual recovery across RBS’s [...]
London Report: Flat FTSE pulled back by Scots vote and ARM September 10, 2014 BRITAIN’s top equity index made little progress yesterday as a fall in the shares of chipmaker ARM and uncertainty over Scotland’s independence vote next week pegged back the market. The blue-chip FTSE 100 index, which had fallen in the last three sessions, closed up by 1.11 points – flat in percentage terms – at 6,830.11 [...]
New York Report: Apple reverses trend sending Wall St higher September 10, 2014 A REBOUND in Apple shares yesterday helped push US stocks higher, breaking the market’s two-day string of losses. The ionone and Iand maker’s shares jumped 3.1 per cent to $101, the most actively traded on the Nasdaq, after several brokerages raised their price targets on the company. Its shares had ended down slightly on Tuesday. [...]