Bumi shareholders to vote on separation and name change December 15, 2013 SHAREHOLDERS of troubled coal miner Bumi are set to vote on the company’s separation tomorrow and also on a new name, marking the end of a longstanding feud between its co-founders. Investors are widely expected to vote in favour of the deal and the rebranding to Asia Resource Minerals. Founder Nat Rothschild, who owns a [...]
Eggborough power plant may close as it fails to win subsidies December 15, 2013 EGGBOROUGH power station in North Yorkshire is at risk of closing, with the government due to announce on Thursday that it is not eligible for subsidies until 2015. The coal-fired power station was looking to convert into a green energy project and burn wood pellets instead of coal, in order to avoid costly levies on [...]
City Moves for 16 December 2013 | Who’s switching jobs December 15, 2013 Fladgate The law firm has made two appointments. Ian Brent (right) joins as a corporate partner. He was previously head of corporate at Davies Arnold Cooper and head of London corporate at Halliwells. Melissa Needham joins as a corporate associate from DAC Beachcroft. BDO The accountancy firm has recruited Neil Williams as a director in [...]
Best of the Brokers for 16 December 2013 December 15, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com BARCLAYS Numis has raised the bank’s rating to “hold” with a 274p target price. The analyst said the forecast reductions reflect potentially weak fourth quarter revenue from fixed income and currencies as well as deleveraging, but some of the uncertainty has already been [...]
London Week Ahead: UK’s Christmas gift of boost to GDP and jobs December 15, 2013 FURTHER evidence that the recovery is gaining traction is expected this week with inflation figures and the release of the employment rate, which may top 30m for the first time ever. While the inflation rate, measured by the consumer prices index (CPI), is forecast to remain at 2.2 per cent – the lowest since September [...]
Wall St Week Ahead: Vote by Federal Reserve key to festive stocks December 15, 2013 THE Federal Reserve holds the wild card for the US stock market this week with a decision on whether or not to slow the pace of its stimulative bond buying. Federal Reserve policymakers gather for the last time in 2013 for a two-day meeting that concludes on Wednesday. Many investors are still expecting the Fed [...]
Any Other Business – 16/12 December 15, 2013 KPMG is celebrating a 27 per cent jump in UK profits today but The Capitalist can’t help but wonder if chairman Simon Collins might be disappointed with his £2.4m pay package, after spotting him moonlighting as a barista in the firm’s cafe on Friday. It turns out Collins wasn’t supplementing his pay but was raising [...]
Victory for the City as EU backs down on banker bonuses December 13, 2013 The European Banking Authority has revised its position on capping banker bonuses. Bankers earning over €500,000 (£420,000) a year could be exempted from the cap if they are deemed not be major risk takers. Institutions will need to seek the permission of the EBA to exempt staff members from the cap. The original restriction sought [...]
One of the top candidates for Microsoft CEO just got snapped up by Qualcomm December 13, 2013 A day after rumours circulated that Steve Mollenkopf could be one of the top picks for the Microsoft CEO job, Qualcomm has announced that he'll be its CEO and president. Mollenkopf will take the lead from 4 March 2014 at the chip giant. He's been at the company for nearly 20 years, and replaces Dr. [...]
Bitcoin under attack as Norway introduces new tax December 13, 2013 Bitcoin users have been dealt a blow as Norwegian authorities have announced that they will be placing a tax on the virtual currency. Hans Christian Holte, director at the Norwegian tax administration said in an interview: Bitcoin don’t fall under the usual definition of money or currency. We’ve done some assessments on what’s the right [...]