Alcatel-Lucent cuts jobs in new turnaround plan October 8, 2013 TELECOM equipment maker Alcatel-Lucent announced plans yesterday to cut an overall 10,000 jobs worldwide in what its chief executive called a last chance to turn the company around from heavy losses. Alcatel-Lucent, the product of a 2006 Franco-US merger aimed at creating a global giant, told a European works council meeting it intends to axe [...]
Aston Martin drops supermini Cygnet vehicle from its range October 8, 2013 BRITISH luxury sports car maker Aston Martin has ended its foray into the supermini segment by dropping its Cygnet city car from the range after poor sales, a source close to the company said. The source said Aston Martin’s two-door Cygnet, which was based on the Toyota iQ, had been dropped from the company’s line-up [...]
Ferrexpo has record production but weak metal prices hit hard October 8, 2013 RECORD production in the third quarter was not enough to stop FTSE 250-listed iron ore miner Ferrexpo’s shares sliding 2.5 per cent yesterday, as the low base metal price weighed down on the sector. Ferrexpo delivered 2,681kt of pellets from its own ore, up 3.2 per cent from the second quarter. Total pellet production for [...]
Business comms group Daisy dials up more customer wins October 8, 2013 BUSINESS communications service provider Daisy Group said yesterday that trading in the six months to 30 September is in line with expectations and it expects to comfortably meet its full year targets. Daisy’s core retail business has had a number of contract wins, with both public and private sector customers taking up its broadband, hosting [...]
Atkins to ride the Riyadh Metro October 8, 2013 British engineering group WS Atkins has won a £75m contract to design part of Riyadh’s new Metro system, which the Saudi Arabian city has hailed as the biggest public transport project in the world. Atkins will lead a joint venture with Spanish consultancy Typsa for three of the Metro’s six lines. Work on the entire [...]
Grangemouth spat heats up October 8, 2013 Oil refiner Ineos yesterday refused to go to independent arbitration in a dispute with workers at its Grangemouth refinery and petrochemical plant in Scotland, increasing the chances of a full-scale strike. Ineos and Unite, Britain’s largest trade union, have been engaged in a separate war of words about the future of the petrochemical plant. Last [...]
SolGold falls despite copper find October 8, 2013 SolGold has struck copper at its Cascabel project in Ecuador, the firm revealed yesterday, but its Aim-listed shares tanked more than 11 per cent to 6.85p in heavy trading. Managing director Alan Martin said that exploratory sites “full support our interpretation that the broader Alpapa region has potential to host a world-class porphyry copper-gold deposit”. [...]
City Moves for 09 October 2013 | Who’s switching jobs October 8, 2013 MacKay ShieldsThe fixed-income investment management firm has hired Matthew Nagele as managing director and head of distribution for the UK and Europe, the Middle East and Africa. He has previously held senior roles at Janus Capital Group and Old Mutual Asset Managers (UK). Jones DayThe law firm has announced the appointment of Michael Weir as a [...]
Best of the Brokers for 09 October 2013 October 8, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com SIGNET Analysts at Deutsche Bank have upgraded the jeweller to a “buy” and increased its target price from $73 to $85. The bank said sound cash generation should provide scope for further share buybacks and dividends. TAYLOR WIMPEY Panmure Gordon has upgraded the housebuilder [...]
London Report: Retail gloom and US gridlock weigh on FTSE October 8, 2013 THE UK’S top share index slipped to three-month lows yesterday as weak data and downbeat analyst comments hit retailers and the fiscal deadlock in the United States kept broader sentiment subdued. In contrast to buoyant recent British data, retail sales growth slowed for a second month in September, according to BRC numbers. Analyst notes on [...]