Glencore sells off pasta maker September 16, 2013 MINER and commodities trader Glencore Xstrata yesterday said it had agreed to sell Dakota Growers Pasta Company for $370m (£232m) in cash, as it continues to divest assets acquired with its $6bn purchase of Canadian grain handler Viterra last year. To appease regulators around the world, Glencore has already sold a number of Viterra’s assets [...]
City Moves for 17 September 2013 | Who’s switching jobs September 16, 2013 Savills The property company has appointed Oliver Fraser-Looen as a director in its European cross-border investment division. Fraser-Looen was most recently at Cushman & Wakefield, where he worked in its European cross-border retail investment team. Investec Wealth & Investment John Wyn-Evans has joined the wealth management business as head of investment strategy. Wyn-Evans was formerly [...]
Best of the brokers for 17 September 2013 September 16, 2013 PRUDENTIAL Broker Panmure Gordon has retained its buy rating but upgraded its target price for the insurer to 1,453p per share from 1,376p per share. It said it anticipates the Pru to announce a series of stretching targets at the start of December that will help the share price. BARCLAYS Nomura analysts have upgraded the [...]
London Report: Summers’ exit from Fed race boosts the FTSE September 16, 2013 BRITAIN’S top share index hit a six-week high yesterday as Lawrence Summers quit the race to head the US Federal Reserve, boosting prospects of a more measured scale-back in economic stimulus measures. The blue-chip FTSE 100 index ended up by 0.6 per cent, or 39.06 points, at 6,622.86 points, marking its highest close since ending [...]
New York Report: Obama curbs market gains with debt talk September 16, 2013 US stocks advanced yesterday after former Treasury secretary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. Early enthusiasm faded, however, after President Barack Obama stood firm in warning Republicans in Congress he will not negotiate over an extension of the [...]
Summers exit trumps fears of taper September 16, 2013 But uncertainty surrounding the nomination of the new Fed chair will mean volatility for stocks in the future LARRY Summers, former US Treasury secretary, is out of the race to replace Ben Bernanke as Fed chair. In reaction to the news, the MSCI All-Country World Index rose yesterday by 1.1 per cent to its highest [...]
CNBC Comment: Guidance disbelief may force Bank action September 16, 2013 IT’S ANOTHER big week for UK economy watchers, as questions remain about the quality and sustainability of the current rebound. After a miserable 2012, more optimistic economic forecasts should be warmly received. But there’s still doubt about whether a recovery that’s been helped by housing and a consumer upturn can lead to strong investment-led growth. [...]
Daily FX: Analyst picks September 16, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long Kiwi-dollar, long Kiwi-yen, looking to exit long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Dollar-yen has chopped sideways and opened the week lower on news that Larry Summers would not become the next Fed chairman. Weakness related [...]
Any other business – 17/09 September 16, 2013 Boss of City PR outfit RLM Finsbury Roland Rudd has been promoting a non-financial cause, his charity Legacy10. The charity has announced that applications are open for next month’s Legacy10 Award for Excellence – email contact@legacy10.com for more details. Rudd explained: “Legacy fundraising is a skill so often overlooked but absolutely vital in the efforts to [...]
Green light given for Lloyds sale to begin September 16, 2013 UKFI, the government agency that manages the state's 38.7 per cent stake in Lloyds, has given the go ahead to begin reprivatising those shares. The Chancellor has now authorised the process, which will begin with a sale of six per cent of Lloyds shares. More details and analysis on the live blog.