City Moves | Who’s switching jobs November 25, 2012 Pioneer Investments The investment firm has announced three new hires. Hiromi Wada (right) joins from Itau Japan Asset Management. Martin Park joins from HSBC Global Asset Management. He has also held roles at Citibank. Finally, Matthew Marks joins from Prudential Asset Management. Caxton FX Tim Cooke has been appointed non-executive director at the foreign exchange [...]
Best of the Brokers November 25, 2012 LONMIN UBS rates the miner “sell” and has cut its price target from 260p to 240p. The broker thinks Lonmin will hit output targets and see price growth, but the new management team have not yet done enough to ensure the firm recovers. HOMESERVE N+1 Singer has lowered its rating on the repairs and insurance [...]
Tata Steel to cut 900 UK jobs November 23, 2012 Tata Steel is to cut 900 jobs in the UK, including 580 jobs at its Port Talbot site in South Wales as part of a restructuring plan. It will cut 12 steel finishing and processing sites in England and Wales as part of the proposals. Other areas implicated by the steel manufacturer’s job cuts include [...]
EU budget summit ends without deal November 23, 2012 EU summit talks collapsed this afternoon, as leaders abandoned talks to find a deal on the currency bloc’s next long-term budget. The failure to agree a budget for the 2014-2020 period meant European Council President Herman Van Rompuy ended the summit. Talks are expected to resume early next year. It is understood that disagreement focused [...]
BP appoints Lamar McKay as new head of upstream November 23, 2012 Oil major BP said today it had appointed Lamar McKay in the newly-created role of head of upstream, in a reorganisation of its oil and gas production operations. McKay, who will take up the role in January, will lead the upstream business in a reinstatement of a role that was abolished in 2010 after the [...]
Anglo American and Lafarge appoint chief executive for joint venture November 23, 2012 Mining giant Anglo American and cement maker Lafarge have appointed Cyrille Ragoucy as chief executive for their joint venture, they said today. Jamie Pike has been appointed non-executive chairman and Guy Young will join as chief financial officer of the joint venture, which will combine Anglo subsidiary Tarmac and Lafarge’s concrete and cement services in [...]
FTSE 100 flat as EU budget talks continue November 23, 2012 A lack of headway on the EU budget talks kept the leading share index broadly flat in trading this morning. Eurasian Natural Resources was the biggest blue-chip riser, adding more than one per cent. On the FTSE All-Share, holiday group Thomas Cook rose 5.44 per cent, while credit card CPP Group added 2.88 per cent. [...]
Black Friday kicks off holiday shopping season November 23, 2012 Black Friday got off to an early start last night, as shoppers in the US hit the high street. Black Friday, the day after Thanksgiving that is synonymous with shopping, could see 147m people shopping over the weekend, according to the National Retail Federation. Many stores opened late on Thursday, continuing a trend that began [...]
Renewable power spending to triple by 2020 November 23, 2012 The government has pledged spending of £7.6bn a year in real terms by 2020 on green energy measures. Under the Levy Control Framework, spending on low-carbon electricity generation will triple from the current £2.35bn a year. The government is targeting 30 per cent of electricity to come from renewables by 2020, from around 11 per [...]
Brewer Fuller’s lifted by new acquisitions November 23, 2012 New pub acquisitions boosted brewer Fuller, Smith & Turner in the six months to September, as revenue jumped eight per cent despite a washout summer. Two pubs – in Brighton and Waterloo – were acquired over the six months, and a further two have been bought since the end of September, flattering the increase in [...]