Best of the Brokers November 13, 2012 TRIFAST After strong interim results Shore Capital has upgraded its forecasts for the mechanical fasteners maker, upping earnings estimates by four per cent for 2013. It has a “buy” rating and 43p target price. MAJESTIC WINE Ahead of interims on 19 November, Canaccord Genuity has a “buy” rating and 505p target price on the retailer, [...]
Weak miners and Vodafone weigh on FTSE 100 November 13, 2012 The leading blue chip index was trading down this morning, dragged down by headline mining shares and Vodafone. On the FTSE All-Share, Finnish miner Talvivaara sank 8.72 per cent, as its nickel mine remained shut by a waste water leakage. Electronic card payment provider De La Rue dropped 7.14 per cent as it issued a [...]
UK inflation jumps to 2.7 per cent November 13, 2012 The consumer prices measure of inflation jumped to 2.7 per cent in October, up from 2.2 per cent in September, with the hike in university fees behind the rise. Aside from university tuition fees, price rises in food and transport also contributed to the increase, according to official figures from the Office for National Statistics. [...]
Petra Diamonds agrees $244m new debt facility November 13, 2012 Miner Petra Diamonds has agreed new debt facilities of $244m (£154m) to finance the expansions of two South African mines. The new facility will be mainly used to expand the Finsch and Cullinan mines in South Africa, as well as helping the group’s general working capital needs. Over the three months to September, Petra Diamonds’ [...]
William Hill and GVC get more time for Sportingbet bid November 13, 2012 William Hill and GVC Holdings have been given more time to make a formal offer for Sportingbet, with the deadline extended to 4 December. Following a £530m takeover approach, the UK Takeover Panel has extended the deadline from this afternoon to allow discussions to continue between Sportingbet, William Hill and joint bidder GVC Holdings. William [...]
Vodafone drops to loss November 13, 2012 Telecoms company Vodafone slumped to a pre-tax loss of £492m over the six months to September, as it was forced to write down the value of its business in Spain and Italy by £5.9bn. It was hit by customers in Southern Europe making fewer phone calls. Over the second quarter, group organic revenue fell 1.4 [...]
50,000 zombie firms to fail if rates rise November 12, 2012 TENS of thousands of firms are set to go bust when interest rates rise, taking hundreds of thousands of jobs down with them, business troubleshooting group the Institute for Turnaround (IfT) has warned. There are almost 150,000 zombie firms in the UK – businesses that are fundamentally broken, and only still alive because ultra-low interest [...]
Hoare Govett owner Jefferies sold in $3.6bn share deal November 12, 2012 INVESTMENT bank Jefferies, owner of UK corporate broker Hoare Govett, yesterday said it will merge with one of its largest shareholders, US holding group Leucadia National Corporation, in a deal valued at $3.6bn (£2.9bn). The bank, which has its European headquarters in the City, has agreed to approve an all share deal giving shareholders 0.81 [...]
Top executives quizzed by MPs on tax avoidance November 12, 2012 STARBUCKS, Amazon and Google were yesterday criticised by MPs following accusations that the multinational firms are moving profits abroad to minimise their UK corporation tax bill. MPs were critical of deals that appear to show firms diverting apparently British transactions through overseas divisions in low-tax countries. Members of the Public Accounts Committee accused the firms [...]
What the other papers say this morning November 12, 2012 FINANCIAL TIMES Nissan hits back at tax critics Nissan yesterday became the latest company to face scrutiny over its tax affairs after it was revealed that Britain’s biggest carmaker avoided millions in corporation tax every year by selling vehicles through a Swiss company that manages its European operation. The company hit back at the criticism, [...]