Best of the brokers December 5, 2012 WILLIAM HILL Nomura rates the bookie “reduce” with a target price of 260p. The broker thinks the firm’s exit from Greece will cost one per cent of 2013 earnings, and believes a deal to buy Sportingbet would be “excellent”. HOME RETAIL Morgan Stanley has an “overweight” rating on the Argos owner and a price target [...]
Every little helps as Tesco boosts FTSE December 5, 2012 Tesco proved that every little helps by assisting the FTSE to a healthy rise in early trading. The supermarket group admitted last night that it is considering giving up on its struggling US venture, exciting investors who have grown exasperated with the company’s inability to transfer its success to the other side of the Atlantic. [...]
Sage profits edge up December 5, 2012 Newcastle-based software group Sage today announced healthy profit growth for the year ending 30 September, thanks to strong sales of support services. But demand for its software in markets such as France and Spain struggled. Underlying pre-tax profit of £356.3m was up from £343.5m, an increase of four per cent over the year. Revenue from [...]
HSBC sells Chinese insurer for $9.4bn December 5, 2012 HSBC bank today announced that it has sold its stake in a Chinese insurer for $9.4bn (£5.8bn). The bank’s 15.6 per cent share in Ping An Insurance has been bought by CP group, a firm controlled by Dhanin Chearavanont, Thailand’s richest man. HSBC spent $1.7bn to build the 15.6 percent stake in China’s second-largest insurer [...]
City braced for more tax hikes December 4, 2012 CITY workers were bracing themselves for tax hikes today, with private pensions likely to be targeted again in the Autumn Statement. The chancellor has warned that he will use today’s mini-budget to force those on high incomes to pay more tax. There were also fears last night that the levy on bank balance sheets would [...]
Tesco poised for dramatic exit from US December 4, 2012 TESCO is likely to close its US franchise, Fresh & Easy, pending a strategic review of the lossmaking business. Chief executive Philip Clarke will announce the review today alongside the retailer’s quarterly results, and will make a decision on the venture by April. Fresh & Easy has failed to turn a profit in its five [...]
Row brings euro banking union talks to a standstill December 4, 2012 A FRANCO-GERMAN split yesterday threatened to derail plans for a European banking union, with French ministers pushing for the European Central Bank (ECB) to have all the powers previously promised, and the German government doubting the ECB was even capable of supervising any banks. Plans were supposed to be finalised yesterday, but another meeting of [...]
UK and Europe blighted by lack of confidence December 4, 2012 THE CHANCELLOR faces a major challenge improving confidence in the economy, as just 15 per cent of Britons believe the UK is in good shape according to an Ipsos Mori poll seen exclusively by City A.M. Confidence has been flatlining in recent months, though it has increased a little over the last year. The poll [...]
What the other papers say this morning December 4, 2012 FINANCIAL TIMES Intersnack hungry for KP Snacks The British maker of Hula Hoops crisps, KP nuts and Mini Cheddars is about to be sold to German snacks maker Intersnack, paving the way for a possible disposal of the rest of United Biscuits’ brands, including McVitie’s Jaffa cakes next year. Intersnack, the owner of Pom-Bear crisps [...]
Obama holds ground on cliff December 4, 2012 Barack Obama held his ground on the “fiscal cliff” yesterday, insisting on higher tax rates for the wealthiest Americans, while Republicans showed increasing disarray over how far they should go to compromise with Obama’s demands. With less than a month left to confront the budget cuts and tax increases that will begin taking effect in [...]