EADS confirms talks to shake up complex shareholder structure December 3, 2012 SHARES in EADS rose yesterday as European nations raced towards a deal aimed at overhauling a convoluted shareholder structure at Europe’s largest aerospace group. The Airbus parent company said it was in talks on the company’s ownership with France, German and Spain, confirming press reports. People familiar with the matter said the talks involved a [...]
Pipe maker Tricorn sees softer markets but improving margins December 3, 2012 PIPE and tube maker Tricorn’s shares rose 7.35 per cent yesterday after the Aim-listed group posted an 18 per cent rise in pre-tax profits as capital investments start to pay off. Tricorn, which makes pipe and tubing for engines, aircraft and cars, said revenues fell seven per cent to £11.55m in the six months to [...]
Lamprell appoints new chief exec December 3, 2012 Oil and gas rig contractor Lamprell yesterday named industry veteran James Moffat as its new chief executive, ending speculation over who would take the reins after Nigel McCue stepped down in October following a string of profit warnings. Moffat will join the firm from 1 March next year, having spent the last 16 years at [...]
Repsol files complaint over YPF December 3, 2012 Spanish oil major Repsol yesterday filed a complaint against Argentina at the World Bank’s international arbitration forum over the government’s expropriation this year of Repsol’s controlling stake in YPF. Argentine President Cristina Fernandez nationalised YPF, the country’s biggest energy company, in May, accusing Repsol of slack investment to boost output at a time of growing [...]
France and Italy rail link on track December 3, 2012 The leaders of France and Italy pledged yesterday to push ahead with a high-speed rail link between Lyon and Turin despite a row over EU spending. Despite pressure to slash billions of euros from the European Union’s 2014-2020 budget, French President Francois Hollande defended the rail link between southeast France and northwest Italy as essential [...]
Who’s switching jobs December 3, 2012 Insparo Asset Management Glenda Levin has been appointed head of marketing at the asset management firm. She joins from Pioneer Alternative Investments, where she was head of equity strategy for fund of funds. Levin has also held senior roles at Equitable Life and UBS. Barclays Hayley Rees has been appointed head of the bank’s infrastructure [...]
Best of the Brokers December 3, 2012 ASHTEAD Bank of America begins coverage of the industrial equipment hire firm with a “buy” rating and target price of 460p. Ashtead “will continue to grow revenue rapidly,” the analysis advises. CENTRICA Citi has upgraded the owner of British Gas to “buy” with a target price of 360p. “This current valuation does not reflect the [...]
FTSE 100 boosted by Chinese manufacturing figures December 3, 2012 The FTSE was up in early trading as investors responded positively to Chinese manufacturing figures. Meanwhile the equivalent UK figures, released this morning, show that British manufacturing activity shrank much less than expected in November. Despite this, concerns over the US “fiscal cliff” – a combination of US government spending cuts and tax rises due [...]
UBS could pay £280m fine for Libor fixing December 3, 2012 UBS could pay $450m (£280m) to regulators following allegations that its employees submitting false figures to the organisation that compiles the Libor rate, according to a report in the New York Times. This summer Barclays paid a similar fine after admitting that it manipulated the benchmark interest rate, resulting in the resignation of its chief [...]
Chinese economy shows recovery December 3, 2012 The Chinese economy improved last month, according to factory surveys released yesterday. “There is growing confidence that China’s economy bottomed in July-September, with signs of firmer external demand,” said Hirokazu Yuihama, a senior strategist at Daiwa Securities. Monday’s final reading of HSBC’s China manufacturing Purchasing Managers’ Survey (PMI) rose to 50.5 in November from 49.5 [...]