Best of the Brokers October 28, 2012 BARRATT DEVELOPMENTS Rachael Applegate at Panmure Gordon has downgraded the builder to “hold”, citing the stock’s 100 per cent rise this year. She says “the rating is about right”. DEBENHAMS Matthew McEachran at N+1 Singer has increased his price target by 10 per cent to 135p, and says “buy” after a “comprehensive, confident” presentation from [...]
BACIT raises £207m in London float October 26, 2012 Investment company Battle Against Cancer Investment Trust (BACIT) raised £207m in an initial public share offer, which saw it shares jump in initial trading today. The shares were priced at 100p each in the offering, and jumped to as much as 104p in their stock market debut today. BACIT announced its intention to float on [...]
Former UBS trader claims actions were not fraudulent as defence begins October 26, 2012 Former UBS trader Kweku Adoboli addressed the court for the first time in his six-week trial today, relating to losses of $2.3bn (£1.4bn) sustained by the Swiss bank. Adoboli claimed his actions were not fraudulent, and said that he had worked hard for six years to generate profits for the bank. The former trader has [...]
US GDP grows by two per cent October 26, 2012 The US economy expanded by two per cent in the third quarter, the Commerce Department said today, due to a ramp-up in government spending. Federal government expenditures and gross investment increased by 9.6 per cent over the three months to September, while national defence spending jumped 13 per cent compared to the previous quarter. Consumer [...]
EDF hikes energy prices October 26, 2012 Energy firm EDF today announced that gas and electricty prices would rise by 10.8 per cent from 7 December. It follows in the footsteps of rivals Scottish Power, Centrica, npower and SSE, who have all raised prices in the last few weeks, although EDF’s is the biggest so far. The rise will add £2.35 a [...]
Virgin Atlantic eyes airline alliance October 26, 2012 Virgin Atlantic is close to joining an alliance with other airlines, marking a turning point after 30 years of fierce independence, according to founder Sir Richard Branson. The tycoon told reporters in India that “we may finally give up and become part of a bigger alliance”, with further details expected in the next three to [...]
Samsung makes record profit on smartphone sales October 26, 2012 Samsung saw record third quarter revenues of 52.18 trillion Korean won (£29.5 trillion), up 26 per cent year on year, it said today. The South Korean electronics company posted record profit of 8.12 trillion won over the quarter, a 91 per cent increase. Revenue was boosted by sales of Samsung’s smartphones, particularly by the new [...]
FTSE 100 down as Anglo American in spotlight October 26, 2012 The blue chip index was down in early trading, as investors were cautious on weak data from the Eurozone and biding time ahead of US GDP released this afternoon. Mining shares bore the brunt of losses, although Anglo American bucked the trend, adding 2.1 per cent, as chief executive Cynthia Carroll announced she was to [...]
CPP looks to tough 2013 as regulatory probe continues October 26, 2012 Insurer CPP Group said this morning that it expects UK trading to be difficult next year because of a regulatory probe affecting new business. Last year the Financial Services Authority announced it would look into the way that CPP sold protection against identity theft. The insurer said today that it had agreed a framework with [...]
Spain unemployment hits record high October 26, 2012 Spain’s unemployment rate hit a record high of 25 per cent in the third quarter, official data showed this morning. It is thought that a new labour reform that made it easier to dismiss workers and a steep recession left more out of a job. The figure rose from 24.6 per cent seen in the [...]