Evraz falls as it seeks to make changes to its bond covenants November 14, 2012 DEBT-LADEN Russian steelmaker Evraz yesterday asked the holders of a $750m (£428m) bond maturing in 2015 to approve the removal of a covenant, sending its shares tumbling. “The company is seeking approval by way of an extraordinary resolution of the holders of the notes to remove a covenant requiring the company to maintain the net [...]
Darty’s revenues lose their spark November 14, 2012 Electrical goods retailer Darty, formerly known as Kesa, yesterday reported a 2.2 per cent fall in revenue for the six months through October and said business conditions would likely remain challenging. Darty had to pay a £50m dowry to a private equity firm last year to take its loss-making UK business Comet off its hands. [...]
Thumbs up for AZ diabetes drug November 14, 2012 Anglo-Swedish pharma giant AstraZeneca (AZ) said yesterday, alongside Bristol-Myers Squibb, that Brussels regulators have approved a new treatment, Forxiga, for type 2 diabetes. The news is a boost for the struggling firm after it was dealt a blow by the federal patent court in Germany on Tuesday. The court ruled that a key patent on [...]
AngloGold mine resumes output November 14, 2012 Operations have resumed at AngloGold Ashanti’s Mponeng mine in South Africa, following the suspension of operations last week after miners staged a sit-in. Talks between regional management and unions were successful, AngloGold said, and all parties have now agreed principles for safe working conditions. AngloGold said yesterday it can focus on ramping up production at [...]
Who’s switching jobs November 14, 2012 CFA Society of the UK Richard Dunbar has been appointed chairman of the investment membership society. He is currently an investment director at Scottish Widows Investment Partnership, where he has worked since 2000. Dunbar has also held senior roles at Blairlogie Capital Management. Puma Investments David Kaye has been appointed chief executive of Puma Investments, [...]
Best of the Brokers November 14, 2012 VODAFONE Morgan Stanley has an “overweight” rating and a 210p target price on the telecoms giant. While first half figures were disappointing, the broker wants to see more progress in Europe. STANDARD CHARTERED Investec rates the bank “buy” with a target of £18. The broker points out that StanChart is one of just two UK [...]
Weak investor sentiment holds back FTSE 100 November 14, 2012 Worries over the US economy and Greece’s unresolved debt crisis dragged down the leading share index in early trading this morning. On the FTSE All-Share, broker Icap led the fallers, tumbling 6.32 per cent as it reported a 26 per cent drop in profits. Electricals retailer Darty fell 5.46 per cent in early deals, as [...]
Unemployment falls to 2.51m as employment rate rises November 14, 2012 The number of people out of work fell 49,000 to 2.51m over the three months to September, as the employment rate jumped again. The employment rate for the third quarter was 71.2 per cent, up 0.2 per cent on the previous quarter, according to official figures from the Office for National Statistics. The ONS said [...]
Asian growth boosts Prudential November 14, 2012 Insurer Prudential this morning reported a 13 per cent rise in profit, boosted by strong growth in its Asian markets. Over the year to date, new business profit was up to £1.7bn, while sales were up 14 per cent year on year to £3.1bn. Profit in Asia, where Prudential makes almost half of its sales, [...]
Icap hit by trading slump as profits fall November 14, 2012 Interdealer broker Icap said this morning it saw no rapid improvement across the markets in which it operates, as it posted a 26 per cent drop in pre-tax profit. Over the six months to September, revenue at the broker fell 14 per cent to £746m. Chief executive Michael Spencer called the period “one of the [...]