Time Out goes free in London as buyers fall August 2, 2012 TIME OUT has become the latest title to reinvent itself as a free publication, with its London edition set to launch across transport networks in the capital in the coming weeks. The weekly magazine has seen fewer casual buyers in recent years, and says the move is part of a new strategy following increased traffic [...]
Sharp to slash 5,000 jobs for first time since end of World War II August 2, 2012 SHARP yesterday announced a 94bn yen operating loss for the June quarter and revealed plans for its first job cuts in more than 60 years as Japan’s electronics industry scrambles to keep up with foreign competitors. Sharp said it would cut 5,000 jobs – around 10 per cent of its workforce – as it attempts [...]
CITY MOVES | WHO’S SWITCHING JOBS August 2, 2012 Carmignac Gestion The asset management firm has appointed Cora Pfab as sales manager for southern Germany and Austria. She joins from F&C Thames River and relocates from London to Carmignac Gestion’s German office. Pfab has extensive experience in financial services, and has also worked at ABN Amro Asset Management. Duff & Phelps The financial advisory [...]
BEST of the BROKERS August 2, 2012 ANTOFAGASTA UBS has edged up its target price on the miner to 870p from 850p formerly – “a quality premium is justified by the strength of its balance sheet, low cost operations and transparency”, the banks said yesterday. However, it leaves its “sell” recommendation on the stock unchanged. RIGHTMOVE N+1 Brewin has ramped up the [...]
INVESTMENT BANK OF THE YEAR August 2, 2012 2012 will go down as an immensely difficult year for investment banks. Profitability came down as most banks in most markets saw a fall-off in activity. Mergers & acquisition activity fell 16 per cent globally; equity capital markets business was down 31 per cent and many IPO markets were effectively closed. Facebook’s controversial IPO in [...]
TRADER OF THE YEAR August 2, 2012 TODAY’S City A.M. awards shortlist, summarises the nominations for the trader of the year award, sponsored by spread betting specialists GFT. The award is designed to seek out this year’s front runners – traders who have performed exceptionally against a backdrop of complex regulation and great volatility. Experience, discipline, performance under pressure – all these [...]
Spain debt auction success despite ECB doubts August 2, 2012 Spain passed a key test on Thursday by easily selling €3.1bn (£1bn) of debt at yields well below recent peaks despite investor doubts that the European Central Bank will act to help struggling Eurozone economies at its meeting later in the day. Although the Treasury was forced to pay the second highest yield on its [...]
Delayed Saudi jet deal weighs on BAE profit August 2, 2012 BAE Systems said delays in completing a substantial deal with Saudi Arabia and lower spending by European and American military customers dented profit, in a sector facing further government defence cuts. Europe’s largest defence contractor, which will build Britain’s next generation of nuclear-armed submarines, on Thursday said earnings before interest, taxes and amortisation (Ebita) fell [...]
Inflation expectations unchanged in July – YouGov August 2, 2012 Britons’ inflation expectations for the year ahead were unchanged in July at 2.4 per cent, a monthly survey by polling company YouGov showed today. The poll – conducted on behalf of Citi – showed that inflation expectations for the next 5-10 years rose marginally to 3.3 per cent in July from 3.2 per cent in [...]
BSkyB cleared on pay-TV movie dominance August 2, 2012 Broadcaster BSkyB’s strong position in movies does not adversely affect Britain’s pay-TV retail market, a competition watchdog said this morning, pointing to increased choice with the arrival of new entrants Lovefilm and Netflix. “Sky Movies, which currently offers the first pay movies of all the big Hollywood studios, is not a sufficient driver of subscribers’ [...]