ANALYST VIEWS | WHAT DOES THE FUTURE HOLD FOR SAGE? July 16, 2012 WILL WALLIS NUMIS While UK growth has been “good”, Europe overall is flat, implying that mainland Europe is into negative territory. It is appropriate to be cautious about Q4 and beyond and we pull our recommendation back to Hold from Add. JULIAN YATES INVESTEC While the US is slowly improving and emerging markets are solid, [...]
Tullow drops on well worries July 16, 2012 Tullow Oil yesterday said it had stopped drilling a well off the coast of Guyana due to safety concerns, adding that it had already discovered some oil in the shallower parts of the well, which the firm and its partners have spent five months drilling. Tullow’s shares fell 3.28 per cent on the news.
Glencore cleared for Viterra deal July 16, 2012 Glencore has won a Canadian regulator’s approval for its roughly C$6.1bn (£3.8bn) takeover of grain handler Viterra, bringing the deal a step closer to completion. Glencore in March offered to pay C$16.25 per share for Viterra, which owns the largest share of Western Canada’s grain storage and farm supply outlets.
Evraz reports fall in production July 16, 2012 Russian steel and mining group Evraz said yesterday steel production fell six per cent in the second quarter from previous three months, due to maintenance work at its mills and weaker demand in Europe and South Africa. FTSE 100-listed Evraz said in an update that prices for most steel products were marginally flat.
Menzies to cut aviation cargo arm July 16, 2012 John Menzies said its aviation services arm would shut cargo operations at four airports in the UK by next month and take a related charge of £3m. Menzies Aviation will exit its cargo operations at Glasgow, Birmingham, East Midlands and Manchester airports, to return its UK cargo business to profitability, it said yesterday.
Smiths sells stake in Cross Match for $77m July 16, 2012 ENGINEERING group Smiths said yesterday it had sold its interest in US biometric specialist Cross Match Technologies for $77m (£49.4m). The sale to Francisco Partners is part of Smiths’ move to offload non-core businesses. Smiths will receive $69m in cash on completion from the Florida-based private equity firm. A further $8m will go into an [...]
Borders & Southern shares plunge on Falklands results July 16, 2012 BORDERS & SOUTHERN Petroleum said yesterday its latest well drilled in the Falkland Islands as part of a controversial exploration drive did not find oil or gas, pushing its shares down 71 per cent. Borders & Southern, which is leading efforts to find oil off the south coast, chalked up an initial success April, when [...]
Revenue growth returns to Emap July 16, 2012 Business to business publisher Emap saw its revenues grow by two per cent in the first half of 2012 – the first increase in more than five years – as its awards business did particularly well. Parent company Top Right said its overall revenues were up by eight per cent on a like-for-like basis, as [...]
London hotel prices rise by 70pc July 16, 2012 The average daily rate for a hotel room in London has soared to an average of £189 over the Olympics period, up more than 70 per cent compared to the same period last year. According to hotel data provider TravelClick, committed occupancy across the capital shows rooms currently reserved for the Olympics stands at 77 [...]
CITY MOVES | WHO’S SWITCHING JOBS July 16, 2012 Pioneer Investments The investment management group has appointed Neal Jenkins as head of sales, Middle East, Central Asia and Africa. He joins from Janus Capital, where he was head of Middle East and Africa business. Jenkins has over 20 years’ financial markets experience, and previously worked at Merrill Lynch. KPMG Tom Brown has been appointed [...]