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 [...]
BEST of the BROKERS July 16, 2012 ASHMORE Peel Hunt has downgraded its forecasts for the fund manager by seven and fifteen per cent in 2012 and 2013 respectively, but keeps a “buy” rating on a lower target price of 390p. PROVIDENT FINANCIAL Numis has downgraded the personal credit provider from “buy” to “hold” with a target price of 1,321p, saying the [...]
EPISODE 61 – succession planning July 16, 2012 Sir Roderick has been spuriously dispatched to the Guards Polo Club. A minor Saudi prince and his retinue have been rustled up to accompany Lady Emily and Sir Roderick and the Chairman has been persuaded that he’s crucial to landing a major Middle Eastern deal. Meanwhile, back at HQ, important and confidential business is afoot. [...]
GSK to pay $3bn for Human Genome July 16, 2012 GlaxoSmithKline is to acquire its long-time partner Human Genome Sciences for about $3bn (£1.9bn), ending a three-month hostile pursuit of the US biotech company on friendly terms after sweetening its offer. The deal comes after weekend talks in which Britain’s biggest drugmaker agreed to raise its cash bid to $14.25 a share from $13 previously, [...]
IMF cuts UK growth outlook July 16, 2012 Britain’s growth prospects for the next two years have worsened more than those of any other big advanced economy over the past three months, the International Monetary Fund said on Monday. The sharp downgrade chimes with other economists’ darkening assessments and raises questions whether a recent flurry of government measures to stimulate growth will be [...]
Citigroup profit falls July 16, 2012 Citigroup said second quarter profits dropped as it lost money on the sale of a stake in a Turkish bank and suffered from the drag of its troubled assets left over from the 2007-2008 credit crisis. Net income fell to $2.9 billion (£1.8bn), or 95 cents per share, from $3.34 billion, or $1.09 a share, [...]
PTT again extends Cove off deadline July 16, 2012 Thai oil firm PTT Exploration & Production has again extended its offer for gas explorer Cove Energy, putting the ball back in the court of rival suitor Shell which must decide imminently whether to up its bid. PTT’s third extension of the deadline for investors to accept its $1.9bn (£1.22bn) offer comes as investors wait [...]
Eurozone inflation eases July 16, 2012 A sharp fall in energy prices helped cool consumer prices in the eurozone in June and gave the European Central Bank space to cut interest rates this month to try to revive the economy, but stagnant imports highlighted the depth of the downturn. Consumer inflation in the 17-nation euro zone was 2.4 per cent in [...]