Japanese confidence keeps rising June 11, 2012 Japanese consumer confidence hit a 15-month high in May, government survey data showed yesterday. The cabinet office’s index rose to 40.7, up from 40.1 in April, driven by rising employment, income growth and the overall economic outlook. However the state’s business conditions survey showed increased pessimism as firms worried about the strength of the yen.
CITY MOVES | WHO’S SWITCHING JOBS June 11, 2012 Bellzone Mining The resource development company has appointed Glenn Baldwin as its next chief executive, effective 3 September. He joins from Consolidated Minerals, where he has been chief executive since September 2010, and replaces Nik Zuks. Baldwin has previously held senior roles at Gold Fields, Ivanhoe Nickel and Platinum, Southern Era Diamonds and Anglo American. [...]
BEST of the BROKERS June 11, 2012 BELLWAY Deutsche Bank has maintained its “hold” rating on the new homes builder, and increased its target price by 2.5 per cent to 936p after a reassuring update from management. However, the broker says it remains cautious that longer term upgrades could be limited, as its forecasts are only 10 per cent down on the [...]
Technicolor rejects new offer from JP Morgan June 11, 2012 French set-top box maker Technicolor rejected a revised offer from a JPMorgan Chase investment fund to buy a 30 per cent stake for 179m euros (£143m) and opted instead for an original, lower offer which it said was better structured. Technicolor, which is trying to pay down debt and enact a turnaround plan, said it [...]
Silicon Valley Bank to open London branch June 11, 2012 SVB Financial Group’s banking unit Silicon Valley Bank said it would open its first international branch in London, as the lender looks to tap into the technology startup sector in the United Kingdom. The international expansion, which comes at a time when other lenders are closing branches and facing contracting margins, highlights the bank’s strategy [...]
Laura Ashley continues to buck retail gloom June 11, 2012 Laura Ashley sales have risen again as the company continues to buck the gloom on the high street. The company, known for its distinctive prints, said like-for-like sale rose 5.4 per cent in the 18 weeks to 2 June compared with the same time a year earlier. Laura Ashley’s website saw sales increase by 18.8 [...]
Market euphoria over Spanish bank bailout fizzles June 11, 2012 Financial market euphoria over a European bailout for Spain’s debt-stricken banks faded quickly today as investors sounded the alarm over its impact on public debt and bondholders, and eyed the next risks in the euro zone’s debt crisis. EU and German officials said Spain faces supervision by international lenders after the deal to lend Madrid [...]
Samsung denies interest in Nokia June 11, 2012 Samsung Electronics has denied it was interested in acquiring Nokia, sending shares in the Finnish mobile phone company down two per cent. Nokia shares rose six per cent on speculation of a possible buyout offer. “Such reports are purely speculative and are not true,” the company said.
Severfield-Rowen issues profit warning June 11, 2012 Structural steelwork maker Severfield-Rowen warned that its full-year profit might be lower than market estimates as it expects cost overruns on two projects in the United Kingdom, sending its shares down 17 percent. The company, which has worked on access bridges at football club Arsenal’s Emirates Stadium, said last month it anticipated full-year results to [...]
Mouchel considering restructuring options June 11, 2012 Mouchel said it was still reviewing its restructuring options, which includes a possible equity fundraising, as the British infrastructure firm looks to rebound from a turbulent few years that have battered the business. The group, whose value has dramatically reduced after a 2011 dominated by contract blunders, management resignations, failed takeover bids, tough trading and [...]