ANALYST VIEWS | HOW SIGNIFICANT IS THE LATEST NORTH SEA FIND BY PREMIER OIL? June 6, 2012 NICK COPEMAN ORIEL SECURITIES We retain our buy recommendation and note that Premier is one of our top picks in the sector. The next news is expected to be from the Bentang well in Indonesia (which is a high-risk potential play opener). The next well in the North Sea programme is Coaster which is seen [...]
CITY MOVES | WHO’S SWITCHING JOBS June 6, 2012 Winston & Strawn Justin McClelland has joined the law firm from Milband as a partner in its global commercial litigation practice. He started his legal career at Slaughter & May, and previously served in Army Legal Services, reaching the rank of lieutenant colonel. He was appointed a Member of the British Empire (MBE) in 1998. PIMCO [...]
BEST of the BROKERS June 6, 2012 LADBROKES Panmure Gordon rates the bookie as “buy” following the company’s confirmation that its head of trading Jon Thompson has been dismissed pending appeal. Panmure said this is clearly disappointing news but “this cloud may have a silver lining” if superior traders can be recruited. LOGICA Investec recommends “hold” for the tech company’s stock and [...]
Lloyds offloads $1.2bn loans portfolio June 6, 2012 loyds Banking Group sold an £809m ($1.2bn) portfolio of non-performing loans on distressed property in Australia to Morgan Stanley and Blackstone, as part of the UK lender’s plans to wind down non-core assets. Lloyds, which is 40 per cent owned by the British government, said on Wednesday it had sold the loans for 388 million [...]
UK construction growth slows June 6, 2012 Growth in British construction activity hit a three-month low in May as expansion in new orders abated and optimism about the coming year weakened sharply, a survey showed on Wednesday. The Markit/CIPS Construction Purchasing Managers’ Index (PMI) fell to 54.4 from 55.8 in April, staying above the 50 level which separates growth from contraction and [...]
Australian economy surges in first quarter June 6, 2012 Australia’s resource-fuelled economy outpaced all expectations last quarter as households and businesses went on a spending spree, boosting the local dollar and lessening the urgency for further aggressive cuts in interest rates. Gross domestic product (GDP) rose 1.3 per cent in the first quarter, more than double the 0.5 per cent increase forecast. Growth was [...]
Moody’s cuts ratings on string of German and Austrian banks June 6, 2012 Moody’s Investors Service cut the credit ratings of six German banking groups and Austria’s three largest banks on Wednesday, saying they face risks if the eurozone crisis deepens. The downgrades are part of a broad review of banks in the region that has had investors on edge but were mild compared to cuts for banks [...]
Diageo to pour £1bn into scotch whisky production June 6, 2012 Drinks giant Diageo is to invest over £1bn ($1.5bn) in scotch whisky production over the next five years to meet growing demand from the emerging markets of Asia, Latin America and Africa and create hundreds of new jobs. The maker of Johnnie Walker, J&B and Bells whisky brands said it plans to build a new [...]
Spain nears bailout June 6, 2012 SPAIN warned that it is locked out of markets yesterday as an emergency call by G7 leaders failed to stem rising fears that the Eurozone’s fourth biggest economy will soon need a bailout. Madrid’s Treasury minister Cristobal Montoro told Spanish radio: “The risk premium says Spain doesn’t have the market door open. [It] says that [...]
Queen thanks the nation after Diamond Jubilee June 6, 2012 THE Queen waved to a cheering crowd from the balcony of Buckingham Palace yesterday, at the climax of four days of spectacular Diamond Jubilee festivities. An estimated 1.5m people turned The Mall into a sea of Union Jack flags to celebrate Queen Elizabeth II’s 60 years as monarch. Flanked by Prince Charles and other members [...]