BEST of the BROKERS April 4, 2012 FIRST GROUP JP Morgan has maintained its “neutral” rating on the transport group but cut its target price from 364p to 262p, blaming significantly lower guidance for 2013 bus margins in the group’s pre-close trading statement. However, the broker sees the problems in the bus division as “fixable”. RESOLUTION UBS has downgraded the insurance group [...]
Marketing is changing, but won’t be unrecognisable April 4, 2012 SIMON Middleton, in his book What You Need to Know About Marketing, describes the profession as “one of the earliest activities ever undertaken by mankind.” Like another early profession, it is often perceived as “of dubious morality.” Middleton explains that the impulse to market is misunderstood. Marketing is simply about building relationships between businesses and [...]
Miners and banks dent FTSE April 4, 2012 The FTSE 100 was dragged back by weaker mining stocks after minutes from the US Federal Reserve’s March meeting revealed that it is not planning any more monetary stimulus. Federal Reserve policymakers have backed away from the need to pump more money into the system as the US economy gradually improves, minutes of the central [...]
ECB holds rates April 4, 2012 The European Central Bank held interest rates at a record low of one per cent on and is expected to resist German pressure to flag an exit from its crisis-fighting mode as the euro zone recovery looks increasingly shaky and concerns grow about Spain. Germany’s powerful Bundesbank has led a push by central bankers from [...]
Spanish debt yields rise April 4, 2012 Spanish borrowing costs jumped at a bond auction, jolting wider European markets, as this week’s tough budget failed to calm investors’ nerves about the country’s finances. Madrid sold 2.6 billion euros (£2.18bn) of medium-term paper, at the low end of its target range, and two out of three of the yields rose slightly above analysts’ [...]
UK service sector in boost April 4, 2012 Britain’s dominant services sector saw surprisingly strong business growth in March and struck an optimistic tone about the months ahead, providing a further sign that economic recovery is taking hold. Combined with unexpectedly solid growth in manufacturing and construction last month, the expansion in the services sector takes further pressure off the Bank of England [...]
Roberts ruled out of summer tour April 4, 2012 RUGBY UNION: Wales centre Jamie Roberts will miss the summer tour to Australia after being ruled out for six months with a knee injury.
Hedge fund Laxey clashes with new chair of Alliance April 4, 2012 HEDGE fund Laxey Partners led a new attack on Alliance Trust yesterday after its demand for its management to be outsourced was dismissed by the new chairwoman. Activist investor Laxey criticised the “staggering” comments of Karin Forseke after she backed the current management of Alliance on just her second day in the job. Its latest [...]
Fed pours cold water on hopes of new easing April 4, 2012 FEDERAL Reserve policymakers have backed away from the need for another round of monetary stimulus as the US economy gradually improves, denting stock markets and pushing the dollar up against several currencies. Minutes of the central bank’s meeting published last night showed only two of the policy-setting Federal Open Market Committee’s 10 voting members saw [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2012 FINANCIAL TIMES BRAZIL’S BTG BANK TO CEMENT RAPID RISE WITH $15BN FLOAT BTG Pactual is set to float later this month in a deal that will value the rapidly growing Brazilian investment bank’s equity at up to $15bn and the shareholdings of a swathe of executives at more than $150m each. BSE HEAD APPOINTED TO [...]