BEST of the BROKERS April 1, 2012 GDF SUEZ UBS rates the energy group “buy” and has a 12-month price target of €23. The broker thinks GDF’s bid for the remainder of London-listed peer International Power has come earlier than expected, although the offer itself is hardly surprising. UBS reckons the offer price of 390p per share is likely to rise, and [...]
Dip in consumer morale dents recovery hopes March 30, 2012 Consumer confidence unexpectedly fell to a three-month low in March as Britons grew increasingly worried about the outlook for their finances and for the economy as a whole, denting hopes of a consumer-fuelled recovery. The headline consumer confidence index, based on a survey by GfK NOP, fell to -31 in March from -29 in February, [...]
Spain to slash budget by €27bn this year March 30, 2012 Spain is cutting 27bn euros (£22.5bn) from its budget this year as part of an austerity drive. Freezing public sector workers’ salaries and reducing departmental budgets are among the main changes. The government says it will raise 12.3bn euros this year, aided by an increase in tax for large companies.
Capita to axe 400 IT jobs March 30, 2012 Outsourcing firm Capita (CPI.L) said on Friday that 400 jobs in its IT division were under threat, with some being cut and others moving to India as part of a cost cutting drive. “On 30 March 2012, we commenced a series of consultation exercises involving our employees and their representatives, some focused on moving elements [...]
Eurozone agrees temporary boost to rescue fund March 30, 2012 Eurozone finance ministers agreed a temporary increase in their financial rescue capacity to prevent a new flare-up of Europe’s sovereign debt crisis, but markets may judge it too small to be convincing. Austrian Finance Minister Maria Fekter said the 17-nation currency area would combine two rescue funds for a year to make more money available [...]
Scottish and Southern Energy gas demand down 19 per cent March 30, 2012 Scottish and Southern Energy (SSE) has said they continue to expect a full-year dividend increase of at least 2 per cent more than RPI inflation to around 80p per share, despite a significant fall in customer fuel consumption. Gas consumption is estimated to have fallen by 19 per cent, with electricity consumption also falling by [...]
Unions rule out Easter fuel strike March 30, 2012 Unions ruled out an Easter strike by fuel delivery drivers after the government was accused of triggering panic-buying and long queues at garages with its “incompetent” handling of the dispute. The Unite union lifted the threat of action over one of the busiest weekends on the roads, saying it wanted to focus on talks next [...]
Miner Polyus prepares for premium London listing March 30, 2012 Russian miner Polyus Gold is likely go ahead with a share sale worth $700m (£436m) to $1bn in late April, paving the way for a premium listing on the London Stock Exchange, according to Reuters sources. The company had originally planned to redomicile from its Jersey home to London in early March but has instead [...]
FTSE buoyed by miners March 30, 2012 The FTSE 100 rebounded in early trading as mining stocks continued to edge up. In London copper prices climbed and are on track for a more than 10 per cent first-quarter gain. However more sluggish demand from China is still casting a shadow. Among miners Kazakhmys and Antofagasta were the star performers, up two per [...]
French deficit lower than expected March 30, 2012 France’s public deficit fell to 5.2 per cent of GDP in 2011, significantly below the government’s target of 5.7 per cent, statistics agency Insee has announced. That is down from 7.1 per cent in 2010, thanks in part to the end of one-off spending measures. Insee said public spending shrank last year, with tax returns [...]