BEST OF THE BROKERS January 5, 2012 ORASCOM After the company announced a demerger of its fertiliser and construction businesses, Morgan Stanley rates the Egyptian construction group as “overweight” with a target price of $49. The demerger will see OCI hold the fertiliser business, while the demerged company will hold the construction segment. Each shareholder will receive one share in the demerged [...]
US service sector growth speeds up January 5, 2012 The the US service sector is picking up pace, according to a the latest figures. The Institute for Supply Management (ISM) said its services index rose to 52.6 last month from 52 in November. A reading above 50 indicates expansion. The ISM survey of US services covers industries ranging from utilities and retailing, to healthcare [...]
ENRC to pay out $1.25bn to settle Congo dispute January 5, 2012 Kazakh miner ENRC said it agreed a $1.25bn (£806.4m) settlement with Canada’s First Quantum Minerals to end a long-running dispute over ownership of the Kolwezi project in the Democratic Republic of Congo. The London-listed miner said the deal would enable it to start developing its operations at the copper-cobalt Kolwezi Tailings project. ENRC will pay [...]
Service sector in surprise boost January 5, 2012 The UK services sector picked up pace in December as companies saw more new business flowing in, a survey showed today, dampening fears the economy is already back in recession. The Markit/CIPS Purchasing Managers’ Index (PMI) for the service sector rose to 54.0 in December from 52.1 in November, confounding expectations for a dip to [...]
Clegg warns over bankers’ bonuses January 5, 2012 The government plans tough action to rein in what it regards as excessive bank bonuses, Deputy Prime Minister Nick Clegg said on Thursday, firing a warning shot ahead of the annual round of payments. “It’s the Liberal Democrats who have led the debate on clamping down on bankers’ bonuses and we must be just as [...]
RBS hires Lazard for investment bank shake-up January 5, 2012 Royal Bank of Scotland has hired investment bank Lazard to advise it on a scale-back of its investment banking arm, including options to sell parts of the business, a source with knowledge of the matter said. “It is part of the ongoing review that was launched in November, and it includes options to sell parts [...]
Oil explorer Cove puts itself up for sale January 5, 2012 British oil and gas explorer Cove Energy said on it had put itself up for sale and would conduct a formal sale process through its advisor Standard Bank. The company said in December it had offered data to parties who had expressed an interest in acquiring its 8.5 per cent stake in the Rovuma Area [...]
JJB sales up 5pc January 5, 2012 JJB Sports has said like-for-like sales rose five per cent in the four weeks to 26 November. Like-for-like sales for the 21 weeks to 26 December were down 7.8 per cent. But that was an improvement on the 17.7 per cent fall reported for the previous six months. JJB said the consumer environment was still [...]
Clinton Cards hit by “tough” Christmas trading January 5, 2012 Clinton Cards has said it found trading “tough over the Christmas period. Like-for-like sales rose 0.4 per cent in the five weeks to 1 January. In the 22 weeks to 1 January like-for-like sales fell 1.4%. chief executive Darcy Willson-Rymer, who took over in October, is in the middle of a review aimed at getting [...]
Swissie scandal engulfs governor January 4, 2012 SWISS National Bank governor Philipp Hildebrand will today break his silence on controversial currency trades made by his wife. Hildebrand has come under increasing pressure to clarify events, after details of foreign exchange transactions made from his personal accounts at Swiss private bank Sarasin were leaked by one of its employees to lawyers for the [...]