Portugal set to get bailout nod February 27, 2012 Portugal will today present the results of the third “troika” review of its performance under a €78bn bailout and is expected to glean high marks for economic reform and cost-cutting efforts. European Union, European Central Bank and IMF officials have spent about two weeks in Lisbon carrying out the review and are likely to give [...]
CITY MOVES | WHO’S SWITCHING JOBS February 27, 2012 Berwin Leighton Paisner BLP has hired Linklaters’ former global corporate head David Barnes to its City corporate team. Barnes will join next month as a partner in the firm’s London corporate group after retiring from Linklaters last summer. Barnes left the magic circle firm after standing as one of five candidates for the senior partner [...]
BEST OF THE BROKERS February 27, 2012 HAMMERSON Deutsche Bank has maintained its “buy” rating on the property group and raised its target price by 20p to 520p after consensus-beating results from the company last week. The broker estimates that Hammerson will deliver its planned dividend increase in 2012, and increases its earnings per share outlook for 2012 and 2013. It does [...]
FTSE slips as oil price fears take toll February 27, 2012 THE FTSE edged down in early trading as surging oil prices cast a shadow over global growth and a G20 meeting failed to provide reassurance about international help to crisis-struck Europe. Rising tensions between Iran and the West are triggering rapid oil price rises as supply fears grow. Brent Crude marginally dropped in price this [...]
Primark fuels AB Foods profits February 27, 2012 Primark-owner Associated British Foods expects growth in its half year profits to be driven by its discount fashion chain, which has gained as under-pressure British shoppers seek out bargain prices, and by a strong performance from sugar. Western European shoppers have cut back on spending as unemployment has risen and wage rises stagnate, but Primark [...]
Essar posts earnings drop February 27, 2012 India-focused refiner and power generator Essar Energy said core earnings fell 10 per cent in 2011, falling short of analyst forecasts due to weaker refining margins and depreciation of the Rupee in the second half of the year. The company posted full-year earnings before interest, tax, depreciation and amortisation (EBITDA) of $624.8m. That compared with [...]
HSBC profits up 15pc on Asia growth February 27, 2012 HSBC just missed analysts’ expectations with a near $22bn (£13bn) profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets. Profits at its investment bank were down 24 percent on 2010 at $7 billion, hurt as the euro zone debt crisis slowed capital markets [...]
Roche won’t up Illumina bid price February 27, 2012 Swiss drugmaker Roche extended its $5.7bn (£3.5bn) hostile bid for Illumina in a widely expected move as it seeks to boost its position in the gene sequencing market. But analysts say Roche, which has a history of success with such hostile deals, may ultimately have to raise its $44.50 per share bid to around $60 [...]
BP spill case postponed as it tries to cut deals February 27, 2012 The trial to decide who should pay for the 2010 Gulf of Mexico oil spill has been delayed by a week, to allow BP Plco try to cut a deal with tens of thousands of businesses and individuals affected by the disaster. Less than 24 hours before the case was set to start in a [...]
Fears of spike in cost of fuel February 27, 2012 FUEL prices are set to hit a record high, posing a threat to the economic recovery and meaning that many motorists cannot afford to fill up their cars – but chancellor George Osborne has ruled out cutting fuel duty in next month’s Budget. The average forecourt price for a litre of diesel last week hit [...]