Anglo hits back at Codelco December 22, 2011 The row over Anglo American’s Chilean business heated up yesterday, with the mining group taking legal action against Codelco, its partner in the country. Anglo has filed a writ alleging breach of contract against Codelco. At issue is Anglo’s deal to sell a 24.5 per cent stake in its Chilean business to Mitsubishi for $5.39bn [...]
Toyota predicts 20pc growth December 22, 2011 Toyota has forecast a 20 per cent jump in 2012 sales to a record 8.48m vehicles, as it recovers from output losses triggered by natural disasters in Japan and Thailand this year. The Japanese company, the world’s top carmaker since 2008, is set to lose its crown to US rival General Motors after supply-chain disruptions.
Hansteen buys Spencer assets December 22, 2011 Britain’s Hansteen Holdings has bought property assets from the Spencer Group for £150m, as the industrial property investor looks to expand its portfolio of assets in the UK. The properties are almost one third vacant and will generate £4m in rent a year.
CITY MOVES | WHO’S SWITCHING JOBS December 22, 2011 SWIP Scottish Widows Investment Partnership has confirmed Francis Ghiloni as director of distribution and client management. Ghiloni, who joined SWIP in March 2010 as head of group partnerships, has held the role on an interim basis since June. Based in Edinburgh, Ghiloni reports to SWIP’s managing director Dean Buckley, and will be responsible for SWIP’s [...]
BEST OF THE BROKERS December 22, 2011 BEAZLEY Nomura rates the insurance group as “neutral” with a target price of 135p, after it confirmed its interest in fellow Lloyd’s insurer Hardy on Wednesday. The broker notes that Beazley will probably need external financing if it pushes ahead with the deal, as an improving rate outlook and interest from other parties could push [...]
US GDP revised down December 22, 2011 The US economy grew at a slower pace than previously estimated in the three months to the end of September. Revised figures from the US Commerce Department show GDP grew at an annual rate of 1.8 per cent in the period. That was down from the previous estimate of two per cent and first estimate [...]
S&P cuts Co-Op outlook December 22, 2011 Credit rating agency Standard & Poor’s cut its outlook on mutually-owned conglomerate The Co-Operative Group to “negative” from “stable,” due to risks associated with the Co-Op’s planned purchase of some 630 Lloyds bank branches. Earlier this month, Lloyds said it had picked The Co-Op as its preferred bidder for 632 branches which it has been [...]
FTSE given lift by airline deal December 22, 2011 The FTSE 100 nudged up this morning led by BA owner International Airlines group (IAG) which announced a deal for Lufthansa’s bmi. Overall European shares started higher with the FTSEurofirst 300 index gaining around one per cent in early trade while global stocks, as measured by MSCI world equity index, were edged up 0.2 per [...]
UK growth rate revised upwards December 22, 2011 UK GDP growth has been revised up to 0.6 per cent from 0.5 per cent. The annual rate of growth remained unrevised at 0.5 per cent, according to figures from the Office for National Statistics (ONS). Analysts said Thursday’s figures did not change their view that the economy was set for a sharp slowdown due [...]
Daniel Stewart posts first half loss December 22, 2011 Daniel Stewart Securities , one of a clutch of small brokers operating in the City of London, posted a first-half loss as the European sovereign debt crisis led to deals drying up. The company made an underlying net loss of £143,799 for the six months ending 30 September – down from a profit of £190,572 [...]