Opec may finally turn the production tap on June 5, 2011 IF you aren’t following the oil story, maybe you should be. I mean, sure, you probably know that oil prices are higher, and that you’re paying more at the pumps, but the importance of this Thursday’s meeting of the Organisation of the Petroleum Exporting Countries (Opec) can’t be understated. Usually, a bunch of oil ministers [...]
Tony Hayward’s latest project Vallares set for a summer IPO June 5, 2011 FORMER BP chief executive Tony Hayward’s latest project, an oil acquisition vehicle set up with Nathaniel Rothschild, is due to unveil its intention to float as soon as this week. The project, known as Vallares, is in early talks with investors to raise around £1bn to buy up oil assets, and is thought to be [...]
CITY MOVES | WHO’S SWITCHING JOBS June 5, 2011 Merchant Securities Lindsey Hamilton, formerly head of wealth management at WH Ireland Group, has been appointed as sales director of Merchant Securities Wealth Management. In addition, Chris Theis will join Merchant Securities Limited in August as head of institutional sales and research, moving from Daniel Stewart & Co. AXA Real Estate The real estate manager [...]
BEST OF THE BROKERS June 5, 2011 AXA Goldman Sachs rates the firm “neutral” and has raised its target price by €0.50 to €16.50 (£14.70). The broker expects the bulk of capital generated over the 2011 to 2015 period to be used shoring up its balance sheet. INTERCONTINENTAL HOTELS Deutsche Bank rates the hotels group a “hold” and has raised its target [...]
PADDY POWER BLOWS £11K DERBY WINNINGS OVER THREE-DAY STAG June 5, 2011 THE QUEEN was not amused by her loss at the Investec Derby, for which City A.M. proudly served as the official newspaper. But Paddy Power, the public face of the bookmaker of the same name, was still celebrating on Sunday afternoon after winning £11,000 the previous day. Power told his wife Jane he would make [...]
BILL OF THE WEEK June 5, 2011 NO EXPENSE was spared when three Russian businessmen, accompanied by one of the group’s nephew, dined at Cheneston’s in Kensington’s Milestone Hotel. So when it came to choosing the wine to accompany the three-course blow-out, the only thing to do was to choose a vintage from the year the nephew was born, which turned out [...]
CARLTON HOUSE GETS GREEN LIGHT June 3, 2011 BUT KIEREN FALLON STILL SWEATING ON LATE COURT DECISION Carlton House, the horse bidding to give the Queen her very first Derby winner, was last night finally given the green light to line-up on Epsom Downs this afternoon. The favourite for the world’s premier horse race has reportedly fully recovered from an injury he picked [...]
UK racing shaken by Tote verdict June 3, 2011 THE UK’s racing community was left bruised yesterday after the government rejected its choice to run the Tote betting group and chose bookmaker Betfred instead. The highly-anticipated decision saw the rival bidder, Sir Martin Broughton’s investment vehicle Sports Investment Partners, lose out on the prize in a tightly-fought race. But it goes against the wishes [...]
Derby Day is unique June 3, 2011 At 4pm this afternoon you will hear the deafening roar that greets the start of the greatest flat race in the world, as Britain’s biggest one day sporting crowd signal the start of the Investec Derby, one of the world’s iconic sporting moments. It is quite simply spine tingling! Marketing and promoting this occasion is [...]
Welcome to London’s business paper June 3, 2011 WELCOME to our first ever Saturday edition to celebrate the greatest and most exciting sporting event of the year. Here at City A.M., we are truly passionate about the Investec Derby as well as horse-racing in general. Our growing numbers of readers in and around London work very hard – but they also love to [...]