Man Group shake up begins as Ellis moves in to be president February 18, 2013 EMMANUEL ROMAN, the incoming boss of Man Group, has already begun making changes at the hedge fund ahead of officially taking the reins next week, appointing former colleague Luke Ellis as president of the company amid a raft of changes to the company’s executive leadership. Ellis, a big hitter once tipped to take the top [...]
European Report: Hangover from Carlsberg hits European stock February 18, 2013 EUROPEAN shares dipped for a third straight session yesterday, led by Danish brewer Carlsberg after disappointing earnings, and some analysts expected further weakness in the market in the near term. The world’s fourth-biggest brewer posted a weaker-than-expected quarterly profit as sales stalled in key market Russia and remained sluggish in western Europe, sending its shares [...]
Analyst picks for 19 February 2013 February 18, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short Aussie-dollar and sterling-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few days As European currencies have come under intense pressure recently, and the yen resumed its slide after a tepid response from the G20 nations last weekend, the dollar continues [...]
Stansted deal prompts MAG downgrade February 18, 2013 MANCHESTER Airports Group’s purchase of Stansted Airport is on track to close by the end of the month, but the firm was hit by a debt rating downgrade from Standard & Poor’s yesterday. S&P lowered its rating on MAG from A to BBB, repeating its concerns that the £1.5bn purchase will push the group’s debt [...]
London Report: Low commodity prices drag on mining shares February 18, 2013 BRITAIN’S top share index fell yesterday, with the mining sector hit by low commodity prices and a resurgence in industrial unrest. However, the index remained above the key support level of 6,300, keeping it around five-year highs. The mining sector was the main drag on the FTSE 100, losing 0.9 per cent after copper fell [...]
Uncertainty threatens China growth February 18, 2013 CHINA is back at work after a week-long vacation for the Lunar New Year. Around the holiday, many Chinese, eager to learn more about the year ahead, visit a feng shui master to see if the new year will bring good fortune. Veteran Beijing-based soothsayer Chen Shuaifu, who regularly advises Chinese companies, predicted the Year [...]
IAG’s Iberia endures first day of strike action at its Madrid hub February 18, 2013 STRIKING union workers clashed with police at Madrid’s Barajas airport yesterday on the first day of a week-long strike over more than 3,800 pending job cuts at British Airway’s sister airline Iberia, part of London-listed IAG. More than 80 Iberia f lights were cancelled as workers at the carrier began a series of five-day walkouts [...]
Heathrow feels need for speed as earnings rise February 18, 2013 HEATHROW yesterday posted an 11 per cent rise in adjusted yearly earnings thanks to a hike in airline fees, as its chief executive called for speed from the government’s commission on the future of UK aviation. Revenues at Heathrow Limited rose 8.1 per cent to £2.46bn in 2012 despite flat passenger traffic of 87.4m. Adjusted [...]
Phytopharm plummets after Parkinson’s drug fails in trials February 18, 2013 BIOTECH firm Phytopharm said yesterday its major drug hope for treating Parkinson’s disease had failed in a clinical trial, the latest in a string of firms to disappoint after showing early promise. Shares in Phytopharm fell more than 80 per cent yesterday after it said its drug, Cogane, showed no benefit over placebo in the [...]
Suppliers back quarterly tests for horsemeat February 18, 2013 ENVIRONMENT minister Owen Paterson last night said food retailers will conduct tests for horse- meat in processed beef products every three months, in an attempt to restore consumer confidence in the industry. “There was absolute determination in the industry to restore confidence in their products, and I’m pleased to say we look forward to meeting [...]
