Growth in oil and gas fuels Aveva’s profits May 28, 2012 ENGINEERING and design software group Aveva yesterday posted a 14 per cent rise in adjusted profit, helped by a strong demand at the end of the year from the oil and gas industries, increasing its confidence for the current year. The group reported adjusted pretax profit of £62.3m, ahead of market forecasts of £60m. Revenues [...]
Gulf Keystone hails booming year as both revenues and losses soar May 28, 2012 OIL explorer Gulf Keystone yesterday said that its performance in 2012 would build on what it branded “outstanding” success last year. The company said it has been buoyed by successful operations in Kurdistan, though its shares fell 2.5 per cent yesterday after the update. Gulf Keystone said it was planning the next stage of work [...]
CITY MOVES | WHO’S SWITCHING JOBS May 28, 2012 DC Advisory Partners The corporate finance advisory firm has appointed Jack Dessay as an executive director in its technology, media and telecommunications team. He joins from Deutsche Bank, where has worked for the past six years. Dessay has also held senior posts at Citigroup, working from its New York and London offices. KPMG Charlie Patrick [...]
BEST of the BROKERS May 28, 2012 CAPITA UBS has upgraded the outsourcing group from “neutral” to “buy” and raised its target price to 725p from 700p, saying that a buying opportunity had been created by its recent share issue and that the shares’ depressed valuation does not reflect the broker’s view of an improving trading momentum. HOMESERVE Peel Hunt has a “sell” [...]
FTSE rising but investors wary May 28, 2012 BRITAIN’S main equity index ended little changed after giving away most of its gains in late trade yesterday, in a sign investors lacked the confidence to sustain a recent rally in the absence of greater visibility on the Eurozone crisis. The FTSE 100 closed up 4.81 points, or 0.1 per cent, at 5,356.34 points, having [...]
Spanish woes weigh markets May 28, 2012 EUROPEAN shares ended in negative territory yesterday, reversing earlier gains in thin trade as concerns surrounding Spain’s banks returned to the forefront of investors’ minds. The FTSEurofirst 300 closed down 0.1 per cent at 984.01, having earlier reached a high of 993.21 – boosted by opinion polls suggesting Greece’s pro-bailout parties may be able to [...]
Bank: Low rates cannot counter Eurozone woes May 28, 2012 FEARS over the weak economy and the chance of a Eurozone collapse have pushed up risk premiums and hit lending to such an extent that interest rate cuts barely affect the market, monetary policy committee (MPC) member Ben Broadbent said in a speech yesterday. This is hitting investments in areas such as research and development [...]
Workers are paying two days more wages in tax this year May 28, 2012 BRITONS are spending two more days working for the government this year than in 2011, the Adam Smith Institute revealed today in its Tax Freedom Day report. Calculating the tax paid by the average worker over the year, the institute’s figures show that every penny earned so far this year has gone to the government, [...]
BoJ fears investors hooked on QE May 28, 2012 Bank of Japan policymakers agreed to ease monetary policy in April to ensure the economy resumes a recovery, but signalled a pause by complaining of “misunderstanding” in markets that they will keep offering monetary stimulus automatically until one per cent inflation was in sight, minutes of the meeting showed yesterday. At the 27 April meeting, [...]
OECD calls for Africa jobs boost May 28, 2012 Young people represent 60 per cent of Africa’s unemployed, and of these 40m youths around 22m have given up looking for work, according to a report out yesterday from the OECD. That represents a threat both to Africa’s chances of reducing poverty, and to social cohesion, said the report. Improving education in agriculture as well [...]
