Weak US sales weigh on hope for recovery June 13, 2012 US RETAIL sales fell for a second straight month in May and wholesale prices dropped by the most in three years, raising chances of further action by the Federal Reserve to shore up the recovery. Retail sales slipped 0.2 per cent as demand for building materials sagged and declining gasoline prices weighed on receipts at [...]
ANALYST VIEWS | DID SAINSBURY’S RESULTS DISAPPOINT? June 13, 2012 RICHARD HUNTER HARGREAVES LANSDOWNE Sainsbury’s rise in sales was steady but shy of expectations, with the shares reflecting a tinge of disappointment… The numbers were boosted by including the Jubilee weekend, unlike Tesco, and progress in clothing and online remained notably strong. CLIVE BLACK SHORE CAPITAL Sainsbury did continue to outperform the market and its [...]
Sants says new Bank governor job is too hard June 13, 2012 HECTOR Sants warned yesterday that the new Bank of England head will have an impossible job to do, thanks to laws passing through parliament that hand power over financial stability and banking supervision to the governor. “We could be concerned that the operational task given to the governor as an individual – of course that [...]
WPP directors suffer after drawn out row June 13, 2012 WHILE the strongest and least surprising shareholder revolt was directed at Sir Martin Sorrell’s pay package yesterday, WPP’s directors did not escape unscathed. More than a fifth of investors rejected the re-election of remuneration committee chair Jeffrey Rosen and non-executive directors Ruigang Li and Koichiro Naganuma, in a further sign of shareholder discontent with the ad [...]
Homeowners with long-term loans enjoy a rate hike pause June 13, 2012 INTEREST rate growth on mortgages steadied in May, according to Bank of England figures out yesterday – though economists warned this is likely to be a temporary and uneven pause in the long-term rise in rates. Homeowners with the riskiest loans saw a jump in rates last month. Banks and building societies offering a two-year [...]
Clegg claims Lib Dems were threatened June 13, 2012 DEPUTY Prime Minister Nick Clegg yesterday backed claims that the Liberal Democrats were threatened with negative media coverage in the hope they would curb their criticism of Rupert Murdoch’s bid for BSkyB. Clegg told the Leveson inquiry that an executive associated with News Corporation recommended the party did not oppose the bid for BSkyB: “[Lib [...]
Cairn’s £414m approach sends Nautical soaring June 13, 2012 SHARES in Aim-listed North Sea explorer Nautical rocketed 55.16 per cent yesterday after larger oil firm Cairn made a £414m bid for the company. Nautical’s shares soared above the 450p offer price to close at 462p after it announced the recommended approach, signalling that investors are eyeing up a counter-offer. FTSE 250-listed Cairn plans to [...]
ADVISERS CAIRN BID FOR VEDANTA June 13, 2012 ROTHSCHILD, INVESTEC AND RBC CAPITAL MARKETS CAIRN worked with financial adviser Rothschild to make its bid for Nautical. James Smith, a long-time adviser to Cairn and director of Rothschild’s oil and gas team, took the lead. Smith counts French oil major Total and Bowleven among his clients. Rothschild has advised Cairn Energy on 11 transactions [...]
Changing face of internet as list of .brand sites revealed June 13, 2012 THE INTERNET’S biggest shake up is one step closer after the list of submissions for new domain names was yesterday unveiled. ICANN (Internet Corporation for Assigned Names and Numbers) revealed the 1,930 website domains applied for – including .blog, .youtube and .bbc – which will hit the world wide web from early 2013 alongside the usual [...]
North Sea energy sparks talk of a counteroffer June 13, 2012 AFTER getting bruised by a 67 per cent revolt over its remuneration report, Cairn Energy must be hoping that Nautical Petroleum has more biddable shareholders. The announcement yesterday of an agreement for Cairn to acquire the North Sea-focused firm at 450p a share still needs 75 per cent of Nautical’s share owners to vote in [...]
