Northgate warns on profits March 15, 2012 Van rental company Northgate warned yesterday its full-year profit would be towards the lower end of current market estimates due to soft demand for vehicle hiring in the UK and Spain, sending its shares lower. Its UK and Spain fleet totalled 92,600 at the end of February, down seven per cent from October 2011.
London 2012 IMAGE OF THE WEEK March 15, 2012 Sent in by our reader, Daniel Musikant, this week’s photo shows the Olympic Stadium at sunset. The top ring of the stadium was constructed using surplus gas pipes and represents the long-term sustainability of the Games. Photo: Daniel Musikant Between now and the start of the Olympics, City A.M. is publishing its Olympic Image of [...]
CITY MOVES | WHO’S SWITCHING JOBS March 15, 2012 Shore Capital The independent investment group has appointed Christian Yates as senior adviser within its asset management division. Yates was previously a partner at Hazel Capital, the specialist cleantech investment manager, where he established a renewable energy infrastructure business. Yates has over twenty years in the fund management industry and has held senior positions at [...]
BEST OF THE BROKERS March 15, 2012 PETROFAC Citigroup has downgraded the oil explorer to “neutral” and has raised its target price from £16.50 to £18.50. The broker expects the firm to spread to more regions in the coming year and win approximately $6bn of new work. While the firm is trading at a ten per cent discount to the sector on [...]
FTSE pulled down by poor showing from energy stocks March 15, 2012 Britain’s leading share index slipped yesterday, weighed down by weakness in heavyweight energy stocks after recent gains, with investors also looking ahead to futures and options expiries. At the close, the FTSE 100 index was down 4.71 points or 0.1 per cent at 5,940.72, having shed 0.2 per cent in the previous session following five [...]
S&P hits highest point since 2008 March 15, 2012 The S&P 500 closed above 1,400 for the first time since the 2008 financial crisis yesterday as stocks resumed the upward climb that has produced a steady stream of gains this year. The benchmark index is up for six of the past seven sessions and is on target for its best week since early February. [...]
DON’T JOIN IN GOLDMAN TAUNTING, SAYS DIMON March 15, 2012 In the Capitalist’s experience, investment bankers are generally only too willing to pounce on their rivals’ bad fortune, especially when the bank in question happens to be the one they all love to hate, Goldman Sachs. But yesterday JP Morgan Chase’s chief executive Jamie Dimon urged employees of his bank not to take advantage of [...]
EVOLUTION’S GRIFFITH HEADS TOWARDS ORIEL March 15, 2012 It’s not all about cutbacks at Oriel Securities, the independent UK corporate and institutional stockbroker. Earlier this week it emerged that Oriel was trimming its staff by letting go of around 15 people but yesterday the firm showed that it is in hiring mode also. Oriel has taken on Richard Griffith, the former Evolution oil [...]
Tax reform is long overdue: The coalition must act soon to boost long-term growth March 15, 2012 THE CONTENT of next week’s budget has been the subject of intense speculation. What will the magic budget briefcase contain? A tycoon tax or a cut in the 50p rate? Help for small businesses or low earners? Relief from rising fuel duty or restrictions on pension tax relief? Most of this discussion is around short-term [...]
Deeper cuts will restore Britain’s fiscal credibility March 15, 2012 THIS week Fitch joined Moody’s in placing the UK’s AAA rating on negative outlook. This should send the clearest possible message to those calling for looser fiscal policy in next week’s budget. In truth, the chancellor should tighten policy, because his reputation for fiscal credibility is already at stake. Confronted by poor economic growth last [...]
