Greencore moves to sterling February 6, 2012 Food group Greencore is planning to change the denomination of its shares. Subject to approval at the company’s annual general meeting on Thursday, Ordinary Shares of €0.01 will be changed to £0.01 at close of business on 10 February. It said that for share dealing purposes the effective date of the change in share denomination [...]
Compass acquires Dora Gastro February 6, 2012 Compass Group, the world’s largest caterer, said yesterday it had completed its acquisition of Dora Gastro in the Czech Republic. The group announced that it had agreed to acquire the food services provider in December. However, it required the green light from the Office for the Protection of Competition in the Czech Republic. Compass, which [...]
Red Rock sells Mount Ida slice February 6, 2012 Red Rock Resources said yesterday it had sold a 50 per cent stake in its Mount Ida royalty for $14m. FTSE 250-listed Anglo Pacific is paying $14m (£8.8m) for the interest in the iron ore project, which is based in western Australia and is being developed by Jupiter mines. The acquisition will be paid for [...]
CITY MOVES | WHO’S SWITCHING JOBS February 6, 2012 Deloitte Mark Williams has been appointed as a partner in Deloitte’s economic consulting practice. Williams, who joins Deloitte from the World Bank, will join a team of more than 30 in Deloitte’s economic consulting practice, where he will focus on telecoms clients. He worked at the World Bank for five years, where he led the [...]
BEST OF THE BROKERS February 6, 2012 ROYAL DUTCH SHELL Credit Suisse downgrades the oil major from “outperform” to “neutral” and cuts its target price from 2,750p to 2,600p after a key part of the broker’s positive investment case – the long-awaited inflection point in free cash flow in 2012 – failed to materialise. Capex has been re-estimated to a higher figure [...]
FTSE 100 falls on doubts over deals for Greece and Glencore February 6, 2012 MINERS dragged Britain’s top share index lower yesterday, after doubt surfaced about Glencore’s potential merger with Xstrata, while banks waned in the absence of a debt deal for Greece. The FTSE 100 index ended down 8.87 points, or 0.2 per cent, at 5,892.20, remaining near six-month highs after strong US jobs data boosted appetite for [...]
Corporate results worries sink stocks February 6, 2012 US stocks closed slightly lower yesterday as lingering questions about Europe’s debt crisis and corporate earnings overshadowed growing optimism about economic growth after a five-week rally. The S&P has risen about seven per cent so far this year, helped by a slew of better-than-expected US economic data, which was capped by Friday’s solid jobs report. [...]
Britain must become a land of opportunity once more to attract the world’s workers February 6, 2012 COUNTRIES receive the immigrants they deserve. A migrant has 192 countries to choose from. He or she will choose according to his own preferences and reasons. The possibility of economic betterment is the most important: nobody aspires to end up on the breadline. What forms of economic betterment are available will determine what sorts of [...]
We must resist a tax that isn’t FTT for purpose February 6, 2012 AS THE European Parliament held its public hearing on the proposed financial transaction tax (FTT) on Monday, the battle positions were clearly drawn. For the Eurozone, an FTT represents a smallish subsidy to repair damaged national balance sheets; for the UK, the adoption of an FTT would represent a massive drag on the country’s economic [...]
It’s hard to account for flaws in the rule-book February 6, 2012 IT SHOULD be no surprise that socialist economies give the impression of creating more output than capitalist ones. Under socialism you get rewarded based on what you produce – hence an incentive to overstate production. Under capitalism you get taxed based on what you produce – hence an incentive to understate production. These are two [...]
