CITY A.M. | SHADOW MPC September 8, 2010 ALLISTER HEATH | CITY A.M. “Rates should be raised by 25 basis points as a symbolic hike to show that the MPC is serious about targeting inflation. The economy is growing, albeit slowly, with yesterday’s factory stats further evidence that we won’t suffer a double-dip recession.” SIMON WARD | HENDERSON “Raise by 25 basis points. [...]
STRIP CLUB BOSSES STAKE OUT THEIR TURF September 8, 2010 LOOKS like The Capitalist ruffled a few feathers yesterday with a tale about former Spearmint Rhino managing director Simon Warr setting up a new strip club, Platinum Lace, on his previous employer’s territory in the heart of London. Spearmint Rhino bounded in immediately with a robust defence of its business, which is apparently booming at [...]
Dana battles to stop £1.9bn offer by KNOC September 8, 2010 DANA PETROLEUM is braced for a £1.9bn hostile takeover by Korean National Oil Corps after investors dismissed an ambitious defence document demanding a higher price. Shares in Dana closed almost flat at £18.09, just above the level of state-owned KNOC’s £18 per share offer, indicating shareholders were unmoved by the argument. The board of the [...]
BEST OF THE BROKERS September 8, 2010 STHREE Seymour Pierce upgraded the recruiter to a “buy” from “outperform” ahead of tomorrow’s trading update, with a target price of 330p. The broker notes SThree’s peers have indicated the jobs market is improving. OCADO Shore Capital maintains a “sell” rating on the grocer, with a target selling price of 157p. The broker says Ocado’s [...]
ANALYST VIEWS: WILL DANA’S DEFENCE CHANGE THE COURSE OF THE BATTLE September 8, 2010 KEITH MORRIS | EVOLUTION SECURITIES On first reading of the document, the main defence centres upon an independent expert’s valuation of the existing assets at £21.20 per share and the potential for exploration prospects to quadruple reserves by full-year 2012. Like Venture’s defence document against Centrica, though, we believe it will prove futile. DAVID HART [...]
Investors attack Mecom September 8, 2010 DAVID Montgomery, former chief executive of the Mirror Group, is facing his second investor revolt in two years as the three biggest shareholders in Mecom, the newspaper group he founded, are calling for him to go. Aviva, Invesco and Legal & General – which together own more than 50 per cent of Mecom’s shares – [...]
WestLB sale due to start this month September 8, 2010 THE starting gun for the sale of German landesbank WestLB’s has to sound by the end of this month, the new finance minister of its home state of Northern Rhine-Westphalia said yesterday. The new state government is hoping to find a buyer among rival landesbanks, finance minister Norbert Walter-Borjans said. The bank has to be [...]
Court ruling ends badly for Vodafone September 8, 2010 India’s tax department has jurisdiction over tax bills in cross-border mergers, a court ruled yesterday, dismissing a petition by Vodafone and setting a precedent for foreign firms looking to buy into Indian companies. The Bombay High Court ruling came as foreign firms show renewed interest in acquiring Indian companies, lured by growth prospects in the [...]
Richemont in lift as watch sales thrive September 8, 2010 SWISS luxury goods group Richemont’s five-month sales jumped 37 per cent, beating forecasts and confirming a rebound in the sector as wealthy Asians splash out again on luxury watches and jewellery. Richemont, normally cautious in its outlook, said yesterday net profit for its first half to September should be significantly higher than last year. However, [...]
Lego pieces together a strong half year’s results September 8, 2010 TOY manufacturer Lego, famed for its colorful building blocks, yesterday reported a 34 per cent jump in sales to 5.86bn Danish krona (£646.7m) in the first half of the year. The company said Hollywood-branded tie-ins on films like Toy Story and Prince of Persia and a new range of board games had helped to produce [...]
