London dealers struggle to meet gold coin demand June 8, 2010 LONDON bullion dealers are struggling to source enough gold sovereign and Britannia coins to keep up with surging demand ahead of an expected hike in capital gains tax (CGT) in the new government’s emergency budget on 22 June. Dealers are reporting a backlog of orders for bullion coins recognised as UK legal tender, which are [...]
Northern Rock reveals plans to slash 650 jobs ahead of planned privatisation June 8, 2010 NATIONALISED lender Northern Rock plans to cut up to 650 jobs, or 14 per cent of its staff, by the end of the year, as it presses ahead with an overhaul of the bank to prepare for a return to private ownership. Northern Rock, Britain’s first major casualty of the credit crunch, yesterday said it [...]
FUND MANAGEMENT NEWS June 8, 2010 EARN INCOME IN EMERGING MARKETS JP Morgan Asset Management has announced that it intends to launch the first investment trust that will focus on dividend income from emerging markets. Traditionally, emerging market equities are a good play on growth. However, as markets mature, more and more companies are paying good dividends. The fund’s initial target [...]
BEST OF THE BROKERS June 8, 2010 CAMPARI JP Morgan Cazenove downgrades Campari to “underweight” noting that the June 2011 discounted cash flow derived price target is €3.80 (was €3.85) which is some nine per cent below the current share price. It notes Campari’s stock is up 14 per cent on an absolute level and relative to the local Italian index in [...]
CITY MOVES | WHO’S SWITCHING JOBS June 8, 2010 Signia Wealth The ultra high net worth wealth manager has hired mobile phones tycoon John Caudwell to take up a seat on its advisory board. Caudwell will provide entrepreneurial leadership for the firm alongside its other advisers, including private equity guru Jon Moulton. Caudwell previously founded and led the Caudwell Group, including mobile phone retailer [...]
Mixed fortunes for the buck to help the euro June 8, 2010 ANOTHER week, another lurch lower for the euro. This time it was fears about the finances of Hungary, not even a fully fledged member of the Eurozone, that caused investors to flee the single currency. And the arguments continue to mount about whether the euro ca survive. Just this week the Royal Bank of Canada [...]
Japan wins the forex ugly contest June 8, 2010 IT IS testament to the uncertainty of the times that the yen, the currency of a country with public debt at over 200 per cent of GDP, is still viewed as a “safe haven.” But as CMC Markets’ Michael Hewson says: “Currencies are vying for the title in battle of the uglies” and the yen [...]
DOW-GOLD RATIO COULD HIT PARITY June 8, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT LAST Friday’s surprise commentary from Peter Szijjarto, a spokesman for the new Hungarian prime minister Viktor Orban, triggered yet another selling frenzy in the euro. He noted that the Hungarian economy was in a “very grave situation” and said that the spectre of a default “isn’t an exaggeration”. Although Hungary [...]
THE TIPSTER June 8, 2010 THE recent recovery in the oil price has seen the Canadian dollar strengthen off its lows against the US dollar due to the loonie’s high sensitivity to Canadian oil exports to the US. A continued rebound in the oil price could well see US dollar-Canadian dollar fall towards trend line support around C$1.0400 and C$1.0330. [...]
Ash cloud hits airport sales at WH Smith June 8, 2010 WH Smith yesterday blamed disruption caused by the the Icelandic volcanco ash cloud for denting sales during the 14 weeks to 5 June. The company’s 570 high street stores saw like-for-like sales fall four per cent in the period. The group said like-for-like sales in the third quarter had fallen by four per cent at [...]
