Ashmore suffers again as chief exec awaits return to fortunes January 13, 2015 ASHMORE, the emerging market-focused money manager, stumbled again last quarter after investors pulled $4.2bn, driving assets under management to a fresh low. The company’s stock market investments, geared toward companies in territories like China and Brazil, also declined by $2.8bn during the three month period ending December 2014. Assets under management fell 10.7 per cent [...]
City Moves for 14 January 2015 | Who’s switching jobs January 13, 2015 Baker Botts The law firm has appointed Mark Heaney as partner in its intellectual property group. He joins from Bird & Bird, where he was a partner and head of its international electronics sector group. Heaney specialises in contentious matters, and has a focus on patents, copyright, and related rights. PwC Lachlan Roos has been [...]
Best of the Brokers for 14 January 2015 January 13, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com CARR’S MILLING INDUSTRIES Numis has moved the agricultural manufacturing company from a “hold” to an “add” rating. The broker noted that the firm’s recent update showed all three divisions are trading in line with expectations, despite lower dairy farmer incomes resulting from a [...]
Supermarket surge after top boss bows out boosts FTSE 100 – London Report January 13, 2015 MORRISONS’ surge buoyed the FTSE 100 yesterday, after the grocer announced that its chief executive had been shown the door following its poor performance during the busy Christmas trading season. The blue-chip FTSE 100 index was up 0.6 per cent at 6,542.20 points at the close. But weaker commodity stocks on the back of fresh [...]
Oil price spurs sell off in US – New York Report January 13, 2015 THE US stock market closed lower for a third straight session yesterday, reversing earlier gains as continued weakness in oil spurred further selling in the energy sector, while the US dollar rose on hopes for stimulus from the European Central Bank. Trading was volatile, with the S&P 500 moving between a gain of 1.4 per [...]
Blame the Green Belt for Britain’s dire housing crisis: Reform is long overdue January 13, 2015 The UK, and particularly London, is in the midst of what should be seen as a housing crisis. According to LSE professor Paul Cheshire, new build houses are about 40 per cent bigger in the Netherlands and 38 per cent bigger in Germany than they are in England. And yet housing goes for 45 per [...]
How Adam Smith can help solve Europe’s youth unemployment problem January 13, 2015 Youth unemployment remains a serious problem in Europe. There is the tiniest glimmer of hope in that, in November, the number of young people under 25 unemployed in the Eurozone was 58,000 lower than it was a year before. But that still leaves 3.4m without a job. In Italy, the youth unemployment rate is 44 [...]
Forget howls of deflation anguish: UK inflation at 0.5 per cent is very welcome January 13, 2015 UK inflation is now more than one percentage point below the official target for the first time since the Monetary Policy Committee (MPC) was established in 1997. What does this tell us about the outlook for the British economy? If past precedent had been followed, we could have seen the views of the MPC on [...]
As the IFS warns on UK debt, is Labour right to allow for more wiggle room on spending cuts? January 13, 2015 Vicky Pryce is chief economic adviser at the Centre for Economics and Business Research and a former joint head of the Government Economic Service, says Yes The IFS has argued that Labour’s spending plans, if implemented, could lead to sharply higher levels of national debt. The alternative, of course, is tougher cuts. But because government [...]
Why a battered Eurozone is still offering tempting opportunities January 13, 2015 Hedging currency exposure will be a saving grace. The Euro had a bumpy ride economically last year, and most don’t expect 2015 to bring much respite. Anaemic growth, credit contraction and a very real fear of a deflationary spiral (the inflation rate fell to -0.2 per cent in December) are fuelling mounting expectations of QE. [...]
