Punch gets approval for debt restructuring September 17, 2014 PUNCH Taverns yesterday announced that noteholders as well as its shareholders had approved its £2.3bn debt restructuring proposals, subject to the consent of the Royal Bank of Scotland and Lloyds Bank. It has been selling off hundreds of pubs to help bring down debt and shore up its balance sheet. Shares closed up 3.9 per [...]
Software delays hit DMGT shares as costs spiral September 17, 2014 DAILY Mail and General Trust (DMGT) disappointed the market yesterday by announcing further delays and higher costs associated with the launch of its risk management software business, RMS(one). The publisher of the Daily Mail and The Mail on Sunday saw its shares plummet 6.69 per cent after it revealed the delays would trigger £5m in [...]
Sony heads for deeper loss on phone sales September 17, 2014 SONY cut its profit forecast for the sixth time on boss Kazuo Hirai’s watch yesterday after revealing a huge 180bn yen (£1bn) impairment charge on its struggling smartphone unit. The Japanese consumer tech giant widened its net loss forecast to 230bn yen for the year ending 31 March from a previous forecast of a 50bn [...]
Thesps Grapple with City A.M. ahead of play September 17, 2014 What better place to perform one of the oldest plays about money lending, The Merchant of Venice, than the City? Broadgate is hosting a free adaptation of the play on 8 and 9 of October and the actors have been assimilating into their new surroundings by reading City A.M., natch. They do look a bit [...]
Brookfield launches principal stand in city September 17, 2014 BROOKFIELD Property Partners yesterday put on the market to UK buyers flats in its 50-storey residential development on the fringe of the City. Principal Tower is part of a larger mix-used scheme at Principal Place, including a 15-storey office block that has been partly pre-let to Amazon.
From chips to telecoms innovation is the key September 17, 2014 INNOVATIVE COMPANY of the year City A.M.’s Innovative Company of the Year category salutes businesses that are frontrunners in their industry, from micro-chips to car service apps. With London being one of the leading hubs in Europe – if not the world – of innovative technology, our judges have had a hard time choosing a [...]
Best of the Brokers for 18 September 2014 September 17, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BOOHOO Shore Capital has initiated coverage with a “Buy” rating and a target price of 73p. Shore thinks Boohoo is one of the cheapest stocks in the high growth online fashion retail sector, with upside potential and a sourcing model providing unrivalled level [...]
London Report: Shares slip as FTSE waits for Scotland verdict September 17, 2014 BRITAIN’S top share index yesterday slipped and underperformed gains on rival European bourses, as the uncertainty raised by Scotland’s vote on independence pegged back the UK stock market. The blue-chip FTSE 100 index closed down by 0.2 per cent, or 11.34 points, at 6,780.90 points. Engineering conglomerate Smiths Group was the worst FTSE stock in [...]
New York Report: Dow at record high after Fed rates promise September 17, 2014 US STOCKS edged higher in volatile trading yesterday after the US Federal Reserve renewed its pledge to keep interest rates near zero for a “considerable time” and repeated concerns over slack in the labour market, standing firm against calls to overhaul its policy statement. Interest rate projections, however, show Fed officials expect rate hikes, when [...]
Champions League: Chelsea boss defends call to cull Costa September 17, 2014 CHELSEA 1 SCHALKE 04 1 CHELSEA manager Jose Mourinho last night revealed star striker Diego Costa will struggle to be part of their assault on both the Premier League and Champions League titles this term. The Spain striker has hit seven goals in four Premier League games so far, including a hat-trick against Swansea on [...]
