Argentina legal plot moves to its lower house September 4, 2014 ARGENTINA’S senate yesterday passed a bill aimed at circumventing US court decisions regarding its defaulted debt by changing payment jurisdiction, sending the proposal to the lower house chamber of deputies for final approval. The chamber, like the senate, is controlled by government allies who are expected to vote the bill into law. Debate in the [...]
Burford Capital almost doubles earnings after stronger returns September 4, 2014 BURFORD Capital yesterday announced promising half-year financial results after a bond issue and new semi-annual dividend. The litigation finance firm, chaired by former Barclays chief Sir Peter Middleton, said pre-tax profits rose 89 per cent for the six months ending June to $18.2m (£11.1m). “This period has been a transformative one for the business with [...]
Best of the Brokers for 05 September 2014 September 4, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com WOLSELEY BS has kept its valuation at “neutral” but raised the target price to 3,500p from 3,320p. The broker believes a special dividend payment is likely this year to be around £200m, and thinks the strength of US operations will offset a slowdown [...]
London Report: Draghi decision helps FTSE rise but BP tanks September 4, 2014 BRITAIN’S top shares rose yesterday after the European Central Bank cut interest rates and announced plans to buy assets in a bid to shore up Eurozone inflation. However, steep falls in BP capped gains. BP shares fell 5.9 per cent to 455p, suffering their biggest one-day percentage drop since June 2010, after a judge in [...]
New York Report: Wall St closes lower after initial gains September 4, 2014 US STOCKS lost early gains yesterday and turned negative to close modestly lower, dropping from earlier highs that saw the S&P 500 and the Dow Jones industrial average hit new intraday record highs. Gains were initially fuelled by moves the European Central Bank took to stimulate the struggling Eurozone economy and continued signs of improvements [...]
Woeful England to come unstuck against resolute Swiss September 4, 2014 IT WAS a familiar sight for England fans on Wednesday night at Wembley as they watched their team labour to beat a vastly inferior opponent – on paper at least – in the shape of Norway. A late penalty from new Three Lions captain Wayne Rooney gave England a first win in five matches, but [...]
Gear VR puts Samsung in a bold new Galaxy September 3, 2014 SAMSUNG unveiled its first foray into virtual reality yesterday, with the Gear VR headset. The firm said that the headset, when married with the South Korean giant’s new Galaxy Note 4 smartphone, gives users an immersive experience to play games and watch video. While Samsung said the VR was still a work in progress, its [...]
Spirit pubs selling more pints September 3, 2014 SPIRIT Pub Company’s like-for-like sales were ahead of the market in the fourth quarter as value-for-money deals attracted more customers to its franchises, boosting full-year expectations. Shares in the company, which was split from Punch Taverns in 2011, closed up 1.3 per cent. Like-for-like sales rose 2.1 per cent at managed pubs in the 12 [...]
Best of the Brokers for 04 September 2014 September 3, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com JLT Cannacord has cut its rating from “buy” to “hold”, with the target price falling from 1,165p to 1,070p. The broker believes that the value from US speciality will come through after a forecast period, while its present value depends mainly on margin, [...]
London Report: FTSE rises on reports of Ukrainian cease fire deal with Russia September 3, 2014 BRITAIN’S top equity index yesterday touched its highest level in more than 14 years amid signs that Ukraine and Russia were working to end the conflict between them over eastern Ukraine. The blue-chip FTSE 100 index briefly hit 6,898.62 points, its highest level since early 2000, after Ukraine said a “permanent ceasefire” had been agreed [...]
