Brazil seeking to stave off slump with £6bn commercial credit August 20, 2014 Brazil’s government yesterday unveiled a flurry of economic measures as the country teetered on the brink of a recession. As a tightly contested presidential election drew closer, the central bank increased the amount of capital available for commercial loans by at least 25bn reals (£6.65bn), the second such move in less than a month. The [...]
Norway to keep $8.2bn Russian assets despite sanctions – for now August 20, 2014 Norway’s massive sovereign wealth fund yesterday announced that it was likely to hang on to its $8.2bn (£4.93bn) worth of Russian assets despite Western sanctions on Moscow. However, the $885bn fund – one of te world’s biggest investors said it did not plan further purchases because of political risk. The fund has $8.2 billion invested [...]
China imposes massive fine on Japanese car parts manufacturers for price fixing August 20, 2014 China yesterday announced that it had fined Japanese car parts makers a record 1.235bn yuan (£121m) for manipulating prices. The punishment is part of Beijing’s move to enforce an anti-trust law that has targeted major corporations and revived protectionism concerns. The fines, the largest so far meted out by the pricing regulator, the National Development [...]
Hertz withdraws profit guidance as recalls put brakes on rentals August 20, 2014 US CAR industry recalls have hit rental company Hertz hard and it has withdrawn its profit guidance for the year, prompting at least two brokerages to downgrade its stock. Hertz announced yesterday that it expected 2014 results to be “well below” its previous guidance given the massive auto recalls, higher operating expenses in the US [...]
Best of the Brokers for 21 August 2014 August 20, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com DEBENHAMS Cantor Fitzgerald has raised its rating to “hold” from “sell”, but cut the target price to 65p from 70p. The broker still has concerns on the balance sheet and need to invest in the store portfolio, but thinks it will benefit from [...]
London Report: FTSE slips from five-day rise as ex-div firms fall August 20, 2014 BRITAIN’S top share index yesterday retreated from a three-week high, halting a five-day winning streak, with companies trading without the attraction of their latest dividend putting pressure on the broader market. The benchmark index finished down 0.35 per cent, or 23.83 points, at 6,755.48 points. Despite markets pausing for breath after recent rises, Standard Chartered [...]
New York Report: Stocks end up as rate hike fears subside August 20, 2014 US STOCKS closed yesterday mostly higher, with the S&P 500 just missing a record close, after minutes from the Federal Reserve’s July meeting gave investors reason to believe that the central bank was in no rush to raise interest rates. The minutes were from the two-day meeting of the Federal Open Market Committee in late [...]
London office market heats up in July August 19, 2014 OFFICE space in central London fell by 21 per cent year-on-year in July as improved business confidence and rising employment prompted more firms to move. Data out yesterday by DTZ showed firms had taken up 8m sq ft in the year to date, up 17 per cent on the same period last year.
Elizabeth Arden blames celebrities for loss August 19, 2014 Elizabeth Arden reported its biggest ever quarterly loss due to a steeper-than-expected fall in sales of celebrity perfumes, particularly the Justin Bieber and Taylor Swift brands, sending its shares plunging as much as 25 per cent yesterday. The cosmetics company said fourth- quarter sales fell 28.4 per cent, the sharpest in a decade, and warned [...]
Cairn is looking to cut jobs after icy Arctic wind August 19, 2014 OIL AND gas explorer Cairn Energy yesterday announced first-half, post-tax losses of $62m (£37m), compared to a loss of $219m in the same period a year ago. The Edinburgh-based company said it would now need to re-assess staffing levels and cut costs. Cairn is still trying to resolve a tax issue in India and said [...]
