KKR pours cash into oil rig firm July 9, 2014 PRIVATE equity group KKR is pumping cash into OEG Offshore Group, a Scottish oil rig equipment supplier. KKR has paid an undisclosed sum for a majority stake in OEG, whose management will keep a “significant” holding after the deal. OEG boss John Heiton said the Aberdeen-based cargo unit firm will use the cash to grow [...]
Lord Harris donates 150,000 shares to charity July 9, 2014 Carpetright founder and celebrated philanthropist Lord Harris has donated 150,000 shares in the retailer to an unnamed charity. The stock is worth in excess of three quarters of a million pounds, but still leaves Lord Harris with more than 10m shares. Last month he postponed his retirement to stay on as non-executive chairman of the [...]
Parcels deliver UK Mail growth July 9, 2014 DELIVERY group UK Mail said yesterday its post and parcel volumes both rose in the three months to the end of June, helping push revenues up 2.5 per cent. The London-listed firm said a boom in online shopping had boosted parcel deliveries by 10 per cent compared to last year, and that mail volumes were [...]
Bentley steers to record year July 9, 2014 LUXURY car maker Bentley Motors yesterday said that 2014 is on the way to becoming its most successful year. The company, owned by Volkswagen since 1998, reported record sales for the first half of the year, with worldwide deliveries up 23 per cent on last year to 5,254. Sales were up in China by 61 [...]
Best of the Brokers for 10 July 2014 July 9, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BP Barclays has increased BP to “equal weight” from “under weight”, keeping the target price at 600p. The broker thinks management’s commitment to return divestment proceeds to shareholders and potential for solid efficiency savings outweigh any long term concerns. PROVIDENT FINANCIAL Berenberg has [...]
London Report: FTSE at two-month low as Admiral and Aviva shares dive July 9, 2014 BRITAIN’S top share index fell for a third straight session to a two-month low yesterday, with Admiral sinking after its trading update and Aviva down after outlining its turnaround targets. Next dipped two per cent to 6,365p after reaching its ex-dividend date. Car insurer Admiral slumped 3.3 percent after saying revenues fell in the first [...]
New York Report: US stocks rise on taper news July 9, 2014 US stocks finished higher yesterday, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy. The Fed indicated it will end its bond purchases in October and appeared near agreement on a plan to manage [...]
Rising UK house prices give pensioners a boost July 8, 2014 Soaring house prices and the strong pound have boosted UK pensioners’ standard of living at home and abroad, a raft of new data showed yesterday. For expats living in the Eurozone, the basic pension increased by nearly 10 per cent in the past year, according to an analysis by Prudential. The strengthening pound pushed expats’ [...]
Barclays appoints Matthew Ponsonby as new European M&A boss July 8, 2014 Barclays has shuffled its top dealmaking staff, naming Matthew Ponsonby has the new head of European mergers and acquisitions following the departure of Mark Warham. Ponsonby held the role as co-head until 2013 when he became chief operating officer for banking. Gary Posternack will be global head of M&A.
Moulton among possible Unipart rescuers July 8, 2014 CAR PARTS distributor Unipart Automotive is in talks with several potential rescuers as it tries to stave off administration. The British firm has put KPMG on standby as administrator, but hopes to get a cash injection in the next few days. Jon Moulton’s investment firm, Better Capital, is among the groups in talks to invest [...]
