Three things you didn’t know about Level39 boss Eric Van der Kleij June 16, 2014 Chief executive of Level39 Eric Van der Kleij 1 He invented the online process of “web call back”, leaving your number on a website for someone to call you back, while struggling to buy flowers for his wife online. 2 Canary Wharf’s FinTech incubator Level39 was born following a very chance meeting between Eric and [...]
Global oil and gas firms gear up for re-entry into Iranian market June 16, 2014 INTERNATIONAL energy firms are poised to re-enter the Iranian market later this month, when the EU is expected to ease trade sanctions on the oil-rich country. In January, the EU granted “limited, temporary, and targeted relief” from embargoes targeting Iran’s key energy and financial sectors, which were originally imposed to deter the country from developing [...]
Banks appointed as BSkyB mulls plans to buy Sky Italia and Sky Deutschland June 16, 2014 BSkyB has appointed banks as it weighs plans to create a pan-European satellite TV operator by buying up Sky Italia and Sky Deutschland. Morgan Stanley and Barclays, who already act as advisers to BSkyB, have been retained for the proposed transaction, according to Reuters. The BSkyB proposal is said to be an £8bn deal that [...]
Weidmann slams devaluation June 16, 2014 Bundesbank chief Jens Weidmann argued this weekend that the European single currency did not need devaluing. Speaking to a German magazine, he argued that the euro area more vitally needed a competitive edge, which devaluation would not help. The comments go against some of his European Central Bank colleagues, who have expressed concern that the [...]
Car makers hit by Russian slump June 16, 2014 Germany’s automobile manufacturers are suffering from the Russian downturn, according to reports in Der Spiegel over the weekend. The magazine said that sales of Volkswagen and Opel vehicles had dropped by 10 and 12 per cent respectively in Russia during 2014 so far. The report also indicated that Opel had gone as far as to [...]
Dubai blunder causes sell-off June 16, 2014 A major gaffe made by Borse Dubai, the major stock exchange of the United Arab Emirates, wiped ten per cent off the value of construction group Arabtec yesterday. The exchange incorrectly reported on its website that Aabar Investments, which is owned by the government of Abu Dhabi, had cut its share in the firm from [...]
Switching energy supplier cut to three days under new Ofgem rules June 16, 2014 Energy firms could be landed with hefty fines if they fail to cut switching time to three days by the end of the year, Ofgem said today. A spokesperson from the regulator told City A.M. that companies can be fined up to 10 per cent of their turnover for failing to comply with the new [...]
British satellite firm Global Invacom Group to list on Aim in addition to Singapore June 16, 2014 A Singapore-listed British satellite company has announced a secondary listing on Aim, with shares expected to start trading two weeks from today. Global Invacom Group, a long-term supplier to BSkyB, is hoping to raise between $10m and $15m (£5.9m to £8.8m) with the listing, to fund further growth. The company has nominated FinnCap as its [...]
City Moves for 16 June 2014 | Who’s switching jobs June 16, 2014 Wilmington Pedro Ros has been appointed chief executive officer, as incumbent Charles Brady prepares to retire from the business-to-business information firm. Ros joins from Creston, where he is head of strategic insight. He was previously chief executive and chairman of WPP-owned TNS. UBS Global Asset Management Martina Kay has been appointed global head of human [...]
Best of the Brokers for 16 June 2014 June 16, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BAE SYSTEMS Standard and Poor’s has increased its rating to “hold” from “sell” on BAE Systems, also raising the target price to 450p from 380p. The broker believes cash flow improvement through 2015 will drive growth in earnings per share, and that BAE [...]
