City Moves for 11 June 2014 | Who’s switching jobs June 10, 2014 BNP Paribas Investment Partners Patrick Mange has joined BNP Paribas Investment Partners as an emerging markets strategist. Since 2009, Mange has been deputy chief executive at Shinan BNP Paribas. He previously worked at Merrill Lynch Capital Markets France, where he was a euro area strategist. Prior to that, he was a senior economist at Deutsche Bank in Frankfurt [...]
Lonmin share price slumps as strike talks end in impasse June 10, 2014 Lonmin’s share price tumbled 3.2 per cent yesterday, after the South African platinum miner announced late on Monday that talks to resolve workers’ strikes had “dissolved without an outcome”. Lonmin, along with its peers Anglo American Platinum and Impala Platinum, has reached a deadlock with the Association of Mineworkers and Construction Union (Amcu). The dominant [...]
Thames Water seeks investors to put money down the supersewer June 10, 2014 THAMES Water has begun its search for private sector financiers to help fund London’s new £4bn supersewer. The company, which is awaiting planning approval for the 25 kilometre Thames Tideway Tunnel, is inviting potential investors to bid for a stake in the scheme. The backers will take an equity share of a new utility company set [...]
Ryanair makes its bond debut by raising €850m for planes June 10, 2014 BUDGET airline Ryanair issued its first ever bonds yesterday, raising €850m (£687m) to help finance its order for 180 new Boeing planes. Ryanair said the seven-year, euro-denominated bonds were eight times oversubscribed and attracted investors from across Europe. The firm, whose shares are listed in London and Ireland, claims its BBB+ debt rating makes it [...]
Rolls-Royce wins £50m offshore Brazil deal with Edison Chouest June 10, 2014 AEROSPACE giant Rolls-Royce yesterday announced it had won a £50m contract to deliver machinery for four vessels for US marine transportation operator Edison Chouest Offshore. The four large anchor handlers – which are used for oil rigs and other offshore equipment – have been specially developed to operate in Brazilian waters under an eight-year contract [...]
IEA says Chinese gas demand set to double in next five years June 10, 2014 CHINESE demand for gas was set to almost double over the next five years, offsetting a slowdown in growth in other parts of the world, said the International Energy Agency today. Air quality concerns were pushing the Chinese government to reduce pollution, with gas emerging as a key part of the solution, said the independent [...]
Kentz wins £75m Qatargas deal June 10, 2014 Engineering firm Kentz yesterday said it had been awarded a $125m (£74.6m) contract by Qatargas, the world’s largest liquefied natural gas (LNG) company. The FTSE 250 company will supply engineering, procurement, installation, construction and commissioning services to deliver wastewater recycling and reduction facilities to four LNG trains at the plant in Qatar. Kentz will employ [...]
Essar officially exits London June 10, 2014 After four years on the market and an 83 per cent fall in value, shares in Essar Energy were officially removed from the London Stock Exchange yesterday. The Financial Conduct Authority confirmed the exit of the India-focused oil and gas explorer from the UK market following a takeover by Essar Global Fund, its biggest shareholder. [...]
Fitch upgrades Lloyd’s of London June 10, 2014 The Lloyd’s of London insurance market has been given an upgrade by ratings agency Fitch, which said improved risk practices ahead of the Solvency II rule changes made the group’s debt a safer bet. Fitch said Lloyd’s had made major investments in ensuring stable earnings despite turbulence in the insurance market. Lloyd’s said the upgrade [...]
Best of the Brokers for 11 June 2014 June 10, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BABCOCK Panmure Gordon keeps its “buy” rating for Babcock and a target price of 1,525p. The broker thinks Babcock’s withdrawal from a Ministry of Defence property management contest presents some headwinds to growth, but the firm’s pipeline is strong enough to offset the [...]
