Shell kicks off search for new chairman June 9, 2014 ROYAL Dutch Shell has started its hunt for a new chairman to replace Jorma Ollila (pictured) who is set to step down next year after eight years in the role. The FTSE 100 oil giant, which issued a shock profit warning in January, has hired the headhunter Egon Zehnder to lead the search, Sky News [...]
Union Jack plans more reserve tests June 9, 2014 Union Jack Oil, the Aim-listed shale gas explorer that saw its shares soar over 30 per cent last week on an upbeat reserve report, is in talks to commission similar reports at its other sites, executive chairman David Bramhill told City A.M. An independent review of shale resources at a site near Nottingham, in which [...]
Bulgaria stand-off over Russian pipe June 9, 2014 Bulgaria will not resume work on the Russian-led South Stream gas pipeline project until it receives the all clear from the European Commission, Prime Minister Plamen Oresharski said yesterday. In a move that could inflame tensions between Russia and the European Union, the bloc’s executive arm last week asked the Balkan country to suspend work [...]
North east takes top spot in Lloyds Bank’s UK economic growth survey June 9, 2014 THE UK economy is picking up pace around the country, according to firms reporting that output is climbing even after 19 consecutive months of growth. Lloyds Bank’s latest purchasing managers’ index (PMI) for English and Welsh businesses hit 59.8 in May, up from April’s figure and at the highest in five months. Growth is also [...]
China’s trade surplus jumps to five-year high of $36bn in May June 9, 2014 CHINA’S trade surplus jumped to nearly $36bn (£21.4bn) in May, the highest in over five years, as exports rose strongly while imports suffered a slump in mixed news for the world’s second largest economy. Chinese exports rose by seven per cent in May compared with a year earlier, with imports down by 1.6 per cent [...]
City Moves for 09 June 2014 | Who’s switching jobs June 9, 2014 Allen & Overy The law firm has hired Maria Darby-Walker as global head of communications. For the past nine years, Darby-Walker has acted as an independent communications consultant, and was most recently interim head of internal and external relations at the Financial Conduct Authority. KPMG The professional services firm has announced the appointment of Julie [...]
Best of the Brokers for 09 June 2014 June 9, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com THOMAS COOKBerenberg have launched coverage of Thomas Cook Group with a “buy” rating and a target price of 200p. The broker believes that while there are structural challenges in the tourism industry, management efforts at Thomas Cook are likely to lead to improved [...]
London Report: Economic data puts focus on UK housing market and growth June 9, 2014 ECONOMIC data out this week is set to shine a light on the UK’s steady return to health after the recession. The Office for National Statistics will tomorrow release April’s manufacturing data, which is forecast to show a 0.3 per cent rise in output. Construction output data – also likely to show a rise for [...]
Wall St The Week Ahead: S&P 500 close to 2,000 mark June 9, 2014 INVESTORS have spent several months deciphering the mixed signals from the US economy, and yet the S&P 500 has kept moving higher, slowly but surely, putting it just shy of the 2,000 mark. With its Friday close, the S&P would need just a 2.5 per cent gain to vault the 2K level – something most [...]
Kings of Leon: Meet fast food entrepreneurs Henry Dimbleby and John Vincent June 8, 2014 Annabel Palmer talks fast food in heaven with Leon founders Henry Dimbleby and John Vincent BRITAIN’S foodies have never had it so good. Barely a week goes by without a new fad emerging to whet their sweetbreads (most recently, the rise of American-inspired dipping and Korean cuisine); BBC One’s Masterchef becomes ever more delectable as [...]
