Chinese forecast to smoke half of the world’s cigarettes by 2018 May 27, 2014 CIGARETTE sales volumes have continued to decline in most top global markets, while e-cigarettes sales have potential for high growth according to new data from the global market research company Euromonitor International. Seven of the top 10 global markets showed declines in volumes in 2013, leading to an overall four per cent decline in world [...]
Ophir Energy slides after failing to discover oil or gas off Gabon May 27, 2014 SHARES in Ophir Energy slumped six per cent in early trading yesterday, after the Africa-focused explorer said it had failed to discover any significant oil or gas at a well located off Gabon. The FTSE 250-quoted firm said the Affanga Deep-1 well in the Gnondo Block encountered thinner than expected sandstone sections with poor reservoir [...]
A fresh blow for Tullow Oil as it abandons dry well off Norway May 27, 2014 TULLOW Oil, the FTSE 100-listed oil and gas explorer, yesterday said that it had failed to find oil in an exploration well located off Norway. “[The well,] which was targeting the Gotama prospect, offshore Norway, did not encounter reservoir quality sandstones in the Upper Jurassic main target,” said Tullow in a statement. “The well encountered [...]
Renold halves full-year loss May 27, 2014 RENOLD, the industrial chain supplier, yesterday showed that its streamlining efforts had paid off, as it halved its full-year losses. The London-listed firm posted a pre-tax loss of £5.9m last year, saving £3.2m from a project to reduce excess manufacturing capacity. “The successful delivery of the complex capacity reduction project in the chain division is [...]
Faroe Petroleum encounters oil in a well in the Norwegian Sea May 27, 2014 OIL AND gas explorer Faroe Petroleum yesterday said that appraisal drilling on a well in the Norwegian Sea had encountered oil, with a second well planned in the next few days. The Aim-listed firm, which has activities in Norway, the Atlantic margin and the North Sea, owns a 25 per cent stake in the well, [...]
L&G buys Waitrose warehouse May 27, 2014 The property arm of insurance firm Legal & General has agreed to forward fund a new distribution warehouse for Waitrose in Milton Keynes, in a deal worth £114m. The 100,000 square feet warehouse in Milton Keynes’ Magna Park is being built by logistics developer Gazeley and has been pre-let to Waitrose on a 30-year term. [...]
UK property debt market thaws May 27, 2014 The commercial property debt market is showing signs of improving, according to research out yesterday, revealing rising confidence in financing availability. According to data from Laxfield Capital, the UK commercial mortgage investment firm, loan-to-value ratios have increased to 58 per cent in the last two quarters, compared to 51.8 per cent in the first three [...]
Armour finance chief to leave May 27, 2014 Consumer electronics firm Armour Group yesterday announced its finance director John Harris will leave the company at the end of this week to be replaced by Mark Wilson. Harris’s departure follows the sale of Armour’s automotive arm at the end of March for £10.9m. The company had previously said it will continue to be unprofitable [...]
City Moves for 28 May 2014 | Who’s switching jobs May 27, 2014 Alvarez & Marsal The professional services firm has appointed Jeremy Heales as a senior director in its UK regulatory advisory services practice. He joins from the FCA, where he was most recently head of retail banks. Heales has also held senior roles at the Bank of England and the FCA. BlueBay Asset Management Victoria Muir [...]
Best of the Brokers for 28 May 2014 May 27, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com GREAT PORTLAND ESTATES Peel Hunt has upgraded its recommendation for the property firm to “buy” from “hold”, while increasing its target price to 720p from 620p. This broker thinks Great Portland’s pipeline in Central London is likely to increase as rents rise and [...]
