Firms to Osborne: Don’t leave the capital behind September 8, 2015 BUSINESSES in the capital have urged the government to remember London when pushing for greater devolution of decision-making powers to local authorities. In an official submission to the Treasury ahead of November’s comprehensive spending review, the London Chamber of Commerce and Industry (LCCI) said that London should not be “overlooked”. LCCI chief executive Colin Stanbridge [...]
German hawk to chair bank of central banks September 8, 2015 THE BANK for International Settlements (Bis), a bank for, and owned by, the world’s central banks, has appointed German central bank president Jens Weidmann as its chairman. Weidmann has been known for his stance that errs against policy easing. However, in his new role he will have little influence over the action of central banks. He [...]
Mitie preferred bidders in Rolls facility offering September 8, 2015 BRISTOL-based strategic outsourcing company Mitie, has been named the preferred bidder by motor manufacturers Rolls-Royce for the facilities management of its UK and specific European properties. The agreement, which will be one of the FTSE 250 group’s largest pan-European deals, will see Mitie continue its 23-year partnership will Rolls-Royce. Mitie, founded in 1987, is a [...]
Oil firms’ shares surge as Kurdistan confirms payments will be delivered September 8, 2015 SHARES in London-listed oil firms, including Genel and Gulf Keystone Petroleum, jumped yesterday, on news that the Kurdistan Regional Government (KRG) is set to make $75m (£49.1bn) worth of payments. Genel rose by over six per cent at one point yesterday, and closed up by 2.82 per cent, at 346.5p, while Gulf Keystone closed up [...]
Toshiba tanks after revising overstated profits September 8, 2015 TOSHIBA yesterday announced again its twice-posted results yesterday, citing a net loss of ¥37.8bn (£209.3m). The reporting was postponed twice after the company first admitted it had overstated its profits in April, and then in May announced it was expanding the investigation into its accounting. Toshiba now says it overstated its profits by ¥200bn over [...]
Chinese dragon needs to regain its fire: Falling competitiveness could be the hidden force behind the slowdown September 8, 2015 China's unravelling has had repercussions all over the world, from the $3 trillion (£1.96 trillion) wiped off global stock markets in the space of days, to fears of deflation in the UK and currency devaluations in places as distinct as Vietnam and Kazakhstan. The Shanghai stock market – which is down 40 per cent [...]
Glencore pulls FTSE up on back of debt scheme – London Report September 8, 2015 BRITAIN’S top share index rose yesterday, led into positive territory by Glencore after the mining and commodities trading firm announced a plan to cut billions of dollars in debt in the face of weakening metals prices. The FTSE 100 was up 31.60 points, or 0.5 per cent, at 6,074.52 points at the close, rallying after [...]
Best of the Brokers for 8 September 2015 September 8, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com MARKET TECH Canaccord Genuity initiated coverage on the investment vehicle with a “buy” rating. The broker said this recommendation reflects the scale of growth it sees from the firm’s real estate and e-commerce & technology businesses. It added that the group is “importantly” [...]
Chinese economic slowdown: The bull market has further to run, but there may be better value outside equities – CNBC Comment September 8, 2015 Hindsight is a wonderful thing, but the recent correction in stock markets was hardly surprising. Even its extent and volatility were not totally absurd when you take account of a few crucial factors. The most relevant factor is that this all occurred in the summer when volumes are thinnest. Moves were therefore larger and [...]
Sell in May and go away: Advice to bank on? September 8, 2015 AFTER global equities tumbled this summer over fears of a Chinese slow-down and in anticipation of a Fed rate hike, investors might have done well to heed the advice of one old City adage: “Sell in May and go away, don’t come back till St Leger Day.” The saying urges investors to sell off UK [...]
