Weak prices take the shine off Severstal as profits plunge 89pc February 27, 2014 RUSSIAN steel miner Severstal yesterday posted an 89 per cent fall in full-year profit, hit by writedowns and weak metal prices. The company posted net profit of $83m (£50m) in 2013, while revenue fell 5.6 per cent to $13.3bn. “It is a challenging time for the industry, due to oversupply in the steel market,” chief [...]
Upbeat Kier reveals profits jump February 27, 2014 British construction and property giant Kier yesterday reported a 90 per cent leap in adjusted pre-tax profit to £36.8m for its first half of the year, and said it is optimistic about a recovery in the UK construction market. The acquisition of May Gurney cost the company £22m in exceptional charges, yet helped revenue to [...]
Bodycote’s buys boost revenues February 27, 2014 UK engineering company Bodycote reported a nine per cent rise in full-year 2013 profit yesterday, after acquisitions made the previous year helped it ride out tough market conditions. Pre-tax profit rose to £98.4m in 2013 from £90m a year earlier. Revenue climbed five per cent to £619.6m. Without the three acquisitions made in 2012, which [...]
Gene tech firm seeks Aim float February 27, 2014 Horizon Discovery has become the latest research group to seek funding on the London stock markets after announcing a float to raise £25m on Aim. The Cambridge-based company, which produces “patients in a test tube”, or human gene chains that can be used for medical research, said the cash will help find new customers for [...]
City Moves for 28 February 2014 | Who’s switching jobs February 27, 2014 Standard Chartered The bank has announced the appointment of Sanjeeb Chaudhuri as group head of brand and chief marketing officer. He joined in 2011 from Citicorp, where he was chief executive for retail and commercial banking for Europe, the Middle East and Africa (EMEA). Chaudhuri has also held senior marketing and general management positions at [...]
Best of the Brokers for 28 February 2014 February 27, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ITV Numis repeats its “buy” rating and 260p target following “very strong” results from the broadcaster. The broker thinks ITV is finding the right balance between commercial and creative in its programming, and is confident that the group could beat forecasts again this [...]
London Report: RBS weighs on FTSE but Yellen drives stocks up February 27, 2014 BRITAIN’S top share index edged up yesterday, lifted by positive US data and assurances from Federal Reserve chair Janet Yellen, despite a sharp sell-off in Royal Bank of Scotland and increasing tension over Ukraine. RBS skidded 7.7 per cent as its new chief exec outlined plans for a large-scale overhaul after the mostly state-owned lender [...]
New York Report: S&P hits fresh record high on Fed assurance February 27, 2014 THE S&P 500 closed at a record last night and ended in positive territory for the year after Federal Reserve chair Janet Yellen said harsh weather seems to be to behind recent US economic softness. Her comments gave some relief to investors who supported the view that heavy snowstorms and unusually cold weather – and [...]
Letters to the Editor – 28/02 – Socialist Venezuela, SNP failings, Best of Twitter February 27, 2014 Socialist Venezuela [Re: How socialism has destroyed Venezuela, Wednesday] The problem with socialism is that economic decisions, and control of capital, are concentrated among a tiny ruling elite. Once this happens, the means and incentives exist for that elite to enrich itself. The pull is greater than any residual egalitarian ideals. History has shown that [...]
Sales from the riverbank February 27, 2014 The future landmarks set to transform London’s river and make living Thameside even cooler LONDON is finally starting to follow the example of its European neighbours by making the most of its meandering river. Luxury developments are beginning to pop up all along the riverbank, proving that the place to be seen in the next [...]
