Pan African revenues rise 71pc February 19, 2014 Pan African Resources, the Aim-listed miner, yesterday unveiled a 70.9 per cent rise in half-year revenue to £84.6m for the six months to December 2013. The company said that the amount of gold sold had increased by 123 per cent to 100,172 ounces, while its all in cash costs were $1,044 per ounce. “[The] results [...]
Saint-Gobain upbeat for 2014 February 19, 2014 Building materials supplier Saint-Gobain said yesterday it expected a rebound in operating profit in 2014 after net income fell by 14.1 per cent last year. Europe’s biggest sector player is planning to make additional cost savings in 2014-2015 and is eyeing €4bn (£3.3bn) of acquisitions through 2018 as part of a strategy to focus on [...]
City Moves for 20 February 2014 | Who’s switching jobs February 19, 2014 Santander Corporate & Commercial Andrew Whelan has been appointed managing director for regional real estate finance at Santander Corporate & Commercial. He joined in 2010 from Bank of Ireland, and has previously held roles at Barclays. Aldermore Asset Finance The challenger bank has made three appointments to its asset finance team. Carey Hansford joins as a business [...]
Best of the Brokers for 20 February 2014 February 19, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com GENUS Panmure Gordon sticks to its “sell” rating on the livestock genetics firm ahead of interim results next Tuesday. Earnings per share are predicted to decline by almost five per cent to 24.5p, with some of the slump due to currency headwinds that [...]
London Report: FTSE pauses for breath as sharp rally peters out February 19, 2014 THE UK’S top shares steadied yesterday as analysts bet the strong rally that followed a slump in emerging markets has run out of steam, though Sports Direct gained on robust profits. The FTSE 100 closed up 0.28 points – flat in percentage terms – at 6,796.71 points. It hit 6,810.48, its highest since late January, [...]
New York Report: Wall St edges lower as Fed minutes weigh February 19, 2014 US stocks slid yesterday in a late sell off after minutes of the US Federal Reserve’s latest policy-setting meeting indicated that the central bank will keep trimming its bond-buying stimulus unless there is a significant economic surprise. Minutes from the January meeting of the Federal Reserve’s policy-setting committee showed that several policymakers wanted to hone [...]
Indecisive Europe is acting too late to save Ukraine from Kremlin discipline February 19, 2014 LIKE a slow-motion car wreck, the tragic violence that has erupted in Ukraine over the last few days – which some fear could result in bloody civil war – has been inexorably coming for some time. In November 2013, the country’s President Viktor Yanukovych abruptly broke off talks with the EU over a political and [...]
Against the Grain: What Italy and France should really learn about German economic resilience February 19, 2014 IT’S EASY to forget that Germany was once seen as the Sick Man of Europe. Between 1991 and 2005, its GDP growth averaged only 1.2 per cent a year, compared to 3.3 per cent in the UK. Since then, of course, the German economy has revived dramatically. The recovery in the German cluster of economies [...]
Banks face mega fines as Britain imports US style corporate justice February 19, 2014 UNDER the headlines “Bank Robbery” and “Uncle Scam”, there was a stormy reaction to the largest settlement ever between the US government and a corporation – JP Morgan’s $13bn (£7.7bn) November 2013 pay-out over the mis-selling of mortgage securities. But penalties of this size may not be peculiar to the US for long. Britain’s adoption [...]
Letters to the Editor – 20/02 – Scots currency, Best of Twitter February 19, 2014 Scots currency [Re: Could fears over their future currency sway the Scottish people against independence?, Tuesday] The three main Westminster parties have ruled out a currency union with an independent Scotland. But the stability of sterling and access to the UK and EU markets are vital to support continued confidence in the Scottish business community. [...]
