Rail passengers getting grumpier about delays and overcrowding January 21, 2014 RAIL passengers are complaining more about delays and crowded carriages, a national poll revealed yesterday. While 83 per cent of Britons are happy with their train trips overall, this has fallen from 85 per cent a year ago and several aspects of the journey have come in for stark criticism. Value for money is a [...]
Green Deal faces criticism with uptake of only 1,612 last year January 21, 2014 THE GOVERNMENT’S Green Deal faced another battering from its opponents yesterday, after new figures showed that just 1,612 households had taken up the energy-efficiency scheme by the end of December. Just 626 of the 1,612 measures have actually been installed, with the rest approved or pending. The initiative offers loans to households who wish to [...]
African Barrick soars on strong output figures January 21, 2014 AFRICAN Barrick Gold’s chief executive yesterday vowed to continue to drive change and cut costs, as the Tanzania-focused miner unveiled strong fourth-quarter production figures in a challenging gold market. Brad Gordon, who took on the top role at the FTSE 250-listed gold explorer last August, told City A.M. that this was the fifth consecutive quarter [...]
Analyst Views: What did you make of African Barrick Gold’s results? January 21, 2014 HUNTER HILLCOAT | INVESTEC African Barrick has perfected the art of under-promising and over-delivering and the fourth quarter delivered more of that. But it finished the year [with a far lower cash balance] and we cannot be overly encouraged by the company’s operational improvements until it becomes cash generative. ROB BROKE | WESTHOUSE SECURITIES The [...]
Brand Index: Ryanair’s charm offensive starting to win round flyers January 21, 2014 THIS year, Ryanair is changing. At least that’s what the budget airline’s boss, Michael O’Leary, claims in a new TV advert, which is part of multi-pronged marketing effort to convince consumers that it is turning over a new leaf. To get out the message that it is now a kinder, gentler company, it has appointed [...]
Fiat completes purchase of US car firm Chrysler January 21, 2014 FIAT has completed its buyout of Chrysler, making the US business a wholly-owned subsidiary of the Italian car-maker as it gears up to use their combined resources to turn around its loss-making operations in Europe. The company announced on 1 January that it had struck a $4.35bn (£2.6bn) deal – cheaper than analysts had expected [...]
Melrose and IMI return £1.2bn to shareholders after selling assets January 21, 2014 IT WAS a good day for investors in Melrose Industries and IMI yesterday, after both FTSE 100-quoted engineering firms said separately that they would be returning cash to shareholders. IMI – which makes valves and other equipment for controlling liquids and gas flows – is returning £620m to shareholders after it completed the sale of [...]
Cairn Energy unveils nine-well expansion programme for 2014 January 21, 2014 CASH-RICH oil explorer Cairn Energy yesterday said it plans to drill nine new wells this year, while its programme to buy back up to $300m (£182.2m) in shares is still ongoing. “Cairn plans to drill nine wells in its 2014 exploration programme across an attractive mix of frontier and mature basins,” said chief executive Simon [...]
City Moves for 22 January 2014 | Who’s switching jobs January 21, 2014 Sidley Austin The law firm has announced the appointment of James Oussedik as counsel and senior member of its investment funds practice. Oussedik was most recently at Simmons & Simmons, where he was a managing associate. Partnership Giles Offen has joined the insurance company as chief technology officer. He was formerly at Advanced Payment Solutions, where [...]
Best of the Brokers for 22 January 2014 January 21, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ADMIRAL Berenberg rates the insurer a sell with a price target of 1,080p. The broker thinks the motor insurance sector is not likely to see a rise in premiums soon, and that Admiral will not enjoy a boost from an eventual rise in [...]
