France’s firms point towards third recession December 16, 2013 FRANCE is flirting with a potential third recession since the financial crisis, after another grim survey of the country’s firms suggests that business conditions worsened during last month. Though the Eurozone as a whole recorded one of the best results of the past two years in Markit’s most recent purchasing managers’ index (PMI), France’s individual [...]
US records productivity boost ahead of crucial Fed meeting December 16, 2013 US BUSINESS productivity increased at the fastest pace in four years during the third quarter, according to official figures released ahead of the Federal Reserve’s monthly policy meeting. A Bureau of Labor Statistics release showed that productivity rose three per cent in three months to September, the best result since the fourth quarter of 2009. [...]
Japanese firms surge to pre-crisis optimism December 16, 2013 A MAJOR index of Japanese business suggests that firms were more confident in the three months to December than at any point for the last six years. The climate of economic optimism has also spread from large companies: the part of the index which applies to small firms is positive for the first time since [...]
Hedgie Busson moves in with fund manager December 16, 2013 HEDGE fund guru Arpad “Arki” Busson yesterday agreed to merge his funds business EIM Group into larger Swiss money manager Gottex Fund Management, creating a bigger business with $10bn of fee earning assets. Busson, one of the industry’s best known figures, will take a 29 per cent share stake in the enlarged group through his [...]
Aldermore raises another £40m ahead of expected London float December 16, 2013 CHALLENGER bank Aldermore yesterday sold a £40m stake to two hedge funds, worth roughly nine per cent of the lender. Lansdowne Partners paid £10m, valuing its stake at around two per cent. The fund is a major investor in the financial services sector, with around $10bn (£6.1bn) in assets under management. Meanwhile Sky News reported another [...]
Aggreko surges on new contract awards for 2014 December 16, 2013 TEMPORARY power provider Aggreko soared to the top of the FTSE 100 yesterday morning, after it unveiled major contract wins and lifted its full-year guidance. The company, which provided electricity for the 2012 London Olympics, said it has been selected to supply power for the 2014 Fifa World Cup in Brazil and the Glasgow 2014 [...]
Analyst Views: Does the trading update change your outlook on Aggreko? December 16, 2013 CAROLINE DE LA SOUJEOLE | CANTOR FITZGERALD We are leaving our 2013 and 2014 profit forecasts of £335m and £313m unchanged. We remain confident in the long-term structural drivers underpinning the temporary power market, but reflecting the current cyclical pressures, we have a hold recommendation on the stock. NICK SPOLIAR | WH IRELAND The results [...]
Synergy stock up on US deal December 16, 2013 SHARES in Synergy Health rose 7.45 per cent yesterday after the medical outsourcing group unveiled £230m-worth of new contracts in America. The FTSE 250-listed company’s deals included a 15-year contract to sterilise hospital equipment for more than 20 care centres. The contracts have helped Synergy increase its order book to £1.1bn. Canaccord Genuity increased its [...]
Bowleven loses its finance boss December 16, 2013 BOWLEVEN yesterday said its finance director John Brown is leaving the oil and gas company after nine years. Brown is moving to the United Arab Emirates to help run an offshore energy services firm, Bowleven said in a statement, leaving the company he joined as it listed on Aim in 2004. Deputy finance director Kerry [...]
