BP signs $16bn agreement to develop new gas field in Oman December 16, 2013 FTSE 100 oil major BP yesterday said it has signed 30-year sales and production sharing agreements with Oman’s government to develop the Khazzan gas field. It is hoped that the project – which is estimated to cost around $16bn (£9.8bn) – will become a major new source of gas for energy-hungry Oman over the next [...]
Avanti picks up its third satellite December 16, 2013 Avanti Communications, the satellite broadband company, has purchased its third satellite in orbit in a deal with the European Space Agency. The satellite will be given to Avanti for free from 1 January 2014, with the company responsible for ongoing operational costs. The deal gives Avanti ownership of the satellite’s orbital slot which is valued [...]
UBM’s margins expected to slip December 16, 2013 Exhibitions group UBM saw its share price fall 3.7 per cent yesterday after the company said 2014 margins for its events business would fall to 30 per cent, below forecasts. The company said that trading in 2013 is in line with expectations but warned that the new year would be affected by adverse exchange rates [...]
New radio deals boost Imagination December 16, 2013 Imagination Technologies, the British microprocessor maker, saw its share price jump 3.7 per cent yesterday after it announced two new digital radio deals. STMicroelectronics said it has licensed Imagination’s car radio solution for an undisclosed sum and Frontier Silicon has extended its partnership with the company to develop next generation digital radio. Imagination’s shares rose [...]
City Moves for 17 December 2013 | Who’s switching jobs December 16, 2013 Conning Asset Management The investment management company has appointed Ben Hamilton as a portfolio manager in its London team. He was previously an assistant investment manager and research analyst for fixed income and multi-asset funds at Premier Asset Management. State Street Global Advisors State Street’s asset management business has appointed Mark Fortier as managing director, [...]
Best of the Brokers for 17 December 2013 December 16, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com BELLWAY UBS kept its “buy” rating on the housebuilder and increased its target from 1,675p to 1,760p. The broker expects the firm to post a six per cent rise in full-year profits at £205m on 15 per cent volume growth. UBS also thinks [...]
London Report: Strong Aggreko and Eurozone data help the FTSE to rebound December 16, 2013 BRITAIN’S top share index bounced back from two-month lows yesterday as power provider Aggreko jumped on an upbeat profit outlook and the broader market found some technical support following a recent sell-off. A survey showing Eurozone businesses were ending the year on a high as new orders surged also helped the blue-chip FTSE 100 to [...]
New York Report: US stocks gain after big deals December 16, 2013 US STOCKS gained yesterday, rebounding from their worst week in months as large deals boosted optimism but investors remained cautious ahead of an upcoming Federal Reserve policy meeting. Equities are coming off their biggest weekly decline in nearly four months, a pullback that came on concerns the Fed may begin to wind down the bond-buying [...]
It’s time to kick politicians out of the crucial debate on airport expansion December 16, 2013 AFTER reviewing more than 50 airport expansion proposals, Sir Howard Davies’s Airports Commission is releasing its shortlist today. If the government pays heed to its findings, one of these proposals will be given the green light and become a reality. There has been a great deal of speculation about the options Davies is likely to [...]
Why we need to re-think welfare – and it’s about more than saving money December 16, 2013 “IT IS getting to the stage where our government is doing welfare and little else”. That was the verdict of the Institute for Fiscal Studies’s Paul Johnson at a post-Autumn Statement briefing. You wouldn’t think it from media reports, but the welfare state is becoming more significant in scope, if not in absolute size. Although [...]
