MoD set to overhaul plans to privatise procurement unit December 8, 2013 THE MINISTRY of Defence is close to making an announcement on the future of its procurement arm, after a privatisation scheme failed to attract enough interest. The MoD was considering replacing its inefficient procurement process with a so-called GoCo scheme, creating a government-owned, contractor-operated body. But the plan is expected to be shelved after private [...]
City Moves for 09 December 2013 | Who’s switching jobs December 8, 2013 Lombard The asset finance provider has announced the hire of Lee Simms as head of agriculture. He joined Lombard 10 years ago, and has since held various roles in sales and strategy. JP Morgan Private Bank Faraj Saghri has been named head of the private bank for the UK and Nordics. He has worked at [...]
Two heads for heights at Smith & Williamson December 8, 2013 The accountant and investment manager duo who are on the hunt for growth tell Marion Dakers about their long-term plans SMITH & Williamson (S&W) is keen to get away from its reputation as investment’s “best kept secret” – even if it’s a name the firm has used to describe its own services. From a quiet [...]
South England sees record high in growth index December 8, 2013 FIRMS are reporting healthy growth across England and Wales, with parts of the south of England reporting the quickest improvement in business activity on record. Lloyds Bank’s latest purchasing managers’ index (PMI) came in at or above 60 for the fifth month running, suggesting a rapid expansion, well above the country’s long-term trend. The headline [...]
Mexico raises radical oil reform December 8, 2013 Mexico’s oil monopoly, Petroleos Mexicanos, is set to face international competition if a number of reforms proposed by the government this weekend are passed into law. Senators from a coalition of the country’s political parties have raised the issue, with the support of President Enrique Pena Nieto. The changes would need constitutional ammendments, and keep [...]
Iran budget to attack inflation December 8, 2013 New Iranian president Hassan Rouhani revealed his first budget yesterday, pledging to rid the country of the stagflation that it currently suffers from. Iran entered a recession during late 2012, following the EU’s embargo on the Iranian oil industry, which began in July. The country is also gripped by an inflationary crisis: according to Professor [...]
Greece’s 2014 budget approved December 8, 2013 The Greek parliament approved the government’s budget for the next financial year in the early hours of yesterday morning, with a razor-thin majority in the country’s parliament. Just 153 MPs voted for the package, out of 300, giving Prime Minister Antonis Samaras just enough backing to go ahead with €3bn (£2.51bn) of further cuts. The [...]
Best of the Brokers for 09 December 2013 December 8, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com PENNON GROUP Barclays has upgraded the group to “overweight” with a target price of 730p after deciding the business would deliver compound dividend growth of seven per cent a year up until 2020. Analyst said this was due to new visibility from its [...]
London Report: Chancellor and Chote set to face MPs’ questions December 8, 2013 CHANCELLOR George Osborne will be back in the spotlight on Thursday as he is quizzed by the Treasury Select Committee about the contents of his Autumn Statement. But Osborne is the not the only one to face a grilling from the committee this week, as Office for Budget Responsibility (OBR) head Robert Chote is likely [...]
Wall St The Week Ahead: US companies lowering latest profit forecasts December 8, 2013 US companies are sounding the alarm on fourth-quarter earnings, lowering profit estimates just as the stock market is poised to end its best year since 1998. The ratio of profit warnings to positive outlooks for the current quarter is shaping up to be the worst since at least 1996, based on Thomson Reuters data. More [...]
