Saab resumes production December 2, 2013 The new owners of Swedish car maker Saab, National Electric Vehicle Sweden, yesterday restarted production at the Trollhattan factory in Sweden. NEVS, which is 22 per cent owned by the Chinese city of Qingdao through the city’s investment company, bought most of the assets of Saab last year. The electric version of the 9-3 sedan [...]
Trinity’s £300m distribution deal December 2, 2013 Smiths News and Menzies Distribution have both secured five year extensions to their distribution agreements with Trinity Mirror worth £293m in total. On Smiths News’s new £143m deal chief executive Mark Cashmore said in a statement: “Our longstanding relationship with Trinity Mirror has delivered incremental revenue growth over the past five years as they have [...]
Innovation slips despite growth December 2, 2013 Innovation Group, the business software and processes firm, saw its share price drop 2.1 per cent yesterday despite reporting 22 per cent profit growth to £14.4m during the year to 30 September. Investors were troubled by the company’s North American operations that reported a £1.2m loss. However, the company said restructuring efforts would return the [...]
City Moves for 03 December 2013 | Who’s switching jobs December 2, 2013 Holley Holland The consultancy has appointed Alex Cameron as a principal consultant. He has over 25 years’ experience in financial services, qualified as a solicitor at Allen & Overy, and has worked with the Bank of England, Barclays Capital and Barclays Business Banking. Altius Associates The private equity advisory firm has appointed Rhonda Ryan as [...]
Best of the Brokers for 03 December 2013 December 2, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com THOMAS COOK UBS has cut the travel firm from buy to neutral but raised its target from 180p to 200p. The broker said Thomas Cook had a strong year following cost reductions, which will be ramped up in coming years to give investors a [...]
London Report: Miners and Tesco drag on the FTSE December 2, 2013 WEAK miners dented top UK shares yesterday, tracking copper prices lower as traders bet on more falls for the broader market, while Tesco dropped on analyst downgrades ahead of a trading update this week. Miners shed two per cent, hit by a lower copper price as concerns over swelling supplies overshadowed improved manufacturing data from [...]
New York Report: US stocks down as metals slide December 2, 2013 US STOCKS closed lower last night, with investors unable to keep pushing shares higher after eight straight weeks of gains, while the mining sector slid alongside sharp drops in precious metals prices. Positive economic data supported stocks, however. The Institute for Supply Management said its index of national factory activity lifted in November to its [...]
It’s time to end the cruel delusion of cheap money and reckless spending December 2, 2013 GEORGE Osborne will present his Autumn Statement to a country in the grip of a cruel economic delusion, perpetrated against the poor and the aspirational. Welfare states everywhere are spending chronically beyond their means while papering over the cracks with easy money. Budget 2013 forecast spending in excess of receipts of about £9bn a month. [...]
Read my lips: Why the chancellor should commit to a lower tax burden December 2, 2013 TWO CAMPS exist in the Conservative Party on tax cuts. One thinks they should happen now to ease living costs, the other that it’s fiscally premature and imprudent to do them. There is logic in both. The purpose of taxation should be to finance state expenditures in the least distortionary way possible. Since spending is [...]
Fog is lifting over China but its reform efforts may not prove enough December 2, 2013 DAVID Cameron is right; there is no point in being subtle. He is in Beijing for a three day visit – accompanied by an army of 100 British business leaders – in an effort to strengthen trade links with the world’s fastest-growing Great Power. So important is the prize of enhancing economic ties with a [...]
