Petrofac co-founder Maroun Semaan retires after 22 years July 24, 2013 PETROFAC’S president, executive director and co-founder Maroun Semaan has decided to retire after 22 years with the oil and gas service provider. Semaan joined the group in 1991 and joined the board in 2002. He played a key role in the group’s listing as a public company back in 2005 and held a number of [...]
APR full-year outlook on track July 24, 2013 Temporary power provider APR Energy yesterday unveiled revenues of $87.2m (£57m) in the first half of the year, in line with expectations. The company also said it had secured a $150m term loan expansion of its credit facilities from $400m to $550m, arranged by a consortium of banks. Full-year outlook remains unchanged and the firm [...]
Ofwat appoints new chief exec July 24, 2013 Water regulator Ofwat has appointed Cathryn Ross as its new chief executive. Ross is currently executive director of markets and economics at the Office of Rail Regulation and is expected to take up her new role on 14 October. She returns to Ofwat after three years, having served as director of markets and economics between [...]
City Moves for 25 July 2013 | Who’s switching jobs July 24, 2013 bfinance The consultancy has announced the appointment of Roubesh Adaya as a senior associate in its research team. He will be covering research into fixed income asset investments, and joins from BNP Paribas Asset Management. Barclays Vivian Chan has joined the bank as regional head of north Asia in its wealth and investment management division. Chan [...]
Best of the Brokers for 25 July 2013 July 24, 2013 INFORMA Numis has maintained its “add” recommendation on Informa stock ahead of the group’s half year results next week, with a target price of 557p. The analysts said a “solid” set of numbers were expected but there was “limited scope” for an upgrade at this point in the year. WANDISCO Panmure Gordon has affirmed its [...]
London Report: FTSE rises amid signs of growth in UK economy July 24, 2013 A WAVE of upbeat corporate earnings pushed Britain’s benchmark equity index back towards seven-week highs yesterday, with signs of resilience among British consumers as the economy recovers. Kingfisher added 3.1 per cent after Europe’s biggest home improvements retailer reported a return to underlying sales growth in Britain, while budget airline EasyJet gained 3.7 per cent [...]
New York Report: Weak results drag the Dow from its record July 24, 2013 US STOCKS mostly retreated yesterday as losses in utility and commodity shares more than offset gains in the tech sector on Apple’s solid earnings. The Dow Jones industrial average ended slightly lower on the day after closing at a record high. Caterpillar and AT&T dragged on the Dow following weak results on a day when [...]
China’s false stability could soon be exposed as its growth model creaks July 24, 2013 CHINA is widely considered to be the twenty-first century’s emerging economic leader. Global financial interests are betting that its state-directed economic model will overtake the liberal capitalism of the debt-ridden West. But is this the case? Leaders in Beijing have a slightly different view of their economy. China is devouring land, labour and capital in [...]
New postcode lending data reveals Britain’s strikingly healthy SME sector July 24, 2013 HOW are businesses in your area doing? Are they building up cash piles, or piling up the debts? Until this week, regional borrowing and saving by small and medium-sized enterprises (SMEs) was a mystery. But thanks to data released from banks for 120 postcode areas, we now know what is happening in each part of [...]
Phoney war between the generations masks worrying lack of reform July 24, 2013 THE battle of the generations is raging. Did the Baby Boomers have an easier life? Or are the cosseted members of Generation Y – the demographic cohort born from the early 1980s onwards – just engaging in self-pity? The truth is not “somewhere in between”, and this debate is actively damaging. Differences between the generations [...]
