Analyst Views | How did you take Smiths Group’s results? July 17, 2013 GLEN LIDDY, JP MORGANThe performance of [the detection] division is falling below expectations on the back of problems with three contracts entered into prior to 2010 and costs relating to provisions relating to legal disputes. We have reduced our 2013 earnings per share [forecast] to reflect the additional costs. CHRIS DYETT, INVESTECContract cost overruns are [...]
City Moves for 18 July 2013 | Who’s switching jobs July 17, 2013 Westhouse Securities The broking group has announced the appointment of Paul Locke as investment funds analyst. He joins from Cantor Fitzgerald Europe, where he was a senior funds analyst. Prior to that, he was a senior funds analyst at Canaccord Genuity. Lloyds Bank John Richardson has joined Lloyds Bank Commercial Banking as head of building [...]
Best of the Brokers for 18 July 2013 July 17, 2013 CAPITA RBC downgrades the outsourcing firm to “underperform” from “sector perform” but increases its price target to 870p from 840p ahead of half-year results next week. The broker sees strong revenue growth for the year but thinks tough valuations support a downgrade. RSA INSURANCE Citigroup upgrades its rating on the insurer to “buy” from “neutral” [...]
FTSE lifted as miners report robust output July 17, 2013 BRITAIN’S FTSE 100 rose yesterday, with miners cheered by a string of solid output numbers from the likes of BHP Billiton, and with the US Federal Reserve reassuring that stimulus will only be cut if the economy is strong. Fed chairman Ben Bernanke signalled plans to start scaling back bond purchases this year could be [...]
Stocks edge up on Bernanke’s QE assurances July 17, 2013 US stocks ended modestly higher yesterday after Federal Reserve chairman Ben Bernanke said the timeline for winding down the organisation’s stimulus programme was not set in stone. Shares of Bank of America and Yahoo rose after both companies reported stronger-than-expected quarterly results. Both ranked among the names giving the biggest boost to the S&P 500. [...]
Designing forward guidance could be tricky despite current MPC unanimity July 17, 2013 MARK Carney has had a lucky start as governor of the Bank of England. Business surveys and labour market data suggest that the UK economy continues to grow and has probably picked up momentum. He has narrowly avoided having to write his first explanatory letter to the chancellor, with inflation coming in at below 3 [...]
A transparent system of company ownership would attract business to the UK July 17, 2013 DIGGING down to find out who is really in control of a company – and to whom the profits are going – is not easy. A raft of clever tricks is available to those who, for one reason or another, might want to hide their ownership or association. Why is this a problem? The World [...]
Heathrow expansion is our best option and it doesn’t have to be loud July 17, 2013 AS THE deadline for submissions to the Airports Commission looms, we’ve seen a flurry of proposals from all who stand to benefit from one scheme or another to increase capacity. For businesses who simply want easier connections to high growth markets, fewer delays, and less burdensome flight taxes, it is tempting to settle for any [...]
Letters to the editor – 18/07 – Taxes and benefits, NHS accountability, Best of Twitter July 17, 2013 Taxes and benefits [Re: It’s nonsense to argue our tax and benefits system hits the poorest hardest, Tuesday] Ryan Bourne is right that taxes and benefits should not be considered in isolation, but he should go further. Our system is a mess. Politicians have added numerous rules and exemptions, creating a mish-mash that does not [...]
‘Appy days – App Store at 5 July 17, 2013 Alex Dymoke looks back at the five year history of Apple’s revolutionary online shop THE app was unleashed on the world with a typically smart advertising campaign from Apple. A niggling problem in your daily life? There is, they assured us, an app for that. “A what for what?” was the reaction from most people [...]
