City Moves for 06 May 2015 | Who’s switching jobs May 5, 2015 Cavendish Corporate Finance The sell-side advisory firm has appointed four people to its corporate finance team. Kate Gribbon (pictured) joins as associate director from Deloitte Corporate Finance, where she worked in its consumer business M&A advisory team. David Harris joins as senior researcher from PwC, where he worked in M&A research. Victoria Clarke joins as [...]
Glencore posts disappointing output figures May 5, 2015 SHARES in mining firm Glencore edged up by 0.54 per cent yesterday, despite a production report for the first quarter that analysts described as “mixed” at best and “disappointing” elsewhere. Production of its top earner, copper, was down nine per cent due to lower grades at two South American mines. Copper output was 350,700 tonnes [...]
Russia’s Rosneft keeps Sechin on with a £3.1m a year packet May 5, 2015 RUSSIAN state-owned oil firm Rosneft has revealed that chief executive Igor Sechin earns at least around 240m roubles (£3.13m) a year. The move comes just months after the county’s president Vladimir Putin encouraged greater transparency around wages. While the company did not reveal Sechin’s total pay, it said that he earns at least 15-20m roubles [...]
Best of the Brokers for 06 May 2015 May 5, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com WHITBREAD Berenberg has kept its “buy” rating after the surprise retirement of chief executive Andy Harrison last month. The broker said the underlying fundamentals remain strong and the new milestones “increase its confidence about the potential for Whitbread to unlock value”. MORRISONS Shore [...]
Election jitters, HSBC and US losses hit FTSE – London Report May 5, 2015 BRITAIN’S top share index closed lower yesterday, tracking sharp losses in the US market, with HSBC leading the banking sector lower, after saying that a bank levy was hampering its ability to pay a higher dividend. A survey showing growth in the construction industry slowed sharply in April, while uncertainty about the outcome of tomorrow’s [...]
Wall St falls on wider March trade deficit – New York Report May 5, 2015 STOCKS closed sharply lower yesterday, after a surprisingly wide March US trade deficit raised concerns that the economy shrank in the first quarter. The $51.4bn March deficit was the highest in more than six years, larger than the $45.2bn the government assumed in its snapshot of first-quarter gross domestic product last week, suggesting that the [...]
Why some foreign investors think an EU referendum would be worth the pain May 5, 2015 The General Election campaign has featured numerous statements from politicians, business leaders and think tanks on the benefits and risks of holding an In/Out referendum so that the people of Britain can decide whether they want to remain in the EU. If we take the potential impact on foreign investment as a guide, EY’s research [...]
Mansion tax: The real losers of Labour’s policy may never be identified May 5, 2015 An exciting email pinged into my inbox at the end of last week. It was a link to the contents of the latest issue of the American Economic Association’s journal Economic Policy. For most people, these publications are not usually as gripping as, say, a Ken Follett novel. But nestling among the thickets of algebra, [...]
Why Crossrail risks being London’s last major infrastructure project May 5, 2015 It is difficult to believe that it was half a decade ago that Liam Byrne – a Treasury minister in Gordon Brown’s government – left that infamous note for his successor. It apparently read, “Dear chief secretary, I’m afraid there is no money left… Good luck.” Of course, Byrne was only half right. Since 2010, [...]
With Australia’s central bank the latest to cut interest rates, is the global recovery at risk? May 5, 2015 Steven Feng, a research fellow at Griffith University Asia Institute, says Yes The global economy risks slipping into a deflationary trap. The US recovery is built on shaky ground, the Eurozone faces an imminent threat to its integrity, hopes for supply-side reform in Japan have faded, and China is in de facto deflation. Emerging economies [...]
