German confidence bounces back again January 26, 2015 GERMAN businesses are increasingly confident about the state of the economy, the influential Ifo monitor showed yesterday. The business climate index rose for the third consecutive month, to 106.7. The index is based at 100 in 2005. A period of sustained positive sentiment is important, with morale having been knocked by the crisis in Ukraine [...]
Software sales slip at Aveva January 26, 2015 AVEVA, whose software is used to design power plants and oil and gas facilities, warned investors yesterday that its sales have been stuttering due to falling oil prices. The company is reliant on the oil and gas market for 45 per cent of its revenues, but said it is “experiencing increased uncertainty and reduced visibility” [...]
Glennmont swoops for £160m Welsh biomass power project January 26, 2015 GLENNMONT Partners, a British renewable-energy fund manager, has acquired a biomass power project in Wales for £160m, the company revealed yesterday. Glennmont’s clean energy fund – Glennmont Clean Energy Fund Europe II – has bought the Margam Green Energy Project from renewables counterpart ECO2 and timber firm Western Logs Group. The project will see a [...]
Massar Solutions IPO: Book closes on first Abu Dhabi float since 2011 January 26, 2015 The book closed yesterday on the float of Massar Solutions, a United Arab Emirates vehicle rental and fleet management firm listing 40 per cent of its shares on Abu Dhabi’s bourse. The float, which is the first on the emirate’s stock market since Eshraq Properties listed in 2011, follows a strong year of Middle Eastern [...]
Pension funds complain about Ellison’s influence over Oracle January 26, 2015 TWO EUROPEAN pension funds yesterday published an open letter to US software giant Oracle complaining about the influence that key shareholder Larry Ellison wields over the company and demanding it allow outside investors a greater say over pay policies. The letter marks the latest attempt in a four-year campaign by Dutch pension group PGGM and [...]
Investors positive about 2015 IPOs despite oil price and election uncertainties January 26, 2015 The oil price drop, the upcoming election and the woes of 2014 floats have not dampened institutional investors, with more than three quarters expecting stable or increased listings in 2015. A survey from accountancy firm BDO found institutional investors, investing in UK equities with a combined $10 trillion (£6.6 trillion) under management, found that 76 [...]
SThree profits inflate 13pc on contracts push January 26, 2015 GLOBAL recruiter SThree saw a 13.2 per cent rise in profits last year as a renewed strategic focus on its contracts business began to pay off, the company reported yesterday. The British-based staffing firm recorded gross profits of £218.2m in the year, up from £192.8 in 2013. SThree’s total revenue increased 20.8 per cent to £746.9m, [...]
Bidding wars are back as the skills shortage pushes up pay in the City January 26, 2015 One-fifth of all Londoners moving jobs receive a counter-offer from their existing employer, recruiter Randstad said today. On average, the offer needs to give the jobseeker a 17 per cent pay rise to persuade them to stay. In London, 20 per cent of movers end up in a bidding war. By contrast, only eight per [...]
Stock boom for Bang & Olufsen over deal talk January 26, 2015 HIGH end electrical goods maker Bang & Olufsen saw shares spike as much as 11 per cent yesterday after reports emerged that the company had appointed bankers from Carnegie to examine a sale. Chairman Ole Anderson has previously hinted at a takeover. Last week he said: “If someone knocks on our door, we will of [...]
City Moves for 27 January 2015 | Who’s switching jobs January 26, 2015 Linklaters Nicola Rabson (pictured) has been appointed global head of the law firm’s employment and incentives practice. She succeeds Ruth Goldman, who will remain global head of Linklaters’ pensions teams. Rabson has extensive experience in all areas of employment law. British Business Bank Christopher Fox has been appointed chief financial officer at the bank for [...]
