FPC’s Jenkins in call for longer-term bankers’ pay November 2, 2011 BASING bankers’ rewards on return on equity (RoE) encourages short-term thinking and is in part to blame for the financial crisis, Robert Jenkins from the Bank of England’s financial policy committee (FPC) told a conference in Paris yesterday. “RoE is a convenient target,” he said, but it has made “many bankers rich and loyal shareholders [...]
Real estate slows in EU and USA November 2, 2011 The commercial property industry struggled across much of the rich world in the third quarter, according to a report from the Royal Institution for Chartered Surveyors out yesterday. A weak global economic outlook is largely responsible, with most real estate industries in a majority of countries reporting declining investment enquiries and new development starts. European [...]
Scrap unfair dismissal say SMEs November 2, 2011 Two thirds of small firms want unfair dismissal rules to be scrapped, according to a survey out today from the London Entrepreneurial Exchange (LEE). Seven out of 10 firms will be hiring over the next six months, the study claims. More than half of those surveyed said they were concerned about their business outlook after [...]
NIESR: UK recession risk 50-50 November 2, 2011 Even if the Eurozone crisis is resolved, the UK economy faces an almost 50 per cent chance of suffering two consecutive quarters of contraction, according to the National Institute of Economic and Social Research’s (NIESR) forecast out today. If leaders only “muddle through”, the risk rises to 70 per cent, the report said. The think-tank [...]
Randgold tips new record in quarter four November 2, 2011 GOLD miner Randgold Resources said yesterday it was confident of delivering record gold production in the fourth quarter. Profits surged to $122.9m (£76.7m) in the third quarter compared with $28.2m in the same period last year. Chief executive Mark Bristow said the company is in “good shape” to meet the bottom end of its 740,000-760,000 [...]
BEST OF THE BROKERS November 2, 2011 CENTAMIN EGYPT Goldman Sachs has updated its estimates on the miner following third quarter production and financial results. It rates Centamin Egypt as a “buy” but reduces its target price from 290p to 280p, calling the results solid but unspectacular. Costs were slightly higher than expected and are reflected in next year’s estimates, with earning [...]
Nissan impresses with profits November 2, 2011 Nissan Motors posted better-than-expected quarterly profits and lifted its annual earnings and sales forecasts yesterday, shaking off worries about the Thai floods and the global economy. For the July-September quarter, Nissan said operating profit fell 4.6 per cent to ¥159.3bn. Second-quarter net profit was ¥98.4bn, down 3.3 per cent, while revenue rose 0.7 per cent [...]
Gem upbeat despite price drop November 2, 2011 Africa-focused miner Gem Diamonds has reported a strong operational performance since July despite a softening in rough diamond prices. The company said its Letseng and Ellendale mines both achieved good prices in recent sales, and that the grade per carat increased 39 per cent to 1.63 carats per hundred tons. The miner also said it [...]
Volatility boost for Exchange November 2, 2011 US-based exchange and clearinghouse operator Intercontinental Exchange yesterday reported a 38 per cent rise in profit for the third quarter, as high volatility in the quarter drove robust US and European futures trading. Both adjusted earnings and revenue beat analysts’ expectations. The company’s net income for the third quarter was £83.2m up from £60.4m last [...]
CITY MOVES | WHO’S SWITCHING JOBS November 2, 2011 Brookfield Asset Management The property, renewable power and infrastructure asset manager has appointed Julian Schiller as senior vice president in the global private funds group in London. He will look after European and Middle Eastern investors and assist in broader business development for the real estate group, working alongside Barry Blattman and Martin Jepson. Schiiler [...]
