City Moves who’s switching jobs June 7, 2009 HansteenThe property investment firm has hired Mark Ovens and James Havery to its team. Ovens started his career with Arlington Securities in 1987 and joined Ashtenne in 1995, while Havery joined DTZ Debenham Thorpe in 1995 and moved to Ashtenne in 2002. After the sale of the firm to Warner Estate in 2005, both continued [...]
Hedge funds make hay in May rallies June 7, 2009 THE HEDGE fund industry put in its strongest performance in almost a decade in May, as fund managers took full advantage of the relief rally in equity markets. The industry put in a 5.2 per cent investment gain in May, the best seen since February 2000 according to leading US data firm Hedge Fund Research [...]
Royal Mail heads for clash with Labour June 7, 2009 ROYAL Mail increased pressure on the government to quickly pass a bill to part-privatise the postal operator, warning that closing final-salary pension schemes for 150,000 staff will be at the top of its “options list” if no deal takes place. The threat comes amid frustration that the political process to get the privatisation through Parliament [...]
BEST OF THE BROKERS June 7, 2009 CARPHONE WAREHOUSEInvestec said that Carphone Warehouse’s full year 2009 results were in line, once adjusted to take a new accounting standard into consideration, but are relatively lacklustre as revenues declined 2.7 per cent year-on-year. The demerger deadline has been pushed back to July 2010. The broker reiterates “sell” with a 140p target price. BELLWAYBellway’s interim [...]
Dissidents in warning on Condor June 7, 2009 THE dissident group of shareholders behind a reverse takeover bid for miner Condor Resources yesterday warned the firm’s cash resources will not be enough to tide it over past the end of next year. Shareholder Michael Silver and half a dozen other investors joined forces with smaller rival Worldwide Natural Resources last Wednesday, as it [...]
We do more harm than good in ignoring the EU June 7, 2009 Loyal City A.M. readers will know that I am forever trying to drum up interest in the European Union. How many of us realise that 98.8 per cent of the cost of the FSA’s regulations originates in Brussels? The EU is not a quirky continental side show – its decisions are at the core of [...]
Buckingham’s delight over Turkish deal June 7, 2009 HERITAGE OIL is understood to be in talks with Genel Enerji, the Turkish oil company controlled by Turkey’s richest man, Mehmet Emin Karamehmet. A deal with the millionaire, which follows frenzied talks over who would take over the FTSE 250 company, could see Karamehmet become a major shareholder, turning Heritage into a major player in [...]
Newcastle takeover bid attracts local attention June 7, 2009 Mike Ashley could be close to escape from his controversial spell as owner of Newcastle United after it was revealed there was “real and decent interest” in the football club from more than one Tyneside party. Sports Direct owner Ashley is desperate to sell the club, which was relegated from the Premier League last month, [...]
How to look for value in today’s nervous markets June 7, 2009 Whilst it’s hard not to be distracted by the ever changing political story – sterling was driven to a two week low against the euro and weakened three cents against the dollar because of the pressures on the UK government – investors are also having to keep their eye on the growth ball and wonder [...]
Rio under fire for BHP tie-up post Chinalco June 7, 2009 A BACKLASH began over the proposed tie-up between mining giants BHP Billiton and Rio Tinto this weekend, as steel producers worldwide expressed their dismay, saying the marriage would allow the two companies to set the world price for iron ore. Members for the industry have called on the European Commission (EC) to intervene in the [...]
