BEST of the BROKERS July 11, 2012 BALFOUR BEATTY UBS has downgraded the construction company from “buy” to “neutral” and cut the target price from 340p to 310p citing a “less compelling” valuation. The brokerage noted that key comps have de-rated, particularly in the US and said that although Balfour Beatty guided to earnings in line with expectations, “the mix is slightly [...]
Uncertainty over global economy and corporates sees FTSE end flat July 11, 2012 BRITAIN’S top share index ended flat in low volume yesterday, with investors uncertain about the future path for equities due to concerns over global growth and corporate earnings. The FTSE 100 was up 0.41 points, or 0.01 per cent, at 5,664.48, having swung in a 50 point arc during the session, on volume of less [...]
Fifth straight day of decline for the Dow July 11, 2012 THE DOW and the Nasdaq lost ground yesterday as minutes from the Federal Reserve’s June meeting showed policymakers are open to the idea of more economic stimulus, but that conditions might need to worsen first. The S&P 500 ended unchanged, breaking a four-day losing streak, after paring losses into the close. Technology and industrials led [...]
In sickness and in health: An illness won’t ruin your career July 11, 2012 ANTONIO Horta-Osorio has been back as chief executive of Lloyds Bank since January. His absence began in November 2011, and was famously attributed to exhaustion caused by the pressures of his job. His is a reassuring story – a successful executive, overcome by poor health, could reveal it to colleagues and return to his previous [...]
JOBS of the WEEK July 11, 2012 PRIVATE EQUITY MANAGING DIRECTOR SINGAPORE $150k+ pa A highly reputable private equity house is looking for an experienced managing director for its Indonesia-focused fund. Applicants must have at least 10 years’ experience in the sector. http://www.cityamcareers.com/job/19887 UNDERWRITING MANAGER SOUTH EAST £75k-£110k pa A word-leading insurer requires an underwriter to develop a portfolio of business within [...]
Goldman Sachs: A host of medals might make up for Olympic costs July 11, 2012 HISTORICALLY, the financial reward of hosting the Olympics has been mixed: the 1972 Munich Olympics and the 1976 Montreal Olympics made significant losses, while the Games held in Los Angeles (1984), Barcelona (1992) and Atlanta (1996) each made a profit. Moreover, if you fully account for all of the costs related to the hosting of [...]
Sclerotic jobs figures put the economy off-limits for Obama’s campaign July 11, 2012 THE US economy is still stumbling, creating a severe problem for President Barack Obama’s hopes for re-election in November. In June, the private sector created an abysmal 80,000 new jobs. Unemployment remains high at 8.2 per cent, and there’s little prospect of it dropping any time soon. With 117 days to election day, America’s ongoing [...]
Wikipedia fails to let CEOs defend against vandals July 11, 2012 A TOTAL of 55 of the FTSE 100 chairmen and 53 of their chief executives now have their own Wikipedia pages. Whether they like it or not, Wikipedia is the prism through which the world views them. As the sixth most-visited site on the web, it is one of the key media phenomena of our [...]
Are the coalition’s plans to allow the elderly to defer care costs until death the right step? July 11, 2012 YES Les Mayhew These proposals represent a practical and measured approach to the problem of reforming social care in England. We are pleased that no decision is being made on the lifetime care cost cap (which would put a cap on the amount people would pay for care during their lifetime). We propose a different [...]
RAPID RESPONSES July 11, 2012 Coalition in peril [Re: Massive revolt by Tory MPs is beginning of the end for coalition, yesterday] The Tories’ big failure is economic. Why is it that their biggest insurrection is over something as marginal as Lords reform? John Page We don’t need a House of Lords. Or a monarchy for that matter. A unicameral [...]
