POSEN: STRUCTURAL PROBLEMS IN UK FINANCE March 27, 2012 THE UK’S economic recovery has been slower than the bounce in the US in part because its financial system relies so heavily on banks and less on capital markets, the Bank of England’s Adam Posen said yesterday. The Monetary Policy Committee member said that although lending, and the economy, will recover in time, this “remains [...]
VOICE OF THE CITY March 27, 2012 This week we are asking members of our Voice of the City panel, run with PoliticsHome, what they think about funding of political parties. Should donations be capped? Do you object to large donations by trade unions and business figures? Is reform needed?
Babcock sees strong 2012 as orders pick up March 27, 2012 BRITISH defence services group Babcock said yesterday it traded well in its fourth quarter and that it was confident on its prospects for 2012 and beyond after winning new contracts and growing its order book. Babcock, which maintains Royal Navy submarines, yesterday said it had secured preferred bidder status on a number of new long-term [...]
BRITISH AIRWAYS PLANS CITY TO VENICE ROUTE March 27, 2012 BRITISH Airways has added new routes from London City airport, with flights to Venice starting in September and more journeys to Frankfurt beginning this month. The carrier will also put on more flights to and from Glasgow, starting in September. BA will have 14 planes serving City airport once the new routes are introduced.
Kazakhmys net profits slide March 27, 2012 ■ Copper mining group Kazakhmys yesterday posted a 10 per cent jump in full year revenues in 2011 to $3.5bn (£2.2bn). The group’s pre-tax profit rose to $1.62bn. But net profit slumped by 36 per cent from last year to $930m, as the group recorded $444m impairment charge linked to the sale of its petroleum [...]
HICL fund raises £250m March 27, 2012 ■ HICL, a fund that invests in infrastructure projects, yesterday raised £250m, around £70m more than its target, through a share placing and open offer. The group was advised in the transaction by Canaccord Genuity on its second day since merging with Collins Stewart. Graham Picken, HICL chairman, said: “The strong demand reflects the growing [...]
Compass warns of slowing sales March 27, 2012 ■ Compass Group said yesterday that challenging economic conditions in the UK and Europe would lead to slowing organic sales growth in the first half compared with the previous year. The catering giant said total revenue is expected to grow by around 8.5 per cent in the six months to 31 March with growth excluding [...]
CITY MOVES | WHO’S SWITCHING JOBS March 27, 2012 JLT Pension Capital Strategies The specialists in corporate consulting and pension scheme de-risking have appointed Martyn Phillips to the new role of head of buyout consulting, with effect from 2 April. Phillips will assume responsibility for buyout and settlement activity across the company. Prior to joining, Phillips was a senior consultant at Lane Clark & [...]
BEST OF THE BROKERS March 27, 2012 DIAGEO UBS has reiterated its “buy” rating on the drinks company and upped its target price from 1,600p to 1,700p, saying that M&A is now firmly on the agenda after the company reduced its net debt ratio. The broker expects Diageo to continue to focus on local emerging market deal in Latin America, China, India [...]
Apple gains again despite Wall St slide March 27, 2012 US stocks retreated from near four-year peaks yesterday, while a batch of large-cap shares hit new highs, with the help of portfolio managers snapping up top performers near the end of the quarter. With the first quarter ending on Friday, portfolio managers adjusted holdings by buying some of the best performers to dress up their [...]
