Bumi chief plots turnaround December 18, 2012 We have not earned the respect of our shareholders… We have been a source of massive value leakage” IT IS just 24 hours since Nick Von Schirnding was appointed chief executive of troubled coal miner Bumi, and he’s rattling around in a bare Belgravia office. The rest of the Bumi team has headed to local [...]
Editor’s Tribute December 18, 2012 AFTER an extremely successful debut appeal a year ago, we are delighted to be able to announce that our second Christmas Appeal has raised £1,025,718 for a very deserving charity. As you know, the money will go to Opportunity International, our chosen partner for the appeal, and help it in its wonderful job of providing [...]
Matching readers’ donations December 18, 2012 PEOPLE often get the wrong idea about what international development actually means. Yes, some of it is about giving emergency help following natural disasters or humanitarian assistance to people whose lives are turned upside down by war. But that’s only part of the picture. In the last few decades there’s been a real shift in [...]
How to give December 18, 2012 online at: www.cityam.com/appeal by text CITY13 and amount (£5 or £10 only) to 70070 Text donations may not work from company mobile phones as these often block premium messages. credit or debit card by phone to Opportunity International (01865 725 304) If donations exceed our programme needs in Africa, they will be deployed elsewhere. DONATIONS [...]
Who’s switching jobs December 18, 2012 Adveq The asset management firm has promoted Sanjay Gupta to executive director. He joined in 2008 as a senior associate in its investment management team, and he is currently head of the Adveq Opportunity programme and leads its US buyout and turnaround investment activity. State Street Global Advisors The asset management division of State Street [...]
Best of the Brokers December 18, 2012 CAIRN ENERGY UBS yesterday changed its rating from “neutral” to “buy”, and raised the price target by 25p to 325p for the energy company, saying it is a slow burner with high potential and low risk. VODAFONE Morgan Stanley said the telecoms firm has made “very effective asset disposals” and mentioned the possibility of a [...]
Stocks rally to cap off best run in a month December 18, 2012 US stocks rallied on strong volume yesterday, capping off the S&P 500’s best two-day run in a month, on confidence that a deal would be struck in Washington to avoid painful spending cuts and tax hikes that could hurt the economy. Banks, energy and technology – sectors that would benefit during economic expansion – led [...]
Signs the US will steer away from fiscal cliff help to push FTSE higher December 18, 2012 BRITAIN’S share index rose yesterday, led by gains in risk-sensitive commodity issues on signs of progress towards a political compromise on the US fiscal cliff. The FTSE 100 closed up 23.75 points, or 0.4 per cent, at 5,935.90 but failed to hold above last week’s nine-month closing peak of 5,945.85 which was within 20 points [...]
Green energy subsidies are failing to deliver cheap low carbon power December 18, 2012 TODAY Parliament will debate the Energy Bill. With homes braced for a hike in bills – and nearly 5m in fuel poverty – the government wants to strike an affordable balance between the UK’s environmental credentials and its raw energy needs. If policy is to follow facts not fads, we need a decisive break with [...]
A Christmas quiz on the strange puzzle of recessions and unemployment December 18, 2012 IN THE holiday spirit, I’ve decided to run a quiz at the end of this column. I’m offering a bottle of champagne to the winner, and I’ll make the draw from correct entries on 31 December. A quiz about the economy is appropriate because there are so many puzzles about the subject. In the current [...]
