New York gala honours British business leaders September 12, 2011 UK BUSINESS luminaries Martin Gilbert of Aberdeen Asset Management and Michael Spencer of Icap were last night honoured for their contribution to global corporate leadership, at a star-studded dinner in New York to raise money for the British Memorial Garden Trust. The gala was held at the historic Gotham Hall on Broadway, and forms part [...]
METROPOLITAN POLICE GETS A NEW HEAD September 12, 2011 Bernard Hogan-Howe was named as the new commissioner of London’s Metropolitan Police yesterday, giving him the job a year before the capital hosts the Olympic Games and a month after the worst riots in the city in years. The 53-year-old, who has a no-nonsense reputation, replaces Paul Stephenson who resigned in July.
CITY MOVES | WHO’S SWITCHING JOBS September 12, 2011 Savills The property services firm has hired Iain Chapman as senior director of regional commercial leasing in Asia, based in Hong Kong. Chapman began his real estate career in Asia in 1990, joining Savills in 1995, before moving to Colliers in 2000, as director and co-head of Hong Kong commercial leasing. Chapman will work with [...]
BEST OF THE BROKERS September 12, 2011 ARCELORMITTAL JP Morgan rates the global steel giant as “overweight” and reduces its price target from €35 to €26. The broker also reduces its 2011 earnings outlook, with its forecasts for Ebitda down from $11.4bn to $10.6bn, and earnings per share at $2.61 instead of $3.12. The change is mainly due to a fall in [...]
Weak commodities take toll on FTSE but banks rebound September 12, 2011 BRITAIN’S leading share index fell yesterday, on weakness in heavyweight mining and energy issues as commodity prices retreated, while a partial recovery by banks brought blue-chips back from intra-days lows for the month. At the close, the FTSE 100 index was down 85.03 points, or 1.6 per cent, at 5,129.62, having bounced off the session [...]
Hope of help for Italy lifts stocks September 12, 2011 US stocks rose yesterday, bouncing back in late trading, as hopes that Italy could get financial support from China tempered investors’ worst fears over the Eurozone’s sovereign debt crisis. Traders started the day braced for a possible downgrade of France’s top banks by Moody’s rating agency, but sentiment improved as various European officials succeeded in [...]
Trade with the equity sector’s economic cycle September 12, 2011 BUSINESSES prosper at different times. Over the duration of a business cycle, which typically lasts for about seven years, certain businesses do well in the early period of economic expansion, some do better during mid-expansion and others prosper as economic activity begins to lessen. These fluctuations in the business activity of companies can be traded [...]
OBAMA’S JOB PLAN BRINGS CALLS FOR QE3 September 12, 2011 AT THE end of last week, investors were digesting President Obama’s proposed $447bn jobs package. This was significantly bigger than the $300bn expected, and the hope is that it will encourage firms to start hiring again. But everything comes with a cost, and savings will have to be made elsewhere. The President has passed these [...]
Resistance is futile: French banks come under fire September 12, 2011 AT the end of yesterday’s European trading session, the equities market was a sea of red. European banking stocks were sold across the board, with the French banks being hit hardest. BNP Paribas fell by more than 10 per cent. Its Gallic brothers in arms, Societe Generale and Credit Agricole, also took a heavy battering, [...]
THE TIPSTER September 12, 2011 CFD traders were selling shares in Next as they approached £23.50, a line which has held its advances several times over the last 17 months. Next updates the market with interims on Thursday, where good catalogue and online sales are expected to offset a 1.7 per cent fall in store sales. Spread Co offers a [...]
