Regus stays cautious as revenues rise May 17, 2011 BRITISH workspace rental company Regus said revenues grew 8.1 per cent in the first four months of 2011 and that it was well placed for further growth despite remaining cautious on the economy. Regus, which offers ready-to-use offices for rentals as short as half a day, yesterday said revenue for the four months to 30 [...]
Essar Energy’s shares jump as expansion gets back on track May 17, 2011 INDIA-FOCUSED energy firm Essar Energy yesterday said that it was on track to complete projects worth nearly $5bn (£3.1bn) this year. The news sent Essar’s shares up three per cent to 424.5p, on relief that construction delays at Indian power plants reported in March seemed to be over. The firm, which last week raised $550m [...]
Corporate customers keep Avis Europe in good shape May 17, 2011 CAR rental firm Avis Europe said yesterday that January to April rental income rose 5.2 per cent, partly due to increased volumes from its corporate customers. The company, which serves customers under the Avis and Budget brands, said billed days – its measure of volumes — were ahead of last year in nearly all of [...]
BEST OF THE BROKERS May 17, 2011 AFREN JP Morgan Cazenove (JPM) rates the oil explorer “overweight” with an upgraded target price of 195p. JPM sees Afren as its top pick in the UK exploration and production sector, and has raised its net asset value estimate by 36 per cent on higher oil prices predicted by the broker’s Europe oil team, as [...]
TalkSport says ads will suffer May 17, 2011 Northern Irish broadcaster UTV Media said revenue from continuing operations for the first four months of the new financial year grew three per cent, but remained cautious for the rest of the year amid an uncertain economy. The owner of TalkSport admitted advertising sales were likely to compare unfavourably to last year during the World [...]
Cluff Gold bullish on Baomahun May 17, 2011 AIM-listed miner Cluff Gold plans to begin construction work at its Sierra Leone Baomahun gold project by January and start production by mid-2013. Baomahun, estimated to produce over 150,000 ounces of gold per year, would be the miner’s biggest project in a region where it has operations already in Burkina Faso and Ivory Coast. Cluff [...]
Evraz Group gives trading update May 17, 2011 Russian steel company Evraz Group yesterday said revenue for the first-quarter ended 31 March 2011 was $3.89bn (£2.4bn), and its adjusted earnings before tax for the quarter were $740m. Moving ahead, the company expects the second-quarter earnings before tax to be in the range of $750m-$825m.
CITY MOVES | WHO’S SWITCHING JOBS May 17, 2011 HSBC Private Bank Antoine Cahuzac has been appointed as CEO of HSBC Private Bank France and becomes a member of the GPB EMEA executive committee. Cahuzac joined HSBC France in 1985, rising to head of global banking MENA, based in Dubai, before returning to France in 2008 as a senior corporate adviser to the chief [...]
Commodities rock FTSE as hits lowest level since April May 17, 2011 BRITAIN’S leading share index was driven down by weakness in commodity issues and banks on concerns over global growth which countered results-driven gains by market heavyweight Vodafone. At yesterday’s close, the FTSE 100 index was off 62.69 points, or 1.1 per cent, at 5,861.00, extending its losing streak to a fifth session. It ended below [...]
US stocks drop on poor retail earnings May 17, 2011 THE Dow and the S&P 500 fell for a third day yesterday after disappointing figures from Wal-Mart and Hewlett-Packard, although a late rebound suggested investors may be looking for a short-term bounce. Both the S&P 500 and Nasdaq dipped below their 50-day moving averages, but those levels appeared to bring in buying interest. Recent weakness [...]
