All-round positive outlook for 2011 worrying December 12, 2010 This is it – the last meaningful trading week of the year. This is the final opportunity for anyone wanting to move around a decent amount of stock or trying to place an order without sending prices haywire. The week when the futures and options expire and we all settle in to the two-week lull [...]
ACS keen to start talks with Hochtief December 12, 2010 SPANISH construction company ACS said yesterday it hoped to start talks with Hochtief as soon as possible after its German rival said it was open for dialogue. ACS has not sat down for talks with Hochtief despite launching a formal bid for control of Hochtief on 1 December. “We welcome that Hochtief responds positively to [...]
CITY MOVES | WHO’S SWITCHING JOBS December 12, 2010 Lee Overlay Partners Philip Lawson (pictured) has rejoined Lee Overlay, the global active currency managers. Lawson has been appointed as a portfolio manager and will be responsible for investment decisions related to client portfolios. He brings with him 18 years of currency experience, most recently working for Barclays Global Investors, working in the client solutions [...]
BEST OF THE BROKERS December 12, 2010 IMPERIAL TOBACCO RBS rates the cigarette manufacturer a “buy” following the announcement of price increases. It notes that this should more than offset the impact of increased excise rates in Spain. Imperial’s profit pool should remain largely unchanged from FY10 and continued cost savings should allow the group to deliver marginal profit growth. The broker notes [...]
Hands to lose control of EMI by Christmas December 12, 2010 TERRA Firma boss Guy Hands is expected to lose control of troubled record label EMI before Christmas following his bitter dispute with his bank Citigroup. Hands has begun telling his private equity firm’s backers to expect the worst as a result of negotiations over control of the record label, which has £2.5bn worth of debt [...]
China hints at rates increase December 12, 2010 CHINA may increase interest rates, after state media yesterday confirmed that more “prudent” monetary controls would replace the previous “appropriately loose” policy. “Strategic economic restructuring will be accelerated and stabilising price levels will be given a more prominent position,” state media reported at the end of yesterday’s Central Economic Work Conference in Beijing. Consumer prices [...]
No interest in bid for Prudential’s Far East assets, says new AIA chief Tucker December 12, 2010 MARK Tucker, the new chief executive of Asian insurance business AIA said this weekend the company has no interest in making a bid for Prudential’s Far East assets, ending speculation about a multi-billion pound take over battle. AIA is focused on organic growth and is looking at tactical opportunities rather than a major acquisition, he [...]
Hong Kong secures top spot in the IPO league December 12, 2010 HONG Kong is set to claim top spot as the world’s hottest IPO market this year, raising over $51bn (£32.3bn), but observers say the city’s bourse must shrink its heavy reliance on China. Analysts say improvements in Shanghai’s regulation make it a strong rival to Hong Kong. The financial hub was far outpacing New York, [...]
Copper firm raises £40m in AIM listing December 12, 2010 COPPER Development Corporation has today been admitted to the AIM market after raising £40m to develop its copper mining project. The company is sitting on an estimated 725,000 tonnes of copper in the Philippines, with prices of the metal currently at an all-time high. Calculations suggest the current value of its mines in that region [...]
Twitter looks for office space in central London December 12, 2010 SOCIAL networking firm Twitter has sent a team to London to look at offices near the “silicon roundabout” on Old Street, it emerged yesterday. Executives from the California-based company have also scoped out office space in the West End as part of Twitter’s plan to open a hub in Europe. Twitter has been searching for [...]
