LONMIN SHARES MELT June 15, 2009 SHARES in Lonmin, the third-biggest platinum producer in the world, closed down 9.8 per cent yesterday at 1,300p after it said it had shut its main furnace for around 30 days of repairs. Three of its other furnaces are currently running at half capacity. The miner has a history of problems with smelters and missed [...]
Moody’s downgrades 25 Spanish banks and puts Banco Santander under review June 15, 2009 MOODY’S yesterday cut the senior ratings of 25 Spanish banks, citing expectations of further capital pressures. And Banco Santander remains under review for possible downgrade, the ratings agency said. As well as broader economic pressures, the banks’ asset quality indicators continue to point towards a further significant deterioration, Moody’s said. The non-performing loan rate had [...]
BEST OF THE BROKERS June 15, 2009 WORKSPACE GROUPPanmure Gordon upgraded its 2010 estimated dividend per share and net asset value for Workspace Group. The broker was encouraged by Workspace’s final results and feels it is de-risked following its rights issue, debt restructuring and ongoing disposal programme. The analysts rate the stock as a “buy” with a target of 20p. BRITISH AIRWAYSBA’s [...]
Arabian Gleam too big at 33/1 in wide open Queen Anne Stakes June 15, 2009 There may only be a small field for Royal Ascot’s opening contest this afternoon, but there are a number of question marks hanging over the majority of the nine runners in a wide open contest. Godolphin’s Gladiatorus is rated the best horse in the world and will take plenty of catching if he can bring [...]
AIC: Leave investment trusts out of tax haven crackdown June 15, 2009 A MAJOR trade body has told Michael Foot, the mandarin running the government’s review of UK tax havens, not to damage the offshore investment trust sector by recommending heavy-handed tax rules. The Association of Investment Companies (AIC) has said offshore funds contribute over £300m a year to the UK economy and their domiciles should not [...]
Upbeat view at JPMorgan June 15, 2009 THE dramatic recovery in risk appetite should mean more mergers and capital raisings, and a wave of flotations later this year, according to senior European investment bankers at JPMorgan. However, JPMorgan also said its investment banking rivals, like investors, were again getting a taste for danger, echoing the “foolishness and foolhardiness” in the years leading [...]
Fleeting to show true Spirit in King’s Stand June 15, 2009 FLEETING SPIRIT was sent off 15/8 favourite for this contest 12 months ago, but could only finish third beaten three-quarters length by Equiano. However, what many people forget is that Jeremy Noseda’s yard was under a cloud at the time and he was forced to shut down his operation within days of the meeting ending. [...]
Citi chair says no timetable for repaying its $45bn Tarp loans June 15, 2009 CITIGROUP fully hopes to pay back the $45bn (£28bn) it borrowed from the US Treasury’s banking bailout program, but there is no timetable, the bank’s chairman said yesterday. Richard Parsons said the fact that Citi has been unable to repay its loans puts it at a disadvantage in terms of attracting and retaining key talent. [...]
The INSIDER June 15, 2009 CANFORD CLIFFS will be the shortest priced juvenile at the Royal meeting but I can’t see anything to beat him in the Coventry Stakes (4.20pm). Red Jazz and Walkingonthemoon may well fill the frame. MAIN AIM can achieve the impossible and beat Gladiatorus in the Queen Anne Stakes (2.30pm), while this could be the start [...]
Serviced offices are Godsend June 15, 2009 ALEXIS de Tocqueville, a 19th Century French political thinker and historian, explored the rising equality of social conditions for the individual and the state in western societies. Tocqueville wrote: “Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.” We are obsessed with customer service too. Created [...]
