Berkeley sees forward sales break £1.5bn September 2, 2013 AN IMPROVING housing market and a rise in the number of UK buyers has helped forward sales at housebuilder Berkeley Group top £1.5bn. Speaking at the group’s annual general meeting yesterday, chairman Tony Pidgley said trading in the four months to 31 August was in line with expectations and that Berkeley was on track to [...]
Rio Tinto port expansion kicks off September 2, 2013 FTSE 100-listed miner Rio Tinto yesterday said it has loaded its first ship from its expanded port, rail and mine operations in Australia, marking the start of its iron ore expansion to reach 290m tonnes a year. Phase two of the project, which will expand to 360m tonnes a year, is underway.
Brazil approves Chariot licences September 2, 2013 Aim-listed energy explorer Chariot Oil & Gas yesterday said the Brazilian oil and gas industry regulator has signed an agreement for Chariot to own and operate licences in the Barreirinhas basin, offshore Brazil. The company will now look to carry out an environmental impact assessment and aim to implement a 3D seismic programme in 2014.
Management changes at Nord September 2, 2013 Gold producer Nord Gold yesterday announced a raft of new senior appointments. Louw Smith is now chief operating officer. Martin White joins as technical director. Philip Lodewyk Engelbrecht has been hired as director of metallurgy and Matthew Wilcox is the new general director of the Lefa Mine in Guinea.
City Moves for 03 September 2013 | Who’s switching jobs September 2, 2013 Quantum Advisory The actuarial and benefits consultancy has announced the appointment of Deon Dreyer as principal investment consultant. Dreyer joins from PwC, where he was an investment director in its pensions risk business. Prior to that, he was a regional head of investment consulting at Aon Hewitt. RBS Alan Ainsbury has been appointed head of [...]
Best of the brokers for 03 September 2013 September 2, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com INMARSAT Morgan Stanley has upgraded the mobile satellite group from “equal weight” to “overweight’”with a rise in target from 740p to 820p. The broker thinks the market is being too cautious about the value of Inmarsat’s partnership with American firm LightSquared. FRESNILLO UBS [...]
London Report: Strong data and delay in moves on Syria lift FTSE September 2, 2013 BRITAIN’S top shares bounced back yesterday as a delay in potential US military action against Syria alongside robust economic data from China and the UK helped drive a broad-based equity market rally. The FTSE 100 ended up 93.26 points, or 1.5 per cent, at 6,506.19 points, its highest close since 14 August 14. The rally [...]
Europe Report: Factory stats boost Europe’s stock markets September 2, 2013 EUROPEAN shares surged yesterday in a broad-based rally after Chinese and European factory data showed the global economic recovery is on track. A batch of upbeat notes from top investment banks, including a UBS upgrade on continental European equities to “overweight” from “neutral”, also lifted the market mood. The FTSEurofirst 300 index of top European [...]
It’s time we ended the pretence that planning rules come without a price September 2, 2013 MOST agree that the UK housing market has long been stuck in an affordability crisis. Despite a fall in prices since 2007, Nationwide recently calculated that the typical house now costs 5.1 times average earnings, up from 3.9 a quarter of a century ago. In London, the ratio has risen from 5.7 to 7.7. And [...]
Entrepreneurs sit at the heart of a battle over how economies should operate September 2, 2013 FOLLOWING the financial crisis, an intellectual battle about the role of the state in “managing the economy” is opening up. The most recent evidence is The Entrepreneurial State, a new book by the economist Mariana Mazzucato. This contends that the big inventions and breakthroughs that determine prosperity and productivity growth are often produced by the [...]
