Providence plugs and abandons well July 22, 2013 Irish oil and gas explorer Providence Resources yesterday said that it has plugged and abandoned its first exploration well, with shares tumbling over ten per cent on the news. “The presence of a potential residual oil column may indicate that hydrocarbon entrapment has occurred…but that the oil has subsequently leaked,” said technical director John O’Sullivan, [...]
US Fed tapering biggest risk to London prices July 22, 2013 A FAILURE by the US Federal Reserve to engineer a smooth exit from its quantitative easing programme (QE) could wipe 20 per cent off London property prices, according to new research out today. A report by Fathom Consulting for Development Securities said that while it expects the US to manage its exit sensibly, there was [...]
Canary Wharf Group buys back Isle of Dogs building for £128m July 22, 2013 CANARY Wharf Group has bought 15 Westferry Circus on the Isle of Dogs out of administration for £128m, its listed parent company Songbird Estates revealed yesterday. The developer has bought back the asset after selling it to Vico Capital, the property vehicle owned by Ireland’s O’Donnell family, in 2006 at the top of the market [...]
Skanska wins contract for The Scalpel July 22, 2013 CONSTRUCTION firm Skanska has won the contract to build the 190m tall office building known as The Scalpel. The Nordic firm, which has also built the Gherkin and the Heron Tower, is due to start work immediately on the Kohn Pedersen Fox (KPF) designed high-rise, with completion set for early 2017. The building, at the [...]
City Moves for 23 July 2013 | Who’s switching jobs July 22, 2013 LDC The private equity firm has announced the appointment of Gordon Hague as investment director. He has over 15 years’ private equity experience, and was most recently a director at 3i. Berwin Leighton Paisner David Rowe has joined the law firm as finance director. He previously held senior roles at PwC, including director of finance [...]
Best of the Brokers for 23 July 2013 July 22, 2013 RANDGOLD Morgan Stanley has stuck to its “overweight” rating on the gold miner and raised its target price from £46 to £49. Despite the waning gold price, the broker thinks Randgold’s high-quality mines enable it to keep generating substantial cash flows. SPIRIT PUB COMPANY Panmure Gordon keeps its “buy” rating and price target of 93p [...]
London Report: Glaxo troubles in China weigh on the FTSE 100 July 22, 2013 BRITAIN’S blue-chip share index ended slightly lower yesterday, weighed by GlaxoSmithKline’s problems in China, but remained close to a retest of seven-week highs. Glaxo, the FTSE 100’s biggest pharmaceutical company by market capitalisation, fell 1.2 per cent and accounted for more than half the broader index’s decline after it said some staff in China appeared [...]
New York Report: S&P notches a third record close in a row July 22, 2013 THE S&P 500 notched a third consecutive record closing high yesterday and other major indexes rose, though disappointing McDonald’s earnings kept the Dow from making significant gains. Banks and health shares were the day’s best performers, with financials advancing for the 10th time in the past 12 sessions. Bank of America led the group, while [...]
This future King will inherit a throne that is integral to our nation’s identity July 22, 2013 THE birth yesterday of the Duke and Duchess of Cambridge’s son, a future heir to the throne, has once again focused the eyes of the world on Britain. It may be a cliché, but it is nevertheless true that the monarchy is almost uniquely capable of making Britain the centre of international attention. When his [...]
Ed Balls’s praise for Obama’s fiscal stimulus ignores the devil in the detail July 22, 2013 SHADOW chancellor Ed Balls yesterday launched a commission with former US treasury secretary Larry Summers on “inclusive prosperity”. The aim – to map out the reforms required to generate more high wage jobs here and in the US – is laudable. But while the conclusions are likely to entail predictable calls for more government spending [...]
