Analyst Views | How did you take the figures from Michael page? July 16, 2013 PAUL JONES PANMURE GORDONAn update from Michael Page is towards the top end of expectations, and suggests some progress over quarter one despite what remains a challenging macro backdrop. Yet what indications there are for quarter three suggest little change in this outlook. Sell. GUY HEWETT ESPIRITO SANTOMichael Page’s second quarter trading update details a [...]
BTG halts cancer drug production July 16, 2013 Healthcare group BTG said yesterday it has recently had to stop production of one of its cancer treatment drugs, after the US Food and Drug Administration (FDA) raised concerns over its production at a site based in Oxford, Connecticut. “We are working to identify and implement processes and procedures to address these concerns,” the firm [...]
Russian revenues boost ITE July 16, 2013 Corporate event manager ITE Group said yesterday that its third quarter revenue rose 25 per cent, helped by contributions from the biennial Moscow International Oil & Gas exhibition and revenue from the acquisition of an event organiser in Malaysia. The British company, which organises around 200 trade exhibitions and conferences each year in 14 countries, [...]
BP signs China exploration deal July 16, 2013 China National Offshore Oil Corp (CNOOC) signed its 200th production-sharing contract with a foreign partner on Tuesday, teaming up with BP to drill in the South China Sea. The landmark demonstrates China’s drive to develop its own oil and gas resources at the same time as it buys into developments around the world. CNOOC will [...]
City Moves for 17 July 2013| Who’s switching jobs July 16, 2013 HSBC The bank has announced the appointment of Alison McGregor as chief executive for Scotland. McGregor joined HSBC in March as a director of corporate banking. She has previously held senior roles at Clydesdale Bank and Barclays. BNY Mellon The investment company has recruited Anil Dala as market manager for treasury services in Europe, the Middle East [...]
Miner Rio Tinto puts brakes on sliding FTSE 100 July 16, 2013 MINING heavyweight Rio Tinto helped limit a slide in Britain’s blue-chip FTSE 100 index yesterday with a production update that assuaged some concern about Chinese demand. Rio said it would boost iron-ore output by at least 10 per cent and banked on selling more to China – providing a fillip after data on Monday showed [...]
Flat Coca-Cola figures snap S&P’s bull run July 16, 2013 THE S&P 500 snapped its eight-day winning streak yesterday after disappointing sales from Coca-Cola, while investors turned cautious on the day before the Federal Reserve chairman’s congressional testimony. The market’s pullback came a day after both the Dow and the S&P 500 ended at record closing highs for the third consecutive session. Yesterday’s volume was [...]
Best of the Brokers for 17 July 2013 July 16, 2013 DUNELM UBS increases its target price for the homewares firm to 1,030p from 825p and reiterates a “neutral” recommendation. Following higher than estimated fourth quarter results, the broker increases its pre-tax profit forecast by £1m to £108m for the current fiscal year. BABCOCK Panmure Gordon raises the engineering services firm to “buy” from “hold” and [...]
Five holiday insurance mistakes to avoid July 16, 2013 Don’t get caught out by insufficient policies and rising premiums A S WE approach the summer holidays, travel insurance is hitting headlines again. Rising unemployment in southern Europe has led to higher crime rates, with tourists prime targets for petty theft. And the travel association ABTA has found that 24 per cent of holidaymakers now [...]
Capital Comment: China is in difficulty but it’s certainly cheap for investors July 16, 2013 ONE Chinese economist suggested on Monday that five straight quarters of growth at less than 8 per cent was “a clear sign of financial distress.” I would dare him to say the same to the Spanish Prime Minister. But the comment did come shortly after confirmation from the Chinese government that the country’s second quarter [...]
