Lower prices hit Ferrexpo January 30, 2013 PRE-TAX profit at iron ore producer Ferrexpo tumbled 57.1 per cent over the first nine months of last year, it said yesterday. Profits sank to $228.8m (£144.8m), down from $533.6m over the first nine months of 2011, on the back of lower sales volumes and lower iron ore prices. Sales fell to 7m tonnes of [...]
United Utilities trading in line January 30, 2013 WASTE and water group United Utilities said yesterday that it is trading in line with expectations, although it said that revenue had increased at a rate slightly below the regulated price rises. This reflected the ongoing impact of a tough economic climate, it said. Depreciation, power and other costs also increased, which weighed on the [...]
Petrofac falls as sector hurt January 30, 2013 PETROFAC tumbled on the FTSE 100 yesterday as it was hurt by a profit warning from Italian peer Saipem. Shares in the oil and gas services group closed down 7.02 per cent down at 1,615p, as the Italian energy engineering firm issued an unexpected profit warning. The group, which is controlled by ENI, cut its [...]
City Moves for 31 January 2013 | Who’s switching jobs January 30, 2013 LM Investment Management The fund management firm has announced two appointments. Joe Samuel becomes director of LM London. He has previously held roles at Law Business Research. Simon Bottle becomes business development manager in London. He has also worked at Goldman Sachs and ABN AMRO. Actis The private equity firm has appointed Arjun Oberoi as [...]
Best of the Brokers January 30, 2013 WPP Jefferies upgraded the world’s biggest advertising group from a “hold” to a “buy” yesterday, saying that the outlook for 2013 is encouraging, even in a cyclically poor year. “With expectations low, we see upside risk,” the bank said, adding that after a period of acquisitions in 2012, WPP is more likely to use cash [...]
FTSE loses pace after poor US economic data January 30, 2013 The FTSE 100 fell yesterday, weighed down by miners after disappointing US GDP data as investors considered whether the rally that has lifted the index to 4-1/2 year highs has further to run. The FTSE 100 closed down 16.08 points, or 0.3 per cent, at 6,323.11, having climbed some 20 per cent from its June [...]
Stocks dip on Fed decision to keep easing January 30, 2013 U S stocks edged lower yesterday after the Federal Reserve left in place its bond-buying stimulus plan, saying economic growth had stalled but indicating the pullback was likely temporary. Describing the US job market as continuing its modest pace of improvement, the Fed repeated a pledge to keep purchasing securities until employment improves substantially. The [...]
How Sweden reformed its state to lay foundations for future growth January 30, 2013 THE muted optimism of the coalition’s mid-term review has made way for the harsh reality of disappointing GDP figures. The economy’s most recent dip demonstrates the scale of the remaining challenge: public sector reform was David Cameron’s big idea, but too little has been achieved. Even the coalition’s more radical reforms, in health and education, [...]
Banks aren’t rewarding failure – but restrictions on bonuses could go too far January 30, 2013 WITH the predictability of “snowflake causes chaos” stories, we are entering the annual banker bonus furore season. With the economy in doldrums, and the industry in the doghouse, it is easy to understand the concern. Top bankers have themselves said that pay has been “grotesque.” But just as predictable as the outrage is a lack [...]
Six books to spur Britain’s start-up revolution onward January 30, 2013 THE number of UK start-ups hasn’t deviated much in years, with business birth rates hovering between 10 and 13 per cent of overall enterprise numbers. So recent figures from StartUp Britain, showing a 10 per cent spike of 484,224 new firms in 2012, are a welcome anomaly. For many first-time entrepreneurs, the idea of starting [...]
