Property values drive St Modwen July 5, 2011 UK real estate developer St Modwen Properties’ first-half pre-tax profits have risen by 40 per cent, from £26.7m to £37.4m in the last year, benefitting from an increase in property valuations, with gains up from £15.1m to £25m. The firm’s interim dividend has risen to 1.1p, a 10 per cent increase. Shares have nearly seen [...]
Grainger extends real estate fund July 5, 2011 UK housing landlord Grainger has secured a two-year maturity extension for its G:res1 residential property fund, which has a net asset value of £151m, to extract the maximum value possible from it. Grainger said yesterday investors in the closed-ended fund had voted to extend it by two years to October 2013. After that date it [...]
CITY MOVES | WHO’S SWITCHING JOBS July 5, 2011 Daiwa Capital Markets The investment banking arm of Japanese brokerage Daiwa Securities Group has appointed Keith Meekins as chief executive of its subsidiary firm Daiwa Capital Markets Europe. Meekins, who was previously head of fixed income and a member of the firm’s executive committee, will lead the investment bank’s strategy across Europe and the Middle [...]
BEST OF THE BROKERS July 5, 2011 AZ ELECTRONIC MATERIALS Goldman Sachs rates the specialist technology company as “neutral” with a target price of 390p, but updates its estimates for the company to reflect its new flat panel display forecasts. The broker predicts earnings per share of 35 cents, rising to 39 cents for 2012, and forecasts a price to earnings ratio [...]
FTSE extends gains as talk of takeovers boosts the market July 5, 2011 THE FTSE 100 rose for an eighth straight trading day yesterday, as earnings hopes lifted Tullow Oil and bid talk boosted Reckitt Benckiser. Tullow, up 3.8 per cent, said it expected to post record first-half revenues as it ramped up output in Ghana and also said it was a few weeks away from completing a [...]
Wall Street pauses despite Euro fears July 5, 2011 US stocks ended a thinly traded session mostly flat yesterday as investors paused after last week’s surge, though continually light volume suggested the market could encounter more choppy trading. The Nasdaq closed higher for its sixth straight day, helped by strength in Netflix, while the Dow and the S&P 500 ended five-day streaks that marked [...]
Want to enjoy work? Become the office Elvis July 5, 2011 OVER 60 per cent of people admit that they are not engaged at work, according to a Towers Perrin/Gallup poll. Chris Barez-Brown, a career coach, says this need not be the way. All the bored and frustrated need to do to bring office work to life is “Up their Elvis.” “When Bono, the U2 star, [...]
HOW TO MAKE IT AS AN EXPAT IN THE CITY July 5, 2011 DUAL-QUALIFIED ENGLISH SOLICITOR/ GERMAN LAWYER, SCHULTZE & BRAUN FIRST TIP: LEARN THE LOCAL LANGUAGE Before you move to England for a professional career, obviously, you need to speak English. But you should be prepared for the oddities of the language and be willing to make mistakes. No doubt you’ve heard this before, but it’s worth [...]
CAREERS NEWS | IN BRIEF July 5, 2011 STUDENT DEBT TAKES 11 YEARS TO PAY OFF Crippling student debt will take 11 years on average to clear, says uSwitch research. Almost four in ten graduates (38 per cent) are putting big life decisions such as getting married or starting a family on hold because of student debt. Michael Ossei of uSwitch.com says: “The [...]
Britain cannot devalue itself into prosperity July 5, 2011 STERLING rallied yesterday following the release of PMI services index figures for June coming in at 53.9 – higher than the 53.5 widely expected. Michael van Dulken of Accendo Markets explains that sterling-dollar moved up from $1.602 to $1.6048 on the PMI services news, then carried on to a day high of $1.628 by mid-morning. [...]
