‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
WPP expands Brazilian presence July 3, 2012 WPP-owned subsidiary Ogilvy & Mather yesterday unveiled the purchase of a majority stake in Foster, a Brazilian digital agency. Ogilvy acquired 70 per cent of the 19 year old company, whose clients include Metro, Danone and Goodyear. Foster, which generated revenues of R$5m (£1.6m) last year, will contribute to WPP’s Brazil-based revenues of $800m (£510m) [...]
Anite’s profits jump 75 per cent July 3, 2012 Software company Anite boosted its dividend yesterday after an “exceptional year” in which pre-tax profits climbed 75 per cent to £28m. The final dividend was increased by 53 per cent as revenues jumped by almost a third to £122.5m and earnings per share almost doubled to 6.5p. The London-listed company said all three of its [...]
Real good food gets sugar rush July 3, 2012 Sugar producer the Real Good Food Company said yesterday that a robust performance from Renshaw and Garrett Ingredients helped lift earnings before interest, tax, depreciation and amortisation by 62 per cent to £9.1m in the year to December. The firm, which is moving its reference date from 31 December to 31 March, posted sales of [...]
CITY MOVES | WHO’S SWITCHING JOBS July 3, 2012 Mayer Brown Alexandria Carr, the lead legal adviser at HM Treasury on EU financial services strategy, has been appointed by the law firm to its financial services, regulatory and enforcement group in London. She has worked for the UK government for 13 years, the last five of which were spent at the Treasury. Close Brothers [...]
BEST of the BROKERS July 3, 2012 BTG Merchant Securities has initiated coverage of the speciality healthcare group with a “buy” rating and a target price of 490p, seeing what it calls a tantalising growth story after three development and distribution companies were combined to produce two direct sales operations. As a result the broker is forecasting a significant increase in revenues [...]
Miners lead the FTSE 100 upwards in the hope of economic stimulus July 3, 2012 BRITAIN’S top share index hit two-month highs yesterday, extending gains into a third session as investors readied for more economic stimulus after surprise action last week at an EU summit to tackle the festering Eurozone debt crisis. But traders said the rally could be short-lived and the market may face downward pressure starting next week [...]
US stocks gain in thin trading before holiday July 3, 2012 US stocks extended a rally for a third day in a shortened trading session yesterday as sharp gains in oil prices lifted energy shares and traders factored in increased expectations for central bank stimulus. A raft of weak economic data has raised hopes that the European Central Bank will cut interest rates to a record [...]
The Libor scandal may destroy the preeminence of the City of London July 3, 2012 THE 2007-8 banking crisis was a disaster for London’s international position as a banking centre. But financial services is much more than just banking. It includes areas such as insurance (in which London’s position is strong internationally, though by no means dominant) and securities and broking – in which London had every prospect of remaining [...]
The paradox at the heart of the Bank of England is now clear for all to see July 3, 2012 THERE is a contradiction at the heart of the Bank of England, which may be laid bare today. It is this: the Bank is above the markets and yet intimately involved in them. The twin spheres – Sir Mervyn King’s lofty world of monetary policy and econometrics and his deputy Paul Tucker’s world of market-makers, [...]
A leading barrister considers the case for prosecutions July 3, 2012 IN 2011, the Serious Fraud Office (SFO) decided not to investigate allegations concerning Libor manipulation. At that stage, one reason was that it did not have the necessary resources to take on such an investigation. Although the FSA has conducted its own investigation, the results of which will have been passed to the SFO, the [...]
