Disappointing results from Alcoa rock mining stocks January 12, 2010 BRITAIN’S top share index closed 0.7 per cent lower yesterday as commodities and banks led the retreat over concerns that China’s move to tighten banks’ reserve requirements may slow global economic recovery. The FTSE 100 index closed down 39.36 points at 5,498.71, dropping back after hitting a 16-month intraday peak at 5,600.48 on Monday. China’s [...]
Miners push FTSE higher but M&S weighs on retail shares January 7, 2010 BRITAIN’S top shares added 0.1 percent yesterday as a rally by heavyweight miners, in tandem with stronger metal prices, offset weakness in energy issues, with retailers upset by a disappointing update from M&S. At the close, the FTSE 100 index was 7.54 points higher at 5,530.04, another 16-month closing high. “It looks like the big [...]
MARKS AND SPARKS BOSS ROSE SUFFERS A SARTORIAL SETBACK January 5, 2010 IT’S a good job Marks and Spencer boss Sir Stuart Rose can look forward to updating the market later today on his firm’s encouraging trading over Christmas, since The Capitalist can reveal he’s about to suffer a disappointment in the style stakes. Rose, you see, has a reputation in the City for being one of [...]
Hermes and Sourcecap join forces December 14, 2009 HERMES, the asset manager entirely owned by the BT Pension Scheme, has bought a controlling stake in European equity specialist Sourcecap for an undisclosed sum. The new business will be called Hermes Sourcecap and will give Hermes a core European equities team months after it poached a global equities operation from Fortis. Sourcecap bosses Andrew [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 6, 2009 THE SUNDAYSThe Sunday TelegraphBRITISH GAS AIMS TO BECOME TOP INSURANCE PROVIDERBritish Gas is gearing up to become one of the UK’s top 10 insurance companies and the provider of choice to its 4.5m customers. The Centrica-owned utility has been granted approval by the FSA to underwrite its own household and warranty products and is in [...]
BT may hike rivals’ bills to cut its pension deficit December 1, 2009 THE telecoms regulator may allow BT to charge its rivals more for using its broadband and telephone lines to help it cut its £9.4bn pension deficit. Ofcom said it would consult on whether to take into account BT’s payments to cut its deficit when setting prices for its wholesale arm Openreach. Charges to firms such [...]
HOW WILL BT’S COMPETITORS REACT TO THIS PROPOSAL? December 1, 2009 TOM GIDLEY-KITCHIN CHARLES STANLEYRivals to BT have been wholly against this right from the start. Why should people like Carphone Warehouse be penalised because BT cannot manage its pension? I think a compromise will be the end result of all this and I don’t think it will be massively negative for BT’s competitors.ROBIN BIENENSTOCK BERNSTEINA [...]
CITY MOVES WHO’S SWITCHING JOBS November 25, 2009 ElectraThe private equity group has appointed Roger Perkin as a non-executive director. Perkin is a former senior partner at Ernst & Young, where he spent 40 years of his career. He was previously lead auditor to UBS from 1998 to 2005 and has worked for clients including 3i, Resolution and Henderson. He also recently advised [...]
BEST OF THE BROKERS November 24, 2009 BLACKS LEISURE Seymour Pierce yesterday upgraded to “Outperform” from “Sell” its rating on Blacks Leisure. It said the approval of a Company Voluntary Arrangement eighteen months into turnaround plans at the company was the catalyst for the upgrade. The terms return financial stability to the store’s portfolio, Seymour Pierce said, leaving it in substantially better [...]
THE TIPSTER November 23, 2009 ASIAN markets have been struggling to keep up with the likes of European and US indices, which have continued to mark new highs for 2009. The Japanese Nikkei has failed around the 10,500 level a few times between July and October but its weakness could provide a buying opportunity ahead of the seasonal rally higher [...]