BEST OF THE BROKERS February 4, 2010 PARTYGAMING Barclays Capital ups PartyGaming to “overweight” citing its improved operational performance. Sets a target price of 330p, suggesting 15 per cent upside to the current share price. Says if recent speculation of a merger between PartyGaming and Bwin proves true the shares would gain 45-55 per cent from their current value. ROLLS ROYCE GROUP [...]
UK must cut state spending February 3, 2010 BRITAIN needs a more radical programme of spending cuts to slash the budget deficit over the next few years, a leading think-tank urged yesterday. The Institute for Fiscal Studies (IFS) called for an extra £13bn worth of tightening by 2015-16 – or five per cent of GDP. Doing more of the required consolidation sooner would [...]
Pain ahead for the British economy February 3, 2010 WE simply don’t realise how painful the next few years are going to be – that, in a nutshell, was the message grim-faced analysts from the Institute for Fiscal Studies delivered yesterday. The Institute’s Green Budgets have become something of an institution in Westminster and the City; the reports are jam-packed with useful facts and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 3, 2010 FINANCIAL TIMES AXA PUTS SPOTLESS UP FOR SALE Spotless, the French maker of laundry and cleaning products, could become the latest “pass-the-parcel” deal between private equity groups, after Axa Private Equity put it up for sale with a €600m-€700m price tag. A recent recovery in debt markets has encouraged private equity groups to become more [...]
Umbers leaves his perch at Evolution Securities February 3, 2010 ANDREW Umbers stepped down yesterday as chief executive of the securities arm at investment bank Evolution, after leading a recruiting drive over the course of the crisis. Umbers did not give a reason for his decision, but said: “I now feel the time is right for me to pursue opportunities elsewhere.” Group chief executive Alex [...]
Copper will remain strong in 2010 despite Chinese policy tightening February 3, 2010 CASTING an eye back over 2009, copper was clearly one of the standout performers. Its price has risen 126 per cent over the past year, fueled by rising expectations about the global economy, China regaining its voracious appetite for industrial metals and a weakening US dollar increasing copper’s attractiveness (it is priced in dollars). After [...]
Credit Suisse: February 2, 2010 AS might be expected for the largest retail float since Debenhams in 2006, a raft of investment banks have been brought in to guide New Look. Credit Suisse, Deutsche Bank and JPMorgan Cazenove are joint sponsors and bookrunners. Lazard is in on the bookrunning action, while Barclays, Lloyds TSB and RBS Hoare Govett are co-lead [...]
CITY MOVES | WHO’S SWITCHING JOBS February 2, 2010 Jupiter The asset manager has appointed John Chatfeild-Roberts as chief investment officer. Chatfeild-Roberts joined the firm in 2001 as head of the Jupiter Merlin fund of funds team, a role in which he will continue. Since 2000, Edward Bonham Carter has combined the chief investment officer role with his position as chief executive of Jupiter. [...]
Whether QE stays or goes, sterling is weak February 2, 2010 THE big event this week for sterling is tomorrow’s decision from the Bank of England’s Monetary Policy Committee (MPC). Up until last week, it had been widely expected that the Bank’s £200bn quantitative easing programme would be paused in February, but dismal fourth quarter GDP growth data raised the possibility that the MPC might extend [...]
This year, look out for the rise of the rupee February 2, 2010 WHO would want to be an emerging market central banker at the moment? Having stormed ahead of their Western rivals during the financial crisis, economies in Asia and Latin America are now facing the prospect of rising prices. The authorities face an unenviable task – they need to strangle inflation without derailing growth. In these [...]