Investec’s David Currie leaves to start up Mayfair-based venture May 15, 2014 DAVID Currie, who has headed Investec’s UK investment banking division for more than 10 years, is leaving to establish a new venture called Codex Capital Partners. Codex, which will be based in Mayfair, has been set up to enable ultra-high net worth individuals and family offices to make direct investments. Joining David are two partners, [...]
Thomas Cook sticks with cost cutting mission May 15, 2014 SHARES in Thomas Cook took a 12.6 per cent dive yesterday, despite the holiday firm narrowing its losses as expected and raising its cost-saving targets. Analysts pointed to a cautious outlook for UK holiday sales, made worse by the ongoing difficulties in Egypt, as well as investors taking profits following a 43 per cent increase [...]
Confusion reigns as forward guidance fails to set out clear interest rate path May 15, 2014 Mark Carney wants to give as much info as he can on when interest rates will go up – after more than five years at 0.5 per cent, this is a great big challenge for the Bank of England. He doesn't want to panic anyone. That is one reason why Carney introduced forward guidance, [...]
Analyst Views: What do you think of ITV’s first quarter performance? May 14, 2014 RODDY DAVIDSON | WESTHOUSE SECURITIESWe are pleased by the positive momentum and robust outlook comments within this morning’s update and plan to raise our estimates to reflect a more bullish outlook for advertising spend/the impact of last week’s acquisition of US content producer Leftfield Entertainment. STEVE LIECHTI | INVESTECITV’s first quarter looks OK with the [...]
Wood Group benefits from contract renewals May 14, 2014 ENERGY services firm Wood Group yesterday maintained its full-year trading outlook and said its performance for the year to date had been slightly ahead of expectations in two of its divisions. Its oil and gas services unit benefited from contract renewals secured in 2013 and continued strong demand in the North Sea. The FTSE 250-quoted [...]
BHP mulls sale of its Australian nickel business May 14, 2014 BHP BILLITON yesterday said it was considering selling off its nickel business in western Australia, as the miner pushes ahead with plans to streamline its portfolio. “The review is considering all options for the long-term future of Nickel West, including the potential sale of all or parts of the business,” said the firm. The asset [...]
Analyst Views: With the shares falling, how should investors take Easyjet’s results? May 13, 2014 STEPHEN FURLONG | DAVYWe view the outlook statement as robust. EasyJet sees percentage revenue per seat growth at constant currency for the six months to end-September 2014 in the low single digits. Around 51 per cent of H2 seats are sold and trading continues to be in line with management expectations. Underperform. GERT ZONNEVELD | [...]
Shares in BSkyB drop by 2.4pc as European merger talks confirmed May 12, 2014 INVESTORS yesterday shunned Rupert Murdoch’s plans to create a new satellite TV giant in Europe, sending shares in BSkyB 2.4 per cent lower after the group confirmed it is in talks with 21st Century Fox to buy its stakes in Sky Deutschland and Sky Italia. The deal, which analysts say could be worth up to £8.8bn [...]
Analyst Views: How does the future look for Lonmin? May 12, 2014 MARC ELLIOTT | INVESTECWe understand that management will ramp up processing activities regardless of miners returning to work as it has the staff to do so, and this enables cash flow generation. We expect it to take around two weeks to ramp processing back up, whilst mining activities would probably take six to eight weeks. [...]
Australia primed to beat the English on home soil yet again May 12, 2014 GEOFF LESTER VISITED BALLYDOYLE YESTERDAY TO CHECK ON INVESTEC DERBY HOPEFUL AUSTRALIA There is nothing new in Australia grinding the Poms into the dirt on home soil, particularly when that dirt comprises the hallowed turf of Lord’s or the Oval. But the prospect of a horse of the same name matching those cricketing endeavours on [...]