Afferro in talks with Indian energy firm January 17, 2013 AFRICAN-focused Afferro Mining yesterday confirmed it was still in active talks regarding a potential takeover offer with several buyers, including with New Delhi-based Jindal Steel and Power Limited. The AIM-listed miner said it had received approaches from a number of interested parties, but stressed that there was no certainty that an offer would be forthcoming, [...]
City Moves for 18 January 2013 | Who’s switching jobs January 17, 2013 Carmignac Gestion Pierre Verlé has been appointed as a credit analyst within the asset management firm’s fixed income team. Before joining Carmignac, he was co-manager of the distressed debt fund at Butler Investment Managers in London. Verlé has also previously worked as an analyst at Morgan Stanley. Espirito Santo Investment Bank The investment bank has [...]
Tui Travel and German parent in merger talks January 16, 2013 TUI TRAVEL is in talks to merge with its German parent Tui AG, it announced yesterday, sending its shares up four per cent. However, analysts have raised concerns that the nil-premium merger will not be enough to entice Tui’s UK shareholders. FTSE 100-listed Tui Travel, the group behind holiday companies Thomson and First Choice, said [...]
Analyst Views | What effect does Bloomsbury’s update have on your rating? January 16, 2013 GARETH DAVIES NUMIS Sales of key title sales were down two per cent (we had hoped for flat), but better margin dynamics in a digital world meant profits have still risen, implying a better than expected margin. Earnings uncertainty leaves us comfortable with our ‘Hold’ rating and 138p target at this stage. MALCOLM MORGAN PEEL [...]
Analyst Views | Did Burberry perform better than expected in the third quarter? January 15, 2013 BETHANY HOCKING INVESTEC The all-important third quarter retail like-for-like of six per cent is better than our forecast for 0.5 per cent and consensus for around 0.7 per cent… The company remains cautious and points to volatile trading and weak footfall, but nevertheless Burberry had a better Christmas than expected. SAM HART CHARLES STANLEY Burberry’s [...]
Best of the Brokers January 15, 2013 ARM Holdings Investec has downgraded the FTSE 100 microchip designer from a “Buy” to a “Hold”, saying that the company’s “exceptional long term business outlook” is reflected in its share price, which has almost doubled since July last year. Analyst Julian Yates highlighted the potential risk of a move from US chipmaker Intel into ARM [...]
Boodles Ball back with smashing set of boxers January 14, 2013 ANY high rollers who have lost a pound or several to the bookies recently, will be interested to hear of the bashing that Balthazar Fabricius, founder of bespoke bookmaker Fitzdares, is lining himself up for at this year’s Boodles Boxing Ball. The biennial ball, held in aid of Starlight children’s foundation, has just announced the [...]
Slow industrial production figures disappoint in November January 11, 2013 Sluggish industrial and construction figures out today have increased concerns that the UK economy contracted in the fourth quarter of 2012. According to official figures from the Office for National Statistics, industrial production grew by a less-than-expected 0.3 per cent in November, despite a rebound in oil and gas production that had been expected to [...]
Bank of England holds rates as inflation expected to rise again January 10, 2013 THE BANK of England decided to keep interest rates steady yesterday, and economists predict rising inflation will stop the Monetary Policy Committee (MPC) from printing more money any time soon. The economy is believed to be stuck in a “zig zag” of quarters of growth followed by quarters of contraction or stagnation. But high inflation [...]
StanChart to hit record profits despite US woe January 9, 2013 STANDARD Chartered has overcome its regulatory troubles comprehensively and is on track to record a tenth consecutive year of record profits, analysts predicted yesterday. The bank was hit by surprise accusations of breaking US sanctions on Iran last August, paying US authorities more than $600m (£374.5m) to settle the claims. But analysts expect a better [...]