Osborne’s hire could herald a Bank shake up November 26, 2012 MARK CARNEY’S succession to the Bank of England throne will be the first step in a revolution at the top of the central bank, analysts forecast yesterday. Deputy governor for monetary policy Charlie Bean will leave after a year, chancellor George Osborne confirmed in his announcement to parliament. And Paul Tucker, deputy governor for financial [...]
Unite Group launches retail bond November 21, 2012 Unite Group, the UK’s biggest student accommodation provider, yesterday become the latest firm to launch a retail bond. With £2,000 as the minimum investment, the bond pays a coupon rate of 6.125 per cent and matures on 12 June 2020. The group aims to raise £50 to £75m from the bond to fund expansion. Investec [...]
Best of the Brokers November 20, 2012 EXOR UBS has downgraded the Fiat majority-owner from “buy” to “neutral” on the back of a downgrade to Fiat. Its target price for Exor is now €20, from €22.40, as Fiat raises cash to buy Chrysler. COMPASS Investec has thrown its weight behind the catering giant, raising its target price to 800p while reiterating a [...]
HSBC in talks to sell $9bn China insurance stake November 19, 2012 HSBC yesterday revealed it was in talks to sell its 16 per cent stake in China’s second largest insurer Ping An in a move that would bolster the bank’s capital balance sheet. The firm said in a joint statement to the London and Hong Kong stock market it was in “discussions” with buyers over a [...]
Who’s switching jobs November 19, 2012 Smith & Nephew Julie Brown has been appointed chief financial officer at the medical technology business. She joins from AstraZeneca, where she was vice president for group finance and interim chief financial officer. Brown was at AstraZeneca for 25 years, and previously qualified as a chartered accountant at KPMG. Natixis Global Asset Management The asset [...]
Will resolution’s turnaround plan be successful? November 15, 2012 KEVIN RYAN | INVESTEC The recovery process is far from assured and shareholders may have to endure further cost hikes. This, combined with no news on the corporate restructuring, leads us to view the outlook as cloudy and we retain our ‘sell’ recommendation. ALAN DEVLIN | BARCLAYS [The results] are further evidence of the company’s [...]
Investec’s asset income eases profit pressure November 15, 2012 INVESTEC’S profits fell in the first half of the year, with the poor state of the world economy hitting trading, lending and investment incomes, the bank and asset manager’s results showed yesterday. Profits dropped 5.8 per cent, coming in at £168.5m in the six-month period, down from £178.9m in the same period of last year. [...]
Who’s switching jobs November 15, 2012 Maurice Turnor Gardner The law firm has announced the appointment Sarah Conway as partner in its residential property practice, effective January 2013. She joins from Allen & Overy, where she has worked since 1998. Conway has also held the partnership at Carruthers & Co, and focuses on residential property transactions for high net worth clients. [...]
BT buys legal tech firm Tikit in biggest acquisition for years November 14, 2012 BT yesterday announced its biggest acquisition in more than four years, agreeing to buy legal IT services firm Tikit for £64.2m in cash. The deal, made through the telecoms giant’s retail division, will allow BT to sell its own IT communications services to Tikit’s clients, which include more than 90 of the UK’s top 100 [...]
Best of the Brokers November 14, 2012 VODAFONE Morgan Stanley has an “overweight” rating and a 210p target price on the telecoms giant. While first half figures were disappointing, the broker wants to see more progress in Europe. STANDARD CHARTERED Investec rates the bank “buy” with a target of £18. The broker points out that StanChart is one of just two UK [...]