Libor scandal drags FTSE 100 into the red as banking stocks plunge June 28, 2012 BANKING shares dragged Britain’s FTSE 100 into negative territory yesterday, battered by concerns over the financial impact of an investigation into the fixing of interbank lending rates that has already engulfed Barclays. Barclays slumped 15.5 per cent in its worst daily fall since 2009, with four times the usual number of shares traded in London. [...]
Palazzo Bianco to cap off an incredible month for Gosden June 28, 2012 JOHN Gosden was crowned leading trainer at last week’s Royal Ascot for the first time in his illustrious career. It was an incredible feat to notch five winners during the most competitive racing week of the year and he looks to have an excellent chance of claiming his second Northumberland Plate tomorrow afternoon (3.20pm). I [...]
RBS customers may reach for the switch after fiasco June 25, 2012 Furious customers were searching for a way out of their relationship with part-nationalised banking group RBS yesterday as promises of further extensions to normal opening hours failed to reassure. Comparison site Moneynet.co.uk reported a 10 per cent jump in hits from those searching for alternative current account providers. One business leader told City A.M.: “This [...]
BEST of the BROKERS June 25, 2012 BSKYB Espirito Santo’s Giasone Salati has issued a “buy” rating on satellite TV giant BSkyB and a fair value of 820p, up from 790p. Referencing a propriety survey, the analyst believes that BSkyB’s NOW TV product could attract a potential 650,000 new users paying £10 per month. Espirito Santo also points towards the potential for [...]
Severn Trent to target bonds at retail investors June 21, 2012 INDIVIDUAL investors will have the chance to buy bonds from FTSE 100 utilities firm Severn Trent, the company announced yesterday. The company hopes to raise up to £100m from the scheme, which will offer individuals a return of 1.9 per cent above retail price inflation (RPI) over the next 10 years. “There’s a lot of [...]
ADVISERS June 21, 2012 BARCLAYS TOBY CROASDELL CHARLOTTE WEIR Severn Trent’s inflation-linked bond issue is the first move by a water company into the fast-growing market for RPI-linked bonds. The deal was jointly arranged by Investec and a Barclays team that included directors Toby Croasdell of the fixed income syndicate and Charlotte Weir of corporate debt capital markets. This [...]
IS DIXONS RETAIL IN A GOOD POSITION FOR THE YEAR AHEAD? June 21, 2012 DAVID JEARY INVESTEC The continued strength of Nordics…and the improved performance from UK & Ireland clearly show the success of the renewal & transformation plan and the growing traction of the KNOWHOW service proposition…we continue to view Dixons as a long-term winner in electricals, hence our ‘buy’ stance. JOHN CUMMINS WH IRELAND Dixons’ results for [...]
Eurozone debt crisis slows Asian progress June 21, 2012 THE FALLOUT from the Eurozone crisis has now spread to East Asia including the world’s second largest economy, according to data released yesterday. The HSBC Chinese manufacturing Purchasing Managers’ Index (PMI) for June dipped to a seven-month low of 48.1. Any value below 50 marks a contraction, and yesterday’s result means the index has now [...]
Newfangled and Astrology set to brighten up gloomy Ascot June 21, 2012 This afternoon’s Coronation Stakes (3.45pm) looks wide open now that Maybe has been pulled out due to a stone bruise, and 11 fillies are set to go to post. They include the winners of both the English and Irish 1000 Guineas, not to mention French raider Bugie D’Amore, and the potentially exciting Cardigan. However, it [...]
IS THE FOLHAMATIC DEAL A GOOD MOVE FOR SAGE? June 20, 2012 JULIAN YATES INVESTEC We see the Folhamatic deal as a sensible strategic move and it seems more will follow. The valuation is rich, but reflects exposure to businesses with critical mass and recurring revenues in emerging markets. This deal is reminiscent of the old Sage tried and tested M&A model which worked well until Emdeon. [...]