ANALYST VIEWS: ARE THESE FIGURES GOOD NEWS FOR DIXONS? November 24, 2011 DAVID JEARY | INVESTEC The renewal and transformation plan has clearly been transformational for Dixons, although the parlous state of the electricals market has not allowed this to shine through strongly. We retain some concerns on the short-term trading outlook and the relative dearth of must-have products at present. PHILIP DORGAN | PANMURE GORDON Given [...]
Banks and miners stem tide of FTSE losses November 24, 2011 The FTSE 100 was solid this morning as banks and miners stabilized the index which has taken a battering from the confidence sapping Eurozone crisis. Germany – seen as the kingpin in the bloc – yesterday sold just €3.6bn (£3bn) worth of 10-year bonds, from €6bn euros on offer. That sent shockwaves through markets which [...]
CITY MOVES | WHO’S SWITCHING JOBS November 22, 2011 Coutts Coutts, the wealth division of Royal Bank of Scotland Group, has appointed Amir Sadr as head of the UAE market and private office in the Middle East, based in Dubai. In his new role, Sadr will develop Coutts’ ultra high net worth proposition in the Middle East, reporting to Alex Classen, chief executive of [...]
BEST OF THE BROKERS November 22, 2011 MITIE UBS rates the outsourcing group “buy” with a target price of 290p, up from 280p following better than expected results. The broker is impressed by the firm’s confident outlook, noting its significant order wins that have driven its order book, and thinks Mitie will benefit from cost saving drives in both the public and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 21, 2011 FINANCIAL TIMES REVIEW LOOKS TO TACKLE THE COST OF WORKPLACE ILLNESS Action to curb the financial and social costs of long term illness and make it easier for employers to get staff back to work was recommended yesterday, in a government-commissioned review of sickness absence which also urged ministers to review the generosity of public-sector [...]
Phoenix coy over many approaches for assets November 21, 2011 SHARES in life insurance specialist Phoenix Life jumped more than ten per cent in morning trading yesterday after it admitted it had broken off takeover talks with one bidder but had been approached by at least one other. FTSE 250-listed Phoenix is considering an early stage approach from private equity group CVC Capital Partners, after [...]
ANALYST VIEWS: WILL THESE DEALS BE GOOD FOR CENTRICA? November 21, 2011 KEITH MORRIS | EVOLUTION Centrica says the deal strengthens its energy hedge ie reduces a structural short. Centrica’s desire to improve its energy hedge would suggest it doesn’t see commodity prices going lower and therefore the implication is that the value of North Sea assets are the very least underpinned at these levels. JONATHAN JACKSON [...]
BEST OF THE BROKERS November 20, 2011 HAMWORTHY Evolution Securities downgrades the marine, oil and gas services firm from add to “reduce” with a target price of 825p after it said it was in talks with Finnish marine engineering group Wartsila over a possible takeover offer. The target price was raised to match the potential offer price, but the broker cut its [...]
Evolution axes 60 investment banking jobs November 18, 2011 Evolution Group, the mid-sized investment bank that is being taken over by South African rival Investec, said it will cut 60 jobs as a result of tough market conditions. “Due to the current depressed levels of income within the business, management has taken action to reduce the cost base from quarter four onwards,” Evolution said [...]
Investec sees investment bank suffer November 17, 2011 INVESTEC could join the flurry of banks laying off staff if conditions worsen, managing director Bernard Kantor told City A.M. yesterday as the bank reported a small drop in profits. “As much as we don’t like to hire and fire, we have to live in the same world as everyone else,” he said. “It’s tough [...]