WHAT THE OTHER PAPERS SAY THIS MORNING October 25, 2011 FINANCIAL TIMES SHAREHOLDERS IN EVOLUTION BACK BID BY INVESTEC Investec’s £202m takeover of Evolution Group will go ahead despite last-minute resistance from Evolution’s biggest shareholder after the broker’s other big investor backed the bid. Aberforth Partners, which owns 10.8 per cent of Evolution, said last week it had withdrawn its support for the all-share offer [...]
ANALYST VIEWS: DO BP’S RESULTS SIGNAL A TURNING POINT FOR THE FIRM? October 25, 2011 STUART JOYNER | INVESTEC BP is still bumping along the bottom but as we expected, the divestment target has been increased to $45bn and the chief executive sees 50 per cent cashflow growth by 2014.. With Anadarko settling its spill bill a few weeks ago, we are seeing a more confident message from BP on [...]
EU summit optimism won’t last for long October 25, 2011 FOREX conditions are choppy for euro traders, with yesterday’s moves indicative of the jittery markets. Upon the news that the Ecofin conference won’t take place, euro-dollar quickly dropped 0.6 per cent. Twitter feeds across the world were swamped with presumptions that the full emergency heads-of-government summit was also cancelled. Euro-dollar rebounded, as it became clear [...]
ECONOMISTS’ VIEWS: HAS CHINA’S ECONOMY AVOIDED A HARD LANDING? October 24, 2011 QINWEI WANG | CAPITAL ECONOMICS At 51.1, this month’s PMI estimate is very strong. There are risks ahead, however – Eurozone figures are very disappointing. Furthermore, China’s PMI may reflect output rising simply to replenish and increase inventories, which have been very low recently, rather than signaling strong demand growth. CHRIS SCICLUNA | DAIWA CAPITAL [...]
CITY MOVES | WHO’S SWITCHING JOBS October 24, 2011 Genzyme David Meeker has been appointed as chief executive of Genzyme, part of the wider Sanofi healthcare group, effective from 1 November. He will also join the group management committee. Meeker joined Genzyme in 1994 as medical director to work on the cystic fibrosis gene therapy programme. Rising to the position of president of the [...]
Merkozy fail to agree deal to save euro October 20, 2011 HOPES for a decisive breakthrough on a Eurozone rescue package at this Sunday’s summit collapsed as France and Germany failed to agree on the purpose of the European Financial Stability Fund (EFSF) yesterday. Officials said another summit might be held early next week to continue discussions on private sector involvement in a second Greek bailout, [...]
Fencing can win joust against Camelot October 20, 2011 TOMORROW’S Group One Racing Post Trophy (3.00pm) at Doncaster is one of the key trials for next year’s Investec Derby and the Ballydoyle dogs have been barking with force in relation to Camelot. The once-raced Montjeu colt started the week at 5/2, but is now 10/11 with Ladbrokes and it’s clear he is very well [...]
Canaccord on stand-by for Evolution bid October 18, 2011 CANACCORD Financial, the Canadian financial services group, was waiting on the sidelines yesterday as Investec’s £200m-plus all-share takeover of Evolution Group hit problems. Canaccord pulled out of the bidding last month, leaving Investec as preferred bidder. Under Takeover Panel rules Canaccord is barred from relaunching a takeover for six months but yesterday those close to [...]
BEST OF THE BROKERS October 18, 2011 LAMPRELL Investec said its target price of 393p is “under review” after the engineer firmed up an order to build two jackup oil rigs for Abu Dhabi’s National Drilling Company. Investec believes the deal will renew investor confidence in the stock. SARANTEL Merchant Securities rates the antennae manufacturer as “hold” maintaining its target price of [...]
ANALYSTS’ VIEWS: WILL SEPTEMBER’S INFLATION HIT 5PC? October 16, 2011 PHILIP SHAW | INVESTEC “September’s inflation will jump to 5.1 per cent, thanks mainly to sharp increase in gas and electricity prices. However, we are hopeful that inflation will fall back below five per cent next month and drop through three per cent in the first half of 2012.” KEN WATTRET | BNP PARIBAS “CPI [...]