Move toward interest rate rise expected February 20, 2011 THE Bank of England is moving closer to a hike in interest rates, it is expected to reveal this week. The latest voting record of the Bank’s monetary policy committee (MPC) could expose more members voting for the 0.25 per cent rise when it is revealed on Wednesday, according to some analysts. Two MPC members [...]
London flat as weak miners are offset by strong financials February 17, 2011 BRITAIN’S FTSE 100 share index closed slightly higher yesterday, as strong gains from banks offset weaker miners and optimism on corporate earnings outweighed Middle East political concerns. Banks advanced by upbeat broker comment and hopes for further good earnings reports from the sector, and overall sentiment on equities remained fairly positive. The FTSE 100 closed [...]
Kotak India pulls £100m City share placing February 16, 2011 KOTAK Mahindra, an Indian financial services group, was yesterday forced to abandon a £100m London share placing and offer after failing to satisfy the rules over having a sufficiently free float. Kotak adviser Investec said there was demand for around £40m worth of shares in Kotak’s Infrastructure Fund – below the maximum amount but above [...]
Hopes of revival for financial sector drives the FTSE higher February 16, 2011 BRITAIN’S leading share index rallied yesterday, powered by banks, on hopes for further upbeat earnings in the sector after Barclays and French peer Societe Generale set the standard. HSBC gained 2.8 per cent, Royal Bank of Scotland rose 4.3 per cent and Barclays, which reported results on Tuesday, was up 1.0 per cent. Societe Generale [...]
WHISKY, JAZZ, AND BETTING ON THE EURO February 16, 2011 WITH whisky tasting, a jazz band and the chance to win a sports car for the weekend on offer, WorldSpreads winter party (definitely not just a late Christmas do) was the place to be in the City on Tuesday night. Held in a candlelit crypt underneath St Etheldreda’s church near Chancery Lane, the night saw [...]
Three ways to maximise your borrowing potential February 16, 2011 IT’S bonus season, and some high-earning City workers are likely to take advantage of the promise of rising top-end prices to snap up exclusive pads – provided they can get the necessary finance. The Centre for Economics and Business Research (CEBR) estimated earlier this year that bonuses would amount to £7bn. The final figure is [...]
BEST OF THE BROKERS February 15, 2011 CENTRICA JP Morgan Cazenove rates the utility “overweight” with a target price of 390p. The broker thinks an ongoing Ofgem supply review is unlikely to lead to a Competition Commission referral, and that the market has not priced in a formal investigation. JPM expects to see a carbon tax of £1 per tonne in the [...]
BEST OF THE BROKERS February 13, 2011 HOMESERVE Numis Securities has raised its recommendation on the household services firm from “hold” to “buy” with a target price of 545p. The broker predicts strong international growth alongside modest gains in the UK to contribute to profits doubling over five years. Numis believes that the firm requires very little capital to grow the business. [...]
ENTREPRENEURS NEWS | IN BRIEF February 13, 2011 BRANDS OF TOMORROW COMPETITION Walpole, the British trade body for the luxury industry, has launched a competition to find Britain’s brand of tomorrow. The prize is mentoring from the people behind Britain’s top luxury brands, including Liberty and Smythson. To be eligible, companies need an annual turnover between £100,000 and £2m per year. Visit www.thewalpole.co.uk [...]
Two years of record low rates February 10, 2011 INTEREST rates will stay at half a per cent for the 24th month in a row, the Bank of England announced yesterday. Analysts were unsurprised by the decision to keep rates at a record low, but expect the meeting’s minutes, published on 23 February, to reveal a fractious and increasingly hawkish feel to the committee. [...]