BEST OF THE BROKERS May 23, 2011 MITCHELLS & BUTLERS JP Morgan has downgraded the bar and restaurant operator from “overweight” to “neutral” on the back of recent share price strength, and has lowered its target price by 48p to 360p. The broker thinks the current share price reflects the dilutive impact of major disposals including 333 pubs. However, it expects M&B [...]
THE TIPSTER May 23, 2011 WITH another ash cloud looming, attention will inevitably turn to the airline sector that saw such high levels of disruption back in April 2010, when major airlines saw their profits take a battering on the back of long periods of aircraft down-time and general flight disruption. Admittedly, authorities know what they’re dealing with this time, [...]
UK ready for Obama visit May 22, 2011 President Obama will hold crunch talks with David Cameron on Wednesday to discuss the global economy and the allied response to the conflicts in the Middle East. Obama will arrive in the UK tomorrow morning, when he is scheduled to meet with the Queen in Buckingham Palace. He will then go to Westminster Abbey to [...]
Brit girls ready for French Open May 22, 2011 Britain’s women will carry the nation’s hopes at the French Open today as the second grand slam of the year cranks up a gear. Men’s fourth seed Andy Murray does not play his first round match until tomorrow, meaning Anne Keothavong and teenager Heather Watson have the chance to shine. Keothavong is first up on [...]
Russia leaves door open for fresh BP deal May 18, 2011 BP’S hopes of teaming up with Rosneft were raised yesterday, when the Russian state-owned giant said talks could continue past Tuesday’s deadline for a planned £10bn share-swap. Rosneft said the new proposals “go… beyond the scope of the earlier agreements with BP”, a nod to the possibility of involving BP’s Russian joint venture TNK-BP, which [...]
Sales up at French Connection May 18, 2011 Sales at fashion retailer French Connection rose 3.6 per cent in the first three months of this year, with overall progress boosted by the company’s global wholesale business which performed strongly during the period, with deliveries well ahead of last year. French Connection has recently expanded its international franchise network with store openings in Russia, [...]
Why BP’s Arctic venture went sour May 17, 2011 LIGHTNING really has struck twice for Bob Dudley, BP’s beleaguered chief executive. Hounded out of Russia by the partners in BP’s joint venture project BP/TNK, of which he was head, Dudley went on to take the top job at BP following the Gulf of Mexico oil spill. Hailed as the man to take the oil [...]
Shell agrees 20-year deal with Taiwan May 16, 2011 ROYAL Dutch Shell said yesterday it has signed an agreement to supply Taiwan’s CPC Corp with 2m tonnes of liquefied natural gas (LNG) per year for 20 years. “This is the first long-term LNG deal between Shell and CPC. The agreement will see Shell become one the main suppliers of LNG to Taiwan,” the company [...]
Gulliver: Commercial banking is our DNA May 11, 2011 HSBC unveiled a strategic overhaul yesterday that will see the bank cut up to $3.5bn (£2.14bn) in costs, cut “subscale” retail operations and review its presence in 39 countries. “We are not going to try to be all things to all people in all markets,” said chief executive Stuart Gulliver as he launched a plan [...]
Lots of platitudes but little red meat May 11, 2011 WITH around £1.5 trillion of assets on its balance sheet, HSBC is practically the size of a country. Perhaps that’s why most of the ideas unveiled at yesterday’s hotly-anticipated “strategy day” seem to have been stolen from a Whitehall efficiency review. First there was the £100m saving that will come from a “reduction of paperwork”. [...]