Best of the Brokers for 16 March 2015 March 16, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com FENNER FinnCap reiterated its “hold” rating on the manufacturing firm after a trading update which prompted the broker to reduce its forecasts for 2015 and 2016. Year-end debt has been increased to £160m in part due to dollar debt translation. Target price is [...]
From BHS and John Lewis to TSB and the Apple Watch: What got us talking this week? March 13, 2015 Jeremy Clarkson punched a man over a steak. Blurred Lines went from being the song with questionable gender politics to being a Marvin Gaye rip-off. And somewhere above our heads, a pilot got bored and drew rude pictures using GPS flight data. Here is what got us talking at City A.M. 1. After 15 [...]
Quindell’s share price drops after issuing more equity as it buys out Navseeker following legal dispute March 13, 2015 Quindell's share price nudged down today after issuing almost 850,000 shares as it moves to fully buy Navseeker, following a legal wrangle with the company. Last week the insurance outsourcer settled a US litigation in which it was claimed that Quindell, its subsidiary Himex and individuals Hassan Sadiq, Ismail Essack and Michael McFall had [...]
Here’s why you shouldn’t worry about it being Friday 13th March 13, 2015 Today is Friday 13th, the second of three occurrences of the day that cultures the world over love to hate. The superstition apparently dates back to the Middle Ages, when it was believed that Christ was crucified on a Friday 13th. There's a book in which an unscrupulous stockbroker takes advantage of paraskevidekatriaphobia to [...]
Cheaper oil takes trade deficit to lowest level for over 14 years March 12, 2015 The UK’s trade deficit has dropped to its lowest level since 2000, official figures show. The UK imported £600m more than it exported in January, according to data released yesterday by the Office for National Statistics (ONS). It compares to the £2.1bn trade deficit in December. Around half of this fall was due to a drop [...]
LV= takes big hit from Osborne’s new annuity rules as profit drops March 11, 2015 A DOUBLE-whammy of low interest rates and chancellor George Osborne’s overhaul of Britain’s pensions industry have hit profits at mutual insurer LV=. The cricket and rugby sponsor saw pre-tax profits plummet 76 per cent to £37m last year after lower returns in its investment portfolio. Although pension sales were up to £63m from the £587m in [...]
City Moves for 12 March 2015 | Who’s switching jobs March 11, 2015 Edmond de Rothschild Olivier Colom has been appointed head of the private banking and asset management group’s new General Secretariat, responsible for ensuring the Executive Committee’s decisions are implemented. He joined Edmond de Rothschild in 2013 as an international adviser, and has previously served as an adviser to the President of France and in various [...]
Budget 2015: Current pensioners could sell their annuities for cash under new rules March 11, 2015 Current pensioners might be able to sell their annuities for cash under new plans due to be discussed by senior government ministers on Friday. According to the FT, if the proposals go ahead retirees would be allowed to sell their annual income contracts to insurers on secondary markets. In return, they would receive a cash [...]
Cheltenham Festival 2015: When the City has a break to enjoy a flutter March 10, 2015 A record-breaking crowd of more than 63,000 people descended on Cheltenham yesterday for the opening of the famous horse racing festival. Several notable individuals from the City made the two-hour journey, including renowned founder of Collins Stewart Andy Stewart and ex-Barclays banker Rich Ricci, both of whom have horses racing throughout the week. Other [...]
Tidjane Thiam quits Prudential for Credit Suisse: The exit of a chief exec who defied the odds March 10, 2015 Back in 2010, you would never have expected Tidjane Thiam to receive this reaction on his departure from Prudential. An ill-fated acquisition bid left shareholders fuming – the attempt to buy AIA for £21bn saw the insurer lose £373m and Thiam took the blame. On top of that, the Financial Services Authority (FSA) censured him, fining [...]