BEST OF THE BROKERS November 28, 2011 BURBERRY UBS rates the fashion brand “neutral” with a 12-month target price of £12.50, 200p lower than its previous target after the broker examined Burberry’s margins and stripped out a potential premium from M&A activity. UBS expects costs to moderate the firm’s operating margins for the next two to three years, but thinks the firm [...]
Glencore unlikely to move soon on ENRC June 12, 2011 GLENCORE yesterday played down suggestions it would launch a takeover bid for Kazakh miner ENRC, but sources close to the firm would not rule out making an offer in the future. Top executives at ENRC, which last week sacked two of its directors and saw two more stand down in a row over corporate governance, [...]
GOLDMAN’S OUTSPOKEN PRESS AIDE SIGNS OFF February 2, 2012 LUCAS VAN Praag was well-known for firing cerebral, elegantly worded scorn on anyone who crossed paths with Goldman Sachs. So the PR man’s exit from the bank, as confirmed yesterday, was similarly well-phrased. “C’est la vie,” emailed Goldman’s chief spokesman, the logical conclusion to the leak earlier this week that Jake Siewart, former aide to [...]
GOLDMAN’S OUTSPOKEN PRESS AIDE SIGNS OFF February 2, 2012 LUCAS VAN Praag was well-known for firing cerebral, elegantly worded scorn on anyone who crossed paths with Goldman Sachs. So the PR man’s exit from the bank, as confirmed yesterday, was similarly well-phrased. “C’est la vie,” emailed Goldman’s chief spokesman, the logical conclusion to the leak earlier this week that Jake Siewart, former aide to [...]
Glencore denies plans to sell metal warehousing unit June 22, 2011 The world’s largest listed diversified commodities trader, Glencore said it had no plans to sell its metals warehousing unit. Metals traders have in recent days said Glencore was planning to sell its warehousing business. “It’s completely untrue,” a Glencore spokesman told Reuters. Glencore said in March it wants to boost its presence in metals warehousing [...]
Glencore sees shares tumble on first results June 14, 2011 GLENCORE’s maiden results as a listed firm disappointed markets, just three weeks after its $60bn (£36.6bn) float, with its trading arm delivering profits some 20 per cent below forecasts. The trader’s shares tumbled 4.47 per cent, sent down further by chief executive Ivan Glasenberg’s statement that “there has been no firm discussion” of a merger [...]
Glencore profits up 45 per cent June 14, 2011 Newly-listed commodities group Glencore has posted a 45 per cent leap in its operating profit in the first quarter of its financial year in its maiden interim management statement. Revenues rose 39 per cent to $2bn in the quarter compared with the same period in 2010, while adjusted operating profit – earnings before interest and [...]
ENRC shares lead FTSE on Glencore talk June 13, 2011 SHARES in Eurasian Natural Resources Corporation (ENRC) jumped 4.65 per cent yesterday following rumours that Glencore is planning a £12bn takeover bid. The Kazakh miner was the biggest riser in the FTSE 100 after reports that Glencore held talks in recent weeks with ENRC’s three billionaire shareholders Alexander Mashkevitch, Patokh Chodiev, and Alijan Ibragimov, who [...]
Miners buoy FTSE as Greece remains on knife edge February 8, 2012 The FTSE 100 opened on the front foot this morning as investors continued to cling onto hopes that Greece could be steered away from financial meltdown. Greek party leaders were set to meet again today to hammer out a reform deal in return for the new €130bn rescue from the IMF and EU. Leaders of [...]
THE TIPSTER BELLWAY HOPING TO CHIME IN PROFITS February 6, 2012 INVESTORS in housing firm Bellway will be hoping that the company won’t be dropping any clangers tomorrow when it releases its latest trading update, but instead will be looking for signs that the future is still relatively appealing. The last update back in December 2011 was positively ringing with optimism, with the company noting that [...]