Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Late rally fails to push FTSE up to 6,000 February 22, 2011 The FTSE rallied valiantly this afternoon on the back of strong US consumer confidence data, after incurring a morning of losses from concern over the ongoing Libya crisis. Banks and commodities suffered from concerns that crude oil prices would spike and knock the global recovery, and the FTSE 100 closed down 0.3 per cent at [...]
Late rally fails to push FTSE up to 6,000 February 22, 2011 The FTSE rallied valiantly this afternoon on the back of strong US consumer confidence data, after incurring a morning of losses from concern over the ongoing Libya crisis. Banks and commodities suffered from concerns that crude oil prices would spike and knock the global recovery, and the FTSE 100 closed down 0.3 per cent at [...]
BHP in $5bn US gas deal February 21, 2011 BHP BILLITON yesterday agreed to buy US shale gas assets from Chesapeake Energy Corporation for $4.75bn cash, in its first acquisition since a series of failed major deals. BHP said the deal, expected to close in the first half of the year, would give it the second largest position in one of the largest gas [...]
Inside Track February 21, 2011 IT’S been a good few days for some of the world’s investment banks, with merger mania hitting the stock exchanges, the final consummation of the drugs merger between Sanofi-Aventis and US biotech firm Genzyme and then yesterday’s £1.3bn spirits bid from the drinks group Diageo. It’s not quite an unrestrained takeover environment but it certainly [...]
Australian cyclone hits Rio production February 21, 2011 GLOBAL miner Rio Tinto said yesterday it expects cyclones affecting its coastal operations in Western Australia’s Pilbara region to affect shipped tonnage figures for the first quarter of this year. Rio Tinto said it had maintained operations at 14 mines in the region but Cyclone Carlos has caused frequent interruptions at its Dampier and Cape [...]
Australian cyclone hits Rio production February 21, 2011 GLOBAL miner Rio Tinto said yesterday it expects cyclones affecting its coastal operations in Western Australia’s Pilbara region to affect shipped tonnage figures for the first quarter of this year. Rio Tinto said it had maintained operations at 14 mines in the region but Cyclone Carlos has caused frequent interruptions at its Dampier and Cape [...]
Anglo American profit beats expectations February 18, 2011 Anglo American, the world’s fourth-largest diversified miner, posted better-than-expected results for the year and said the outlook for the commodities market remained positive. In a separate statement, it said it would combine its UK aggregates business with Lafarge to create a construction materials company with sales of about $1.8bn (£1.1bn). Net profit for Anglo jumped [...]
BEST OF THE BROKERS February 17, 2011 BETFAIR Liberum Capital rates the gambling group “sell” with a target price of 850p. The broker believes that the market is attributing too much value to the LMAX, the firm’s contracts for difference exchange, given that volumes since December have been poor. Liberum expects the firm’s update on 8 March to show sales were hit [...]
BHP buyback fails to cheer shareholders February 16, 2011 BHP BILLITON’S shares fell yesterday following its half-year results, as some investors called into question the mining giant’s strategy of a share buyback rather than the pursuit of acquisitions. As analysts pored over BHP’s results statement yesterday, which included a record $10.7bn (£6.7bn) attributable profit and a below-forecast 46 cents dividend payment, its London-listed shares fell [...]
ANALYST VIEWS: WERE YOU IMPRESSED BY BHP BILLITON’S RESULTS? February 16, 2011 DAMIEN HACKETT | CANACCORD GENUITY BHP has particularly impressed me with its confidence in extending the share buyback. This is a firm that doesn’t need to put padding round its balance sheet. NIK STANOJEVIC | BREWIN DOLPHIN It was a bit mixed. This is a company that makes phenomenal profits, but some were expecting more [...]