Behind the deal June 26, 2014 RBC CAPITAL MARKETS | JOSHUA CRITCHLEY 1 Critchley is the son of the late Conservative MP, Sir Julian Critchley. 2 He joined RBC Capital Markets in September 2009 and is currently managing director and head of European investment banking. 3 Prior to RBC, he was at Goldman Sachs from 2004 to 2009 and served at [...]
City Moves for 26 June 2014 | Who’s switching jobs June 25, 2014 JLL The professional services and investment firm, specialising in real estate, has appointed Michael Davis to lead a business unit focused on London’s emerging markets. He joins from Cushman and Wakefield, and has particular experience in the TMT, leisure and creative sectors. Sanlam Securities The corporate finance and broking arm of Sanlam Private Investments has [...]
MP Pat McFadden tells Mark Carney: You’re like an unreliable boyfriend June 24, 2014 The Bank of England was slammed by MPs yesterday, taking fire for erratic communication on when interest rates would likely begin to rise. Governor Mark Carney and other senior policymakers sent sterling down during their quizzing by politicians yesterday. Some analysts suggested that the policymakers were backing away from their new hawkish stance, with more [...]
Canadian giant SNC-Lavalin swoops for UK engineer Kentz Corporation June 23, 2014 London-listed engineering firm Kentz Corporation surged in trading yesterday after its board backed a £1.2bn takeover by SNC-Lavalin, months after it rejected a rival bid. The British business will be taken over for 935p a share in an all-cash deal by the Canadian group. The price is a 33 per cent premium to last week’s [...]
Euro periphery powers growth as France flops June 23, 2014 THE PERIPHERAL euro economies are growing at a faster pace than Germany for the first time in eight years, as French businesses hint that the country’s weak growth has stopped entirely. Figures from Markit’s Eurozone purchasing managers’ index (PMI) in June suggest that the currency bloc’s pace of growth remains sluggish. June’s figure of 52.8, [...]
Eurozone growth stutters as French output threatened by oil price risks June 23, 2014 Preliminary survey data shows that the Eurozone's (still) fledgling recovery has stuttered in June. Purchasing managers' index (PMI) data released by Markit shows that the pace of expansion across the private sector has slowed a little, with a headline PMI of 52.8 in the euro area. Any number above 50 implies that order books are [...]
Morgan Stanley emails exposed in bid battle June 16, 2014 THE dark arts of investment banking were brutally exposed yesterday as Allergan, the US healthcare group fighting off a $53bn (£31.2bn) hostile bid from a rival Valeant Pharmaceuticals, released emails designed to embarrass Morgan Stanley, the US investment bank that is now advising its unwanted suitor. The emails show that just a few weeks ago, [...]
Shelf Drilling launching £300m London flotation June 12, 2014 DUBAI-BASED oil rig contractor Shelf Drilling yesterday unveiled its plans to float on the London Stock Exchange, to sell shares worth at least $500m (£297m). The firm, which provides offshore contract drilling services to oil and gas customers, intends to raise $250m from the issue of new shares, while an unspecified amount of shares held [...]
Investors flood into TSB shares after low pricing June 9, 2014 Investors had placed orders for all of the TSB shares up for sale by yesterday evening, City A.M. understands. Yesterday morning the shares, amounting to 25 per cent of the new high street bank, were priced at between 220p and 290p each. The price would value the bank at between £1.1bn and £1.45bn, below the [...]
Why one bank is switching its allegiance from BHP Billiton to Rio Tinto June 5, 2014 As both are FTSE 100 listed Anglo-Australian miners, BHP Billiton and Rio Tinto often get compared rather than contrasted. But RBC Capital Markets today downgraded BHP – despite the stock outperforming Rio by around 10 per cent this year – and switched to a preference of Rio over BHP. “Since December 2013 we have preferred [...]