Construction industry sees dip in June July 4, 2011 Britain’s construction industry lost some steam in June and firms were less optimistic about the outlook, a monthly survey among purchasing managers showed on Monday. The Markit/CIPS construction PMI index eased to 53.6 points from 54.0 points in May, broadly in line with analysts’ forecasts of a dip to 53.7 points. “June data rounds off [...]
ANALYST OF THE YEAR June 22, 2011 IT TAKES strong-minded individuals with deep knowledge of the sectors they cover to make calls that challenge popular thinking, but the five thinkers on CITY A.M.’s shortlist for Analyst of the Year have won respect for going against the grain – whether being sane on the Glencore IPO or criticising the Bank of England’s interest [...]
Banks buy £36.1bn in new gilts June 2, 2011 Demand from banks eager to shore up their liquidity buffers has been a key supportive factor for gilts over the past year, Bank of England figures revealed yesterday. UK banks and building societies bought £36.1bn of gilts in the six months to April, up from £11.4bn in the prior six-month period. Overseas buying of gilts [...]
Banks buy £36.1bn in new gilts June 2, 2011 Demand from banks eager to shore up their liquidity buffers has been a key supportive factor for gilts over the past year, Bank of England figures revealed yesterday. UK banks and building societies bought £36.1bn of gilts in the six months to April, up from £11.4bn in the prior six-month period. Overseas buying of gilts [...]
Success of Autonomy is all too rare August 22, 2011 AS success stories go, the tale of Autonomy has everything. Its chief executive, Dr Mike Lynch, began work on the mathematical formulas that underpin the firm’s software in the early 1990s, when he was completing a postdoctoral thesis at Cambridge University. In 1996, he founded Autonomy as a tiny startup, and spent the next four [...]
ANALYST VIEWS: IS THERE ANYTHING TO FEAR IN SAINSBURY’S RESULTS? June 15, 2011 CLIVE BLACK | SHORE CAPITAL Its recent de-rating was broadly justified as its outperformance against the pack had ended. But performance convergence at a time of material capital investment must be a growing cause for concern. It needs a stronger momentum if margins are to build and returns grow to justify its capital expenditure. DAVE [...]
Wolseley profit jumps 30pc with US boost June 1, 2011 Building supplies company Wolseley said third-quarter operating profit jumped 30 per cent, lifted by a healthy repair and maintenance sector, and strong revenue growth in the U.S. The world’s largest plumbers and building merchant said underlying operating profit soared to £131m in the third quarter to 30 April, from £101m in the same period last [...]
Big Chinese lenders see stocks drop on fears of capital requirement tightening June 21, 2011 SHARES of major Chinese lenders China Construction Bank (CCB) and Agricultural Bank of China (AgBank) fell to multi-month lows yesterday, hit by potentially souring loans, an economic slowdown and tighter capital requirements. CCB printed a nine-month low of HK$6.43 (£0.50) in early trading, down 2.7 per cent. AgBank was down 3.8 per cent to a [...]
Varde in deal to take Crest Nicholson on August 7, 2011 HOUSING firm Crest Nicholson will be taken over by a US distressed debt specialist within the next few weeks, a source close to the firm confirmed yesterday. Minneapolis-based Varde Partners has been working for months with advisers Lazard and Bingham McCutchen to assess the options for the firm, which became 90 per cent owned by [...]
British Land upbeat as its rents climb May 23, 2011 BRITISH Land yesterday reported a profit rise but its shares were dented after some analysts went lukewarm on the stock. The company reported a 12.5 per cent rise in net asset value (NAV) to 567p and a 2.8 per cent increase in underlying profit to £256m. But its shares were hit as some brokers downgraded [...]