Best of the Brokers for 20 February 2013 February 19, 2013 STANDARD CHARTERED Shares in the bank rose 2.3 per cent as analysts at Morgan Stanley upgraded it from “equal weight” to “overweight” and upped its target price from 1656p to 1924p. Morgan Stanley said it was “switching our preference from HSBC to Standard Chartered due to the improvement in the Asian economic environment (a positive [...]
Worst January since 1990 for EU carmakers February 19, 2013 NEW CAR registrations in the EU collapsed to their lowest January level since 1990 last month, dealing the union’s carmakers a drubbing. Peugeot Citroen, Ford, Fiat, Toyota, Volvo, Suzuki and Mitsubishi suffered double digit falls in sales between already-poor January 2012 and January 2013, figures revealed yesterday, as Europe’s economic troubles clobbered one of its [...]
BP wins spill fine argument as it gears up for court case February 19, 2013 OIL GIANT BP last night clinched a $3.4bn (£2.2bn) reduction in the potential fine it faces under the US Clear Water Act for the 2010 Deepwater Horizon oil spill. The FTSE 100 firm, which is preparing to defend itself at next week’s court fight against the US government, has agreed with the US Department of [...]
London Report: German data helps FTSE hit five-year high February 19, 2013 BLUE chip index posted its highest close in five years yesterday in a broad-based surge across all major sectors, as a strong German business sentiment survey supported a favourable technical picture. The FTSE 100 extended gains in afternoon trade after a ZEW survey showed that German investor and analyst sentiment soared to its highest level [...]
Voda hires UBS and Goldman for cable deal February 19, 2013 VODAFONE has appointed banks to advise on its proposed acquisition of German cable operator Kabel Deutschland, with Goldman Sachs and UBS to work on the deal, sources close to discussions have said. The British telecoms giant is considering a takeover of the German firm, which would strengthen its presence in one of its biggest markets. [...]
IHG unveils rise in profits led by US growth February 19, 2013 INTERCONTINENTAL Hotels Group reported an 11 per cent jump in full-year operating profits yesterday, driven by a strong performance in the US and its expansion in developing markets. The owner of the Crowne Plaza, Holiday Inns and InterContinental brands made an operating profit of $614m (£387m) in 2012, while revenue rose five per cent to [...]
Branson pledges to give away half his worth February 19, 2013 SIR Richard Branson yesterday pledged to give away half his fortune to good causes. The British entrepreneur and his wife Joan were one of 12 new signatories to Bill and Melinda Gates’ Giving Pledge Initiative. They join a list that includes Mark Zuckerberg, David Rockefeller and Warren Buffett. Yesterday saw the first billionaires from outside [...]
More than half of UK consumer spend made in supermarkets February 19, 2013 SUPERMARKETS’ slice of consumer spending has dramatically increased during the last decade as consumers spend less on the high street. Around 58p in every pound spent in the retail sector goes to supermarkets such as Tesco and Sainsbury’s, up from 46p a decade ago, according to data from the Payments Council, the payments services watchdog. [...]
US industrial output caught in traffic jam February 19, 2013 US MANUFACTURING output started 2013 with a fall, according to data out yesterday, driven by weakness in car production. Factory production dropped 0.4 per cent in January, Federal Reserve data showed, pushed by the 3.2 per cent crash in car output. The fact that the decline was coming mainly from one sector, combined with upward [...]
Retailers urge Osborne to cut business costs February 19, 2013 THE COST of running a retail business has soared far beyond the increase in sales over the past six years, the British Retail Consortium (BRC) has warned today, as it urged the chancellor to slash red tape and support consumer spending. Retailers’ total operating costs have increased by 21 per cent – a huge £20bn [...]
