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Weekend News Summary
30 March 2015
Bank of England Chiefs rush to quash talk of interest rate cut: The split
among policymakers at the Bank of England widened as the Governor
and one of his deputies said that the Bank’s first move on interest rates
was likely to be upwards, only a week after its Chief economist had
mooted a cut.
Dawn Summers leaves Genel to concentrate energy on Iraq: A Senior
Executive who followed Tony Hayward from BP to Genel Energy is
leaving the oil producer in a signal that the company’s original Turkish
management is picking up the reins.
Greeks add €3 billion-a-year sweetener to debt talks: Greece has
submitted plans to its Eurozone creditors to raise an extra €3 billion a
year to help to pay its debts.
EDF wins new deal to keep lights on in public sector: EDF Energy has
beaten off competition from its Big Six rivals to win back the £1 billiona-year government contract to supply electricity to hospitals,
motorways, police stations and schools.
Co-op Bank counts reduced losses in cash and customers: The Cooperative Bank has shrunk its losses and built its financial strength,
offering hope for a bank that almost collapsed two years ago.
Sanne Group takes undercover route to flotation: A £232 million
company that handles paperwork for hedge funds is the latest stock
market debutant to have secretly signed up shareholders without
previously announcing that it was floating.
Former Logica Manager jailed for insider trading: A former Manager at
Logica has been jailed for ten months after he pleaded guilty to insider
trading, making thousands of pounds buying the shares of the IT
consultancy ahead of its takeover by CGI group, of Canada, in 2012.
Ryan Willmott, who was the group’s reporting and financial planning
Manager, admitted using his inside knowledge of the CGI deal to trade
in Logica shares, earning more than £30,000 in the process.
BlackBerry turns fewer phone sales into profit: Smartphone sales at
BlackBerry slumped to their lowest level in nine years during the fourth
quarter, but the struggling company still managed to report a small
profit, suggesting that its recovery is beginning to take hold.
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1W% Change
Alliance Trust hit by bombshell from ex-Director: A former Director of Alliance Trust has written a bombshell letter to
shareholders bemoaning the company’s “dismal” performance and suggesting that its £1.4 million-a-year Boss,
Katherine Garrett-Cox, is overpaid.
Carney piles pressure on banks with tough new stress tests: The Bank of England will unveil tough new stress tests
tomorrow that may force big banks to spend billions bolstering capital reserves.
Greece offers VAT rise to win cash from Europe: Greece has promised to increase VAT, privatise ports and airports and
squeeze money from media companies in return for a €10 billion (£7.3 billion) cash injection from Brussels.
Mondelez to cream $3 billion from cheese: The Owner of Philadelphia cream cheese in Europe is weighing a $3 billion
auction of the brand, which is likely to attract the interest of the buyout firm behind last week’s blockbuster merger of
Heinz and Kraft.
Treasury takes aim at ‘sloppy’ ONS data: The Treasury has criticised the government’s own statisticians for a catalogue
of sloppiness, including mistakes and slow responses with data.
Currency traders’ mobile phones under scrutiny: Police are studying the mobile phones of staff at a foreign exchange
trading firm at the centre of a fraud and money laundering investigation
Alliance Trust comes under fire closer to home: Alliance Trust, the investment trust under attack by an American hedge
fund, has come under fire on a second front.
Dunbar faces challenge over ‘bankruptcy’ policy: Zurich is battling claims that one of its British subsidiaries unfairly
forced the small business Owners and property developers into bankruptcy.
Santander’s big plans for small business: By offering a range of services such as overseas trips and mentoring,
Santander is aiming to double its share of the small business banking market by the end of next year.
Stress tests put emphasis on Asia-focused lenders: Britain’s biggest banks will be told the terms of the latest stress tests
by the Bank of England, which are expected to delve into the exposure of lenders to a crisis in emerging markets and a
big financial crash.
Councils caught on the hop could stall housebuilding: Housebuilding in many parts of Britain could be delayed by the
lack of preparation among three quarters of local authorities for changes to the planning system that come into force
next month.
City jobs lost in spite of upbeat outlook: The number of jobs in the UK’s financial services industry has continued to fall
in spite of rising levels of optimism.
Insecure jobs and unpredictable hours on rise among CAB clients: The Citizens Advice Bureau says an increasing
number of its clients have insecure jobs with unpredictable hours, causing them problems with debt, housing, benefits
and childcare.
Vale Chief nominated to be next Chairman of scandal-hit Petrobras: Brazil’s government has selected Vale Chief
Executive Murilo Ferreira as its preferred long-term candidate to lead the board of Petrobras from the end of next
month, in a move aimed at reassuring capital markets.
Head of B&Q to leave in Kingfisher revamp: The head of B&Q is set to leave the DIY chain in a shake-up of parent
Kingfisher under its new Chief Executive Véronique Laury.
European payouts rise by more than 10%: Europe’s largest companies have increased shareholder payouts by the
highest annual amount since the financial crisis, largely driven by greater contributions from the banks.
page 2 of 9
ChemChina Chairman hopes for a happy marriage to Pirelli: Bells ringing from a church next to ChemChina’s
headquarters on Sunday morning provided a fitting soundtrack for the group’s Chairman to explain its proposed €7.3
billion takeover of Italian tyre group Pirelli.
Talks on Iran nuclear deal edge closer, say diplomats: Representatives of the world powers gathering in the Swiss city
of Lausanne this weekend insist they are closer than ever to reaching a nuclear deal with Iran.
Chevron to offload its 50% stake in Australia’s Caltex: Chevron, the US oil group, is selling its 50% stake in Australian
fuel company Caltex in a deal that is likely to fetch more than AUD$4.6 billion.
Vivendi warns activist investor it could fall foul of French law: Vivendi has written a letter to the US hedge fund and
minority shareholder that has challenged its strategy, warning that it could fall foul of French law in the event that it
tried to form a united front with other shareholders.
BNY Mellon Directors quizzed on CEO hunt: Bank of New York Mellon Directors have been quizzed on whether they
initiated a hunt for a new Chief Executive, according to people familiar with the matter, in the latest intrigue to hit the
custody bank.
Insurers face €300 million payout for French Alps air crash: Insurers of the German wings airliner that crashed into a
French mountain, killing all 150 on board, may pay out up to €300 million because claims are unlikely to be
challenged, say aviation lawyers.
Macquarie pays $15 million to settle SEC charges: The Securities and Exchange Commission has charged Macquarie
Capital with backing a US share-sale by a Chinese coalminer, even after obtaining a report showing that the miner was
an empty shell without any income-producing assets.
Intel in talks to acquire Altera for more than $10 billion: Intel is in talks to acquire Altera, a maker of “programmable”
processors, in a deal likely to exceed $10 billion, according to people close to the deal.
Slack admits intruders hacked its database: Slack, the fast-growing business messaging service, has owned up to being
hacked last month in an attack that gave intruders access to its database of users.
Google assists in robotic surgery: Google has teamed up with Johnson & Johnson to develop a new generation of
robotic surgeons to help doctors perform more efficient operations, in the latest tie-up between healthcare and
technology groups.
Australia to join China-led bank despite US opposition: Australia plans to join the Asian Infrastructure Investment Bank,
reversing a previous decision to stay out of the China-led institution. But it has placed conditions on its future
membership of the bank in a bid to mollify concerns expressed by its key military ally, the US
Quindell unit acquired by Australia’s Slater & Gordon: Slater & Gordon, the Australia-listed law firm, is buying the
professional services arm of controversial British insurance claims processor Quindell for about £700 million.
UK start-ups soar despite tech bubble fears: One in 11 people of working age in Britain are running or starting a
business, suggesting the country is becoming the developed world’s capital of entrepreneurship.
De Beers toughens rules for diamond customers: De Beers is making the biggest reforms in more than a decade to the
way it sells most of its diamonds, amid concerns over the financial stability and transparency of some of its best
customers.
Brics banker Jim O’Neill goes to war on superbugs: The man who invented the Bric moniker for Brazil, Russia, India and
China is spearheading a mission to tackle antimicrobial resistance, or AMR.
Bid for Rexam sparks fears over loss of UK expertise: From glow-in-the-dark versions to market alcopops in Russian
nightclubs to a one-litre beer container popular in Germany, the humble can has been transformed.
US oil independents share sales boom despite crude price fall: US independent oil and gas companies have raised a
record amount from share sales in the first three months of the year, as they seek to shore up their balance sheets
following the plunge in oil prices since last summer.
page 3 of 9
Bridgepoint raises €4 billion fund as private equity finance soars: Bridgepoint, the European buyout firm and Owner of
Pret A Manger in the UK, has raised €4 billion for its latest fund in another sign of the wave of cash rushing into
private equity.
Medics welcome GSK deal to provide meningitis B vaccine: Patient groups and medics have welcomed an agreement
between the government and GlaxoSmithKline to make Britain the first country in the world to provide routine
vaccination against meningitis B.
Geely Chairman Li Shufu attacks Beijing strategy on car industry: Li Shufu, billionaire Chairman of carmaker Geely, said
the government had handed Chinese manufacturers a “sugar-coated bomb” by insisting foreign peers establish joint
ventures in the country and control no more than 50%.
Swiss group Dufry snaps up Italian rival World Duty Free: Italy’s Benetton family has made €1.3 billion selling its stake
in World Duty Free to Switzerland’s Dufry in a deal that creates the world’s biggest travel retailer.
Publishers and adblockers are in a battle for online advertising: Electronic warfare has broken out between internet
users and the $120 billion online advertising industry.
Activist hedge fund turns focus on Japan’s Kyocera and Canon: The hedge fund that encouraged Japanese games
console maker Nintendo into allowing its heroes on to smartphones is building a position in Kyocera and is also eying
Canon.
Record India spectrum auction set to spur telecoms consolidation: India’s mobile market is full of large numbers, from
850 million active users to annual handset sales of 200 million and revenues of roughly $30 billion. Now there is one
more: the record $18 billion raised by India’s government in its latest round of spectrum auctions, which concluded last
week.
Chief Executive Mark Clare calls time after nine years at Barratt Developments: After guiding Barratt Developments
through the financial crisis and riding the crest of the latest house price wave, Chief Executive Mark Clare is to hand
over the shovel to finance Director David Thomas.
Hinduja brothers top UK’s wealthy Asians list - with a combined wealth of over £54billion: The Hinduja brothers took
the top slot in this year’s Asian Rich List of the wealthiest 101 British Asians after their net worth increased by £2 billion
to £15.5 billion.
RBS sells overseas arm of Coutts offshoot to family-owned Swiss rival: Royal Bank of Scotland has sold the overseas
arm of its Coutts subsidiary to family-owned Swiss private bank Union Bancaire Privée (UBP).
German fund hopes for boost from super Mario’s bond plan: Efforts to stimulate economic growth across the
Continent are under way with the launch of a £46 billion-a-month bond buying programme by the European Central
Bank.
Takeover of TSB by Spain's Sabadell shows the market works, say banks: High street banks will use the £1.7 billion
takeover of TSB by Spain’s Sabadell as evidence that competition is working and that intervention by the regulators is
unnecessary.
Mark Carney becomes latest BoE senior official to reject Chief economist Andy Haldane's claims over interest rate cut:
Mark Carney and deputy Governor Ben Broadbent are the latest Bank of England senior officials to dismiss warnings
from the Chief economist that it may be forced to cut interest rates to ward off deflation.
AA to launch dedicated tyre-fitting venture as part of its listed company strategy: The AA is to launch a dedicated tyrefitting fleet as part of its strategy as a listed company.
Alliance Trust small shareholders must become true activists: Karin Forseke, the Chairman of Alliance Trust, and Chief
Executive Katherine Garrett-Cox, are putting up a spirited fight against hedge fund agitators Elliott Advisers.
page 4 of 9
Fears of higher consumer bills as Britain faces going into next winter with depleted gas supplies: The UK’s biggest gas
storage facility, Rough, will see its capacity cut by up to a third by Centrica during the summer while it tries to make
repairs to the ageing site.
BHS seeks to soothe pension shortfall fears as it sends letters to scheme members to reassure them over future
payouts: Pension scheme members at struggling BHS have been sent letters reassuring them over future payouts after
the sale of the High Street chain to Retail Acquisitions earlier this month.
Shareholders in Government contractor Serco to vote on whether to approve ‘lifeline’ fundraising agreement:
Shareholders in Government contractor Serco will vote on whether to approve a ‘lifeline’ fundraising agreement.
Britain could miss out on billions of pounds from tourists as rival nations outspend on marketing to lure visitors: Britain
could miss out on billions of pounds from tourists as rival nations outspend on marketing to lure visitors.
British bankers working for Goldman Sachs shared £2 billion pay windfall last year: British bankers working for
Goldman Sachs shared a £2 billion pay windfall last year, figures reveal.
Sports Direct under fresh pressure on job contracts: Sports Direct is responsible for employing nearly one in every five
workers in the retail and wholesale sector on a zero hours contract, official data suggests.
Anger over pay rise for Co-op Bank Boss despite more losses: Campaigners have attacked the Co-operative Bank for
handing its new Chief Executive a near £2 million pay rise to keep him with the troubled lender for at least another 18
months.
Superdry parent Supergroup hires Idris Elba to help crack US: The troubled fashion retailer Supergroup has turned to
the British actor Idris Elba to help it crack America – as its new Chief Executive revealed plans to pay a dividend next
year.
UN agency becomes first buyer of Ikea's flat-pack refugee shelter: A UN agency which protects and supports refugees
has become the first customer of Ikea's temporary refugee shelter.
Google faced with privacy lawsuits for snooping on Apple users without consent: Google could face a wave of privacy
lawsuits in the UK after three people won the right to sue the search giant for snooping on their web browsing.
Co-op coughs up £4 million to keep Chief Executive in the hot seat: Continuity comes at quite a cost of you’re the Coop Bank. More than £4 million could be handed to keep Chief Executive Niall Booker in the hot seat this year and he’s
said he will remain in post until the end of 2016.
'It's bloody disgusting': Ecclestone blasts King: Bernie Ecclestone has launched a scathing attack on Justin King, the
former Chief Executive of Sainsbury’s who has been widely tipped as a successor to the Formula One Boss.
Conservative 'secret plan' for £12 billion welfare cuts: Secret plans for swingeing cuts to benefits have been drawn up
by civil servants on the orders of senior Conservatives, it emerged last night.
Shoppers splurge on the high street as prices plunge: Consumers are hitting department stores and furniture shops to
splurge the windfall from cheaper petrol and food.
NHS property sale could raise £7.5 billion to help pay off its growing deficit and free up space for housing: The NHS is
set to sell off or redevelop land and property worth billions of pounds to help pay off its growing deficit and bring
about a radical transformation of the way healthcare is delivered.
CDC hits back at accusation over Sierra Leone timber investment: Britain’s foreign investment agency has hit back at
concerns it has not risked enough money in Ebola-plagued Sierra Leone by pumping $15 million (£10 million) into a
timber business based in the West African state.
page 5 of 9
Northern manufacturers urge fresh boost to growth: Britain’s biggest manufacturers will this week call on whoever
forms the next government to commit to greater economic devolution and push for more North-west investment to
boost growth.
Investors pour billions into luxury student flats: Russian billionaires are among a number of new investors buying up
swathes of UK student accommodation, pushing sales this quarter to a record £3.3 billion.
Italian retailer Yoox eyes Net-a-Porter: The Italian internet retailer Yoox is the latest contender to swoop in with an
offer for the luxury fashion business Net-a-Porter that could value the London-based firm at more than £1.3 billion.
Rolls-Royce to cut 200 jobs at two factories in Scotland: More than 200 jobs are being cut at Rolls-Royce plants in
Scotland under plans by the engineering giant for a worldwide cutback.
Co-op Bank could pay Boss £5 million package as losses halve: The Chief Executive of the troubled Co-operative Bank
is being handed a potential £5 million pay deal, sparking a row as he prepares to axe more jobs and close another
swath of branches.
Loaded magazine to close after 21 years: Loaded, one of the titles synonymous with the mid-1990s lads’ mag boom, is
to close after 21 years.
Bond plans to Pep up fashion for mums: Aldi and Lidl have done it in the grocery market; B&M has done it in
homewares; now former Asda Boss Andy Bond is preparing to unleash the discounter model on clothes retailing.
Sports Direct takes Rangers fan to court over effort to access shareholder register: Sports Direct is taking legal action
against a Rangers supporter who applied to access the company’s shareholder register to garner support for a
campaign over the use of zero-hours contracts and club merchandise deals.
Britain's first titan-sized prison gets green light: The contract to build Britain’s first titan prison holding more than
2,100 inmates has been signed just days before next Monday’s deadline, when parliament officially dissolves for the
general election.
Greece submits reform proposals to Eurozone creditors – with a warning: Greece submitted a long-awaited list of
structural reforms to its creditors as its leftist-led government warned it would stop meeting debt obligations if
negotiations failed and aid was not forthcoming.
Clarkson Top Gear Live tour could run without BBC branding: The BBC’s commercial arm is exploring a range of
options to save its Top Gear Live global world tour, including running the events unbranded to allow Jeremy Clarkson
to continue to front the shows.
Pay freezes and cuts contradict claims by George Osborne: More than 40% of Britain’s recession-scarred workers
expect to receive a pay freeze or a cut to their wages this year despite George Osborne’s claim to have restored living
standards, ensuring they would “grow strongly every year for the rest of the decade”.
Sir Philip Green’s family firm received £70 million from sales to new BHS Owners: A Jersey company controlled by Sir
Philip Green’s family received £70 million from the sale of 12 properties to the new owners of BHS as part of a deal to
offload the loss-making high street chain.
Luxembourg warned about its reliance on multinational corporations: Luxembourg flag must move away from its
reliance on hosting internal financing functions for multinational businesses if it wants to guard against the impact of a
G20-led crackdown on international tax avoidance, the Organisation for Economic Co-operation and Development
(OECD) has warned.
British Airways frequent-flyer accounts hacked: Hackers have accessed tens of thousands of British Airways frequentflyer accounts.
page 6 of 9
Monday,
30 March 2015
Key Economy Releases
Key Corporate Releases
UK: Consumer Credit, M4 Money Supply (YoY),
Net Lending to Individuals, Mortgage Approvals,
Net Consumer Credit, Net Lending Sec. on
Dwellings, Gfk Consumer Confidence
Final Results: AL Noor Hospitals Group, Billing
Services Group Ltd., Black Sea Property Fund Ltd
(The), Cenkos Securities, Central Asia Metals,
Dunedin Income Growth Inv Trust, Eden
Research, Everyman Media Group, Globaltrans
Investment GDR (Reg S), Instem, Learning
Technologies Group, Miton Group, Outsourcery,
Plant Health Care, Revolymer, Tasty, Volga Gas,
XLMedia
US: Personal Consumption Expenditure Core
(YoY), Personal Income (MoM), Personal
Spending, Personal Consumption Expenditure
Core (MoM), Personal Consumption Expenditure
Deflator (YoY), Disposable Income, Savings ratio,
Pending Home Sales (YoY), Dallas Fed
Manufacturing Business Index, US Pending home
sales, Fischer Speaks on Monetary Policy and
Stability in Georgia
Interim Results: Aberdeen Asian Smaller ,
Companies Investment Trust, Quadrise Fuels
International, Vietnam Infrastructure Ltd.
EU: Business Climate Indicator, Consumer
Confidence, Economic Sentiment Indicator,
Industrial Confidence, Services Sentiment
Indicator
Tuesday,
31 March 2015
UK: Index of Services (3M/3M), Gross Domestic
Product (YoY), Total Business Investment (YoY),
Current Account, Index of Services (MoM),
Lloyds Business Barometer, Saving Ratio, Shortterm interest rates
Final Results: Avengardco Investments Public Ltd
GDR, Chesnara, Christie Group, e-Therapeutics,
InternetQ, Kingfisher, LiDCO Group, Martinco,
MMC Norilsk Nickel ADR, PJSC Centre For Cargo
Container Traffic Transcontainer GDR (Reg S)
US: Fed's Lacker Speaks on the Economic
Outlook in Richmond, Fed's Lockhart Gives
Welcome at George Conference, Fed's Mester to
Moderate Georgia `Future of Banks' Panel,
NAPM-Milwaukee, S&P/Case-Shiller Composite20 (YoY), S&P/Case-Shiller Home Price Index,
Chicago PMI, Consumer Confidence, DOE US
Refinery Utilization, Fed's George Speaks in New
York
Interim Results: Inland Homes, James Halstead
EU: Unemployment Rate, Consumer Price Index
(YoY), ECB's Nouy Speaks to EU Parliament
Committee in Brussels, Short-term interest rates
page 7 of 9
Trading Statement: Thomas Cook Group
Wednesday,
01 April 2015
Key Economy Releases
Key Corporate Releases
UK: Markit Manufacturing PMI, Output per
Worker SA (YoY), Unit Labour Costs (YoY), Unit
Wage Costs (YoY), Productivity hours SA,
Output per hour worked SA, LFS Employment
SA, Exchange rates/ US dollar
Final Results: Evraz
Interim Results: ASOS
US: MBA Mortgage Applications, ADP
Employment Change, Fed's Williams Moderates
Panel on Financial Stability, Markit
Manufacturing PMI, Construction Spending
(MoM), ISM Manufacturing PMI, ISM Prices Paid,
Fed's Lockhart Leads Panel on Banks and
Monetary Policy, EIA Crude Oil Stocks Change
(Barrels), ISM Inventories, ISM Production, ISM
New Orders, ISM Imports, ISM Export Orders,
ISM Employment, Census Bureau US
Construction Spending Total SA, DOE US Crude
Oil Inventories,Total Vehicle Sales, Revisions:
Wholesale Inventory and Sales Report, Domestic
Vehicle Sales
EU: Markit Manufacturing PMI, ECB Balance
sheet, Exchange rates/ US dollar
Thursday,
UK: Markit Construction PMI
02 April 2015
US: Challenger Job Cuts (YoY), Challenger Job
Cuts, Trade Balance, Continuing Jobless Claims,
Initial Jobless Claims, Insured Unemployment
Rate, Covered Employment, ISM New York
Index, Factory Orders (MoM), EIA Natural Gas
Storage Change, Inventories / Shipment Ratio,
Baker Hughes US Rig Count, Fed Balance Sheet
– Total Fed Assets, Fed Balance Sheet –
Treasuries, Fed Balance Sheet – MBS, Unfilled
Orders/Shipments
EU: ECB Monetary Policy Meeting Accounts
Friday,
03 April 2015
page 8 of 9
US: Average Hourly Earnings All Employees
(YoY), Average Weekly Hours All Employees,
Change in Non-farm Payrolls, Unemployment
Rate, Fed's Kocherlakota Gives Welcome
Remarks at DC Conference, Change in
House hold E mploym e nt, Change i n
Manufacturing Payrolls, Change in Private
Payrolls, Underemployment Rate, Average
Hourly Earnings
Final Results:
Forbidden
Group GDR (Reg S)
Technologies,
PIK
Trading Statement: Electrocomponents, Marks &
Spencer Group, Tate & Lyle
This report has been prepared using non-independent research material available from public sources, which are believed to be reliable as at the date
of this report. However, Goodman Masson Recruitment Services Limited (“GMRS”), its employees and its independent third party provider make no
representation as to the accuracy or completeness of this report. This report should therefore not be relied on as accurate or complete. The facts and
opinions on this report are subject to change without notice. GMRS, its employees and its independent third party provider have no obligation to
modify or update this report in the event that any information on this report becomes inaccurate.
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other investor has not been considered in providing this report. Individuals and other investors should seek independent financial advice which
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that investing in shares carries a degree of risk and the value of investments can go up or down. Past performance is not a reliable indicator of future
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make no representation or guarantee with regard to any investment noted on this report, and shall therefore not be liable with regard to any loss.
For further clarification or details, please contact Goodman Masson, [email protected]
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