Wednesday 13th December 2017
NEWS TICKER December 12th: Tradeweb has received authorisation from the UK’s Financial Conduct Authority (FCA) to operate an Organised Trading Facility (OTF), effective from 3rd January 2018. On that basis, Tradeweb can offer its clients greater flexibility to choose the type of venue and execution method that suits their needs. It will support the execution of intermediated and discretionary flow and allow clients to discover new liquidity sources and trading opportunities says the firm - Following the news that UK inflation has touched a five and half year high at 3.1%, Viktor Nossek, director of research at WisdomTree in Europe, says, “Higher air fares versus a year ago have been highlighted by the ONS as the key driver to today’s jump, while in the background the rising oil price - which is almost 20% higher than this time last year – could also be a cause for concern at some stage. However, this current level of elevation is likely to be short term. This is not the start of the return to a world of 4% or 5% CPI, but rather a combination of one-offs which are keeping official numbers at higher levels. Inflation will therefore likely trend lower over time and be contained enough to sustain consumer spending, especially as we continue to see next to no evidence of wage hike inflation." -- Ian Forrest, investment research analyst at The Share Centre, says: “Equipment hire group Ashtead had lots of good news for the market today wrapped up neatly in its interim results. The company reported a 22% rise in second quarter rental revenues to £945.2m and a 24% increase in pre-tax profits to £298.4m. Ashtead participated in the clean-up following multiple hurricanes in the Caribbean and was helped by the weakness of sterling. While it expects activity levels to return to normal in the second half of the year, investors should note that the company said it now expected full-year results to be better than previously forecast. Cash flow also remains strong and a share buyback of up to £1bn was announced alongside a 16% increase in the interim dividend. The management has played a key role in Ashtead’s stellar performance, so it was good to see that the CEO of the very successful US division, Brendan Horgan, will now be helping with strategic development across the whole company. It was no surprise to see the shares respond with a 5% rise in the shares in early trading. We continue to recommend Ashtead as a ‘buy' due to the strong earnings momentum it has developed, the potential for further improvement in cash flow, and the good prospects especially in the US. After a strong rise in the shares in recent months we would suggest drip-feeding into the shares. CATS Management Limited (CML), an Antin Infrastructure Partners (Antin) portfolio company, has agreed to acquire a 65% interest in the Esmond Transportation System (ETS), a key piece of established UK Southern North Sea midstream infrastructure -

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  • Tuesday, 12 December 2017 East Capital and HMC Capital initiate investment research cooperation for Latin America
    Asset manager East Capital, which is specialised in emerging and frontier markets, and HMC Capital, a Latin American financial advisory and investment firm, have signed an advisory service agreement. HMC Capital will provide Latin American investment research to support East Capital’s global emerging markets capabilities. Read more...
  • Tuesday, 12 December 2017 KfW IPEX-Bank lends to American subsidiary of VTG
    Capital goods financing maven KfW IPEX-Bank is extending a long-term loan of $172m to support Hamburg-based public limited company VTG Aktiengesellschaft invest significantly in growth. Read more...
  • Tuesday, 12 December 2017 Hermes launches Impact Opportunities Strategy
    Hermes Investment Management (Hermes has launched the Hermes Impact Opportunities Strategy, managed by Tim Crockford, and supported by a team of four. Read more...
  • Tuesday, 12 December 2017 Mobius says China is opening up even more to foreign participation
    Maven investor Mark Mobius in a market note today notes a further opening of capital markets in China in addition to enhanced market regulation. Read more...
  • Tuesday, 12 December 2017 IFM Investors raises $2.15bn in Europe and the Middle East
    IFM Investors, one of the world’s largest infrastructure managers, says it has raised $2.15bn from 29 investors in Europe and the Middle East in infrastructure equity and debt mandates between July 2016 and September this year. Globally, IFM Investors raised $6.5 bn in infrastructure equity and debt in the same time period reflecting, the firm says, growing institutional demand around the world for infrastructure assets. Read more...
  • Tuesday, 12 December 2017 European funds industry growth set for a record year
    The European Fund and Asset Management Association’s (EFAMA’s) latest Quarterly Statistical Release states combined net sales of UCITS and AIF touched €246bn in the third quarter (Q3) this year, compared to €249bn in Q2. In the first three quarters of this year, UCITS and AIF registered net sales of €761bn, higher than the total net sales for all of 2016 (€457bn) and setting the year on course to outperform the record-breaking year of 2015 (€763bn). Read more...
  • Tuesday, 12 December 2017 BNP Paribas AM appoints director of US West Coast IBD
    BNP Paribas Asset Management (BNPP AM) has appointed Tamara Jackson as director of US institutional business development for the western region of the United States. She will have responsibility for developing relationships and building business with all major institutional asset owners across various distribution channels and report to Neil Johnson, head of US institutional business development, and will be based in Los Angeles. Read more...
  • Tuesday, 12 December 2017 Colt reduces network latency between Tokyo and London
    Colt Technology Services says it has substantially reduced latency between Tokyo to London financial centres, to less than 159 milliseconds. Network optimisation, the firm says, is part of its investment programme in the Colt IQ Network. Read more...
  • Tuesday, 12 December 2017 BNP Paribas Securities Services launches ClimateSeed carbon emissions platform
    Next year BNP Paribas Securities Services says it will launch ClimateSeed, a platform that aims to bring together investors and organisations committed to carbon offsetting projects. ClimateSeed will act as a centralised platform where investors and companies looking to invest in voluntary carbon offsetting projects will be able to connect easily to projects carriers looking for funding. Read more...
  • Tuesday, 12 December 2017 Nasdaq Dubai to launch futures on shares of ADNOC Distribution and Emaar Malls
    Nasdaq Dubai is about to launch futures on Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) and Emaar Malls, to enable investors to take positions on movements in the share price of the two companies in coming months. Read more...
  • Tuesday, 12 December 2017 Deloitte says talent and technology are priorities for China CFOs.
    According to the Q3 findings of the Deloitte China CFO Survey 2017, CFOs in China remain optimistic about the economic outlook, despite a significant increase in concern over geopolitical issues such as US foreign policies, North Korea's nuclear missile threat and ongoing uncertainties surrounding the Brexit. Read more...
  • Tuesday, 12 December 2017 ILPA issues model subscription agreement for private equity funds
    To help streamline fundraising, increase clarity and improve the efficiency of capital formation, the Institutional Limited Partners Association (ILPA) has released a model subscription agreement (MSA) for private equity funds. Developed by legal counsels representing the private equity industry, the modular, multi-jurisdictional document provides a balanced, off-the-shelf solution which can be customised to meet the needs of fund managers and their investors, saving time and cost. Read more...
  • Tuesday, 12 December 2017 RJ O'Brien hires UK institutional brokerage team
    Chicago-headquartered RJ O'Brien & Associates (RJO), says veteran institutional brokers Barry Marnane and Neil Tesi have joined its London-based affiliate, RJ O'Brien Limited (RJO Limited). Operating as a team for 16 years, Marnane and Tesi specialise in global macro fixed income futures and options execution. Read more...
  • Tuesday, 12 December 2017 WisdomTree launches three fixed income ETPs
    WisdomTree, the exchange traded fund (ETF) and sponsor, has launched three Boost ETPs, offering investors inverse exposure to UK gilts, German bunds and US treasuries. Read more...
  • Tuesday, 12 December 2017 PPF 7800 Index deficit flat in October at £87.6bn
    The aggregate deficit of the 5,794 schemes in the PPF 7800 Index is estimated to have decreased over the month to £149.8bn at the end of October 2017, from a deficit of £158bn at the end of September. The funding ratio increased from 90.6% at end of September 2017 to 91.2, higher than the 84.1% recorded in October 2016. Read more...

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Key Stories from FTSE Global Markets

Although long standing, in 2016 the country’s privatisation programme was harnessed by the government to encourage foreign investment in minority stakes in a gamut of state-owned firms, include the country’s flagship National Company KazMunaiGas. Since then, the programme has sometimes been mired in questions around governance. Partners, Carter Brod and Aset Shyngyssov of global law firm Morgan Lewis examine the viability of Kazakhstan’s privatisation plans.

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Set against a dynamic business backdrop in its own backyard, the European Energy Exchange (EEX) has adopted a confident and bold strategy to establish its global footprint within the exchange industry. Last year’s move into new commodity focused asset classes marks a new dimension in EEX’s growth and its continued transition from Europe’s leading energy exchange towards a global, multi-commodity exchange group. It has provided EEX and its parent company, Deutsche Börse Group, a growing competitive edge, given that it can also provide the vertical post trade support infrastructure required to back its expansion plans. Why has EEX been so successful in Europe, and how does that translate into its plans for global growth?

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Wednesday, 21 October 2015

Egypt opts for development funds

For the third time this year, the Central Bank of Egypt (CBE) has depreciated the Egyptian pound against the dollar in a foreign exchange auction in mid-October, taking the currency's decline for the year to 9.8%. The pound fell 1.3%(10 piasters) to 7.93 per dollar sell side and 7.88 buy side according to a report by the state-owned Middle East News Agency, which announced that the CBE offered $40m at a regular dollar sale to local lenders. Can the country pick its way out of the blues?

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The make-up of shareholders in Turkey’s banking segment has always been a touchstone of wider market change. The country has always been a swing market and the banking system has remained vulnerable, even with an improved capital base, as it has an ultra-high dependency on foreign funding of lending. That vulnerability has resulted in some significant changes in the investment in the country’s banking segment by foreign financial firms who have shown little stickiness in the country when the going gets tougher.

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Wednesday, 21 October 2015

Political uncertainty weighs on Turkey

A survey of 947 respondents in Turkey by Washington think tank PewCentre Research suggests Turks are dissatisfied with the direction of their country. Rising prices, crime and inequality are concerns. Moreover after years of quasi-Islamic rule that has been antipathetic to the military; survey respondents say the military is the only group with a “good influence on the country”. Opinions of the police, national government, religious leaders and the courts are mixed, while views of the media tilt to the negative. More pertinently perhaps, 52% of Turks think their children will be worse off financially in the future. The findings come as voters are scheduled to revisit national government elections on November 1st after the AKP party failed to form a coalition government in June. The upcoming elections will be closely watched, both as a bellwether of wider change in the eastern Mediterranean and as an indicator of the near term prospects for a lynchpin emerging market.

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