Tips from the press
There are slight worries about the grades of rock ore at some of its mines (this means how many diamonds are found per tonne of rock). On the other hand, the shares are currently at just eight times 2013 predicted earnings (although with no dividend). Questor sticks to his guns and says carry on buying (Last IC rating: Hold, 28 Feb).
Tempus in the Times puts an amber light above one of the oldest companies on the FTSE 250,
Will he sell Thames River Capital, are the strategic joint ventures with insurance companies going to dwindle? These are significant uncertainties but Tempus notes the shares trade on just nine times earnings and the dividend is a decent 4.5 per cent - interesting, but "highly speculative" (Last IC rating: Hold, 16 Mar).
The next big thing for Inmarsat is providing internet and data services to aircraft but the company is still in the capital spend phase of the project. The shares trade on 11.7 times 2012 earnings, Tempus can't see any reason to buy right now (Last IC rating: Hold, 6 Mar).
Business press headlines:
Germany has threatened to halt vital financial aid to Greece unless a new government commits to the terms of the country's bail-out agreements. Ministers in Berlin warned that they would withhold international aid to Greece in a move which could trigger a fresh, damaging countdown to default in Athens. Amid escalating anger in Berlin over the anti-euro backlash following elections in Athens, Greece will on Thursday receive a €4.2bn (£3.4bn) cash injection as part of its €130bn March bail-out. The Eurozone has blocked a further 1bn euro amid uncertainty over the country's political future. Athens, where the leader of the newly powerful Syriza party has vowed to reject the bail-out, is due to repay a €3.3bn bond next Friday, The Telegraph reports.
Tens of thousands of public sector workers are due to go on strike and march the streets on Thursday as they escalate their bitter dispute over pensions, pay and jobs. Up to 400,000 workers including off-duty police officers, immigration staff and lecturers are set be involved in a wave of demonstrations throughout the country. Civil servants, health workers, Ministry of Defence staff, and members of the Royal Fleet Auxiliary will also be among those joining strikes and other forms of protest. Picket lines will be mounted outside jobcentres, courts, at airports including Heathrow, Parliament and other Government buildings across Britain, The Telegraph says.
The Bank of England is expected to call time on the latest round of quantitative easing on Thursday following signs that inflation is proving more "sticky" than expected. The second round of QE has been completed and on Thursday the Bank has to decide whether to extend it again or to leave the total £325bn program unchanged. Most economists reckon the Bank will keep its powder dry after inflation surprisingly rose in March to 3.5 per cent, making it less likely that the consumer price index will drop back to the 2 per cent target this year. Barclays Capital warned that inflation would prove "sticky" and that "the recent failure of inflation to fall as much as expected is indicative of a deep-seated persistence". The bank expects inflation to remain above 2 per cent until the third quarter of 2014 and to remain above 3 per cent through this year. It has pencilled in a first rate rise of half a point in the third quarter of 2013, according to The Telegraph.
Andrew Moss missed out on bonuses worth £2.4m after his unceremonious exit as
Legions of savers are being trapped on pathetic rates after falling prey to banks and building societies desperate to hold on to their cash. Millions of pounds have been left languishing on these poor deals with savers unable to touch their cash for up to four months because of the terms of the account. Banks and building societies are desperate for savers' cash to fill their coffers. Other sources of funding - such as using the investment money markets - have dried up, and rule changes are forcing banks to back up the loans they make with more of savers' money, The Daily Mail writes.
Read today's Market Overview - a round-up of today's company announcements.
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