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Monday's news and tips

Created:

17 August 2009

Written by:

ShareCast

■ Pre-tax profit halved at Michael Page in the first half, but the recruitment firm said the rate of decline in the UK and the Asia Pacific region has slowed (IC COMMENT).

■ Oil and gas exploration firm Dragon Oil said first half revenue fell 29 per cent in a 'challenging period' as it increased production 11%.

■ Aberdeen-based Venture Production today announced the discovery of gas on trend with the producing Bains field.

■ South African miner International Consolidated Minerals has placed its principal subsidiary in administration after it failed to restructure its debt and raise new funds.

■ Marine electronics group Raymarine confirmed recent press speculation that it is in potential takeover talks with US navigation equipment specialist Garmin and other parties.

■ Compass, a left wing pressure group, has called for the creation by the government of a High Pay Commission to launch 'a wide-ranging review' of the pay of top bosses and high earners operating in the world of finance.

Continues below...

■ Power supplier Scottish & Southern Energy (SSE) said it cannot predict when electricity will next be generated at its Glendoe hydro power station following a partial blockage caused by internal rock falls near the top of the tunnel carrying water from the reservoir to the power station.

■ Property group Daejan Holdings said net rental income in the period from 1 April to 30 June in both the UK and USA is in line with expectations.

■ Online marketing group Asia Digital expects to move into positive EBITDA during the last quarter of the year after seeing good growth in its new operations in India and Singapore.

■ The Financial Services Authority is investigating Royal Bank of Scotland's (RBS) acquisition of ABN Amro and its £12bn rights issue.

■ Infrastructure software giant Autonomy said that Verdasys has renewed its original equipment manufacture (OEM) agreement with the company.

■ Shares in mining exploration and mineral investment company Red Rock shot up after the company said it may acquire a controlling interest in the Migori Gold Project in Kenya.

■ Oil explorer Heritage Oil said it has completed the testing of the Miran West-1 discovery in the Kurdistan region of Iraq.

■ Online betting games and Internet casino software developer Cryptologic today confirmed that it has signed a three year deal with bookmaker Ladbrokes to provide three of its betting games.

■ Oil and gas exploration and production firm Hardy Oil & Gas reported a first half pre-tax loss of $5.4m compared with a profit of $9.7m the year before.

■ Silver miner Fresnillo saw revenue slide in the first half of 2009 as the price of silver declined.

■ Shaftesbury warned that demand for offices continues to fall, though the London's West End-focused property firm said demand for retail, restaurant and residential accommodation continues to be healthy.

■ Investment trust Witan narrowed pre-tax losses to £8.77m in the six month ended 30 June compared with a loss of £139.32m last time.

■ Speciality pharmaceuticals company BTG is to receive a $7m milestone payment from one of its partners.

■ Metrix, a joint venture between defence technology group QinetiQ and facilities management group Sodexo, has won a £31m contract from the Ministry of Defence (MoD).

■ Construction and regeneration group Morgan Sindall said its affordable housing division has been confirmed as a preferred partners for a £35m regeneration scheme in Skipton, North Yorkshire.

FOR A SUMMARY OF LATEST MOVEMENTS IN EQUITY, COMMODITY AND CURRENCY MARKETS, SEE FT.COM'S MARKETS PAGE

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NEWSPAPER SHARE TIPS (16 AUG 2009):

Full round-up of newspaper share tips (sourced from Sharecast)

PRESS HEADLINES:

The Financial Services Authority's efforts to strengthen its supervisory and enforcement work by recruiting hundreds more staff have been thrown off course by the Conservative party's plan to disband the regulator, says the FT.

Since George Osborne, shadow chancellor, said last month he would shift the FSA's core supervisory role to a beefed-up Bank of England, and set up a Consumer Protection Agency to handle the rest of the body's work, the regulator has suffered a crisis of confidence affecting some top staff and potential recruits, according to headhunters, consultants and FSA insiders.

The chief executive of Barclaycard, Antony Jenkins, was paid several million pounds in compensation for not receiving a promotion that he had been promised, the Times has learnt. The revelation comes amid rising tension in Barclays' retail and commercial bank and rumours that the division's management could be shaken up.

Xstrata has stepped up its charm offensive aimed at Anglo American shareholders and analysts in an attempt to persuade them that cost savings alone justify the proposed tie-up between the two, and that a premium for the merger is not necessary, reports the Independent.

Japan has climbed out of recession after the economy returned to growth in the second quarter, raising hopes that the worst of the financial crisis is over in the world's second-largest economy. Data released on Monday showed that GDP expanded 0.9 per cent quarter-on-quarter on a seasonally adjusted basis, following four quarters of contraction, writes the FT.

Houses are at their most undervalued since the tail-end of the last housing slump in the 1990s, according to a key statistical indicator. The Lombard Street Research/Daily Telegraph housing affordability index shot deep into "affordable" territory in the first three months of the year – indicating that for homeowners who can get hold of credit now is a good moment to buy a house or trade up, according to the Telegraph.

The eurozone economy may appear to be recovering faster than those of the US and UK, but its companies are underperforming their British and American rivals. Companies from the eurozone are the only ones, among the trio of regions, where there have been more disappointments than positive surprises in the ongoing second-quarter results season, according to analysts at Dutch bank ING, reports the FT.

London's reputation as a global financial centre could be devastated if the Government changes the law to restrict the ability of banks to pay bonuses, it was claimed yesterday. Such a restriction would damage the City if similar laws were not implemented across the world, the British Bankers' Association (BBA) said, writes the Independent.

Retailers are seeking a scrappage project for domestic appliances such as fridges. The British Retail Consortium (BRC) said that a plan similar to the "cash for bangers" scheme for the car trade would protect jobs and help Britain to hit carbon emission targets by encouraging people to switch to more energy-efficient white goods. It is also calling for tax relief on energy efficient items, says the Times.

BSkyB has written to the BBC Trust expressing "serious concerns" about its handling of Project Canvas, the ambitious plan to create an internet-connected successor to Freeview, the free-to-air digital TV service that competes with Sky, according to the FT.

Ministers have wasted millions of pounds on an apprenticeship scheme that has left thousands of young people out of work, according to the founder of the UK's largest independent plumbing company. The programme fronted by enterprise tsar Lord Sugar has cost £2.85m, but has filled only 1,185 vacancies out of 18,000 advertised, says the Telegraph.

Iceland's parliament is close to approving the repayment of nearly €4bn ($6bn, £3.4bn) lost by British and Dutch savers in a failed Icelandic bank – but with a series of conditions that could yet cause the pact to unravel, writes the FT.

Sir Fred Goodwin, the disgraced banker, has returned to his Edinburgh home for the first time since his self-imposed exile on the French Riviera began five months ago, reports the Times.