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Super Mario announces new package

Sat, 07 Jan 2012 11:25:00 +0000

Peice by M.Jordan@ Share Success06/11/2011The Italian Prime Minister Mario Monti announced yesterday that his government has approved a new package of austerity measures through 2014 worth €24bn. The plan includes more than €12bn in spending cuts. Full details will be presented today to the Italian Parliament at 3 p.m. London time (16:00 CET) and to the Senate at 5 p.m. (18:00 CET). Monti also added that more details on labor reforms will be presented in the “next few weeks”. In a report published late last night, Barclays listed the following comments on the specific proposals made by Monti and his government in yesterday’s press conference: 1. Reintroduction of a property tax accompanied by a revaluation of the registered value of properties. 2. Increase of standard and reduced VAT tax rates (potentially) by 1-2pp in H2 2012; increase tax on petrol in 2012. 3. Pension reform: - Extension of the contributive system to all workers from next year. - Old-age system: increase of retirement age to 62 years for women and 66 for men. By 2018, female retirement age will be 66. - Seniority system: increase in years of social-security contribution to 42 (men) and 41 (women). - Pension freeze (at least one year, minimum treatments excluded). - Social contribution increase for self-employed workers. 4. Wealth tax on luxury goods (yachts, aircraft, cars). 5. Anti-tax evasion measures: track down all financial transactions of at least EUR1k, from 2.5k currently. 6. Spending cuts: transfers to local governments will be further reduced. 7. Fiscal incentives for corporations to incentivize the participation of women and young workers. 8. State guarantee on issuance of bank debt. 9. Pro-growth measures: - 1st round of opening up of closed professions (pharmacists and petrol stations). - Incentives to increase firms' capitalization and promote R&D. - Extension to 2014 of 55% tax incentive for energy friendly residential works. - The "fondo di garanzia," which supports the flow of credit to SMEs, will be increased to €20-25bn. - Private sector involvement in public infrastructure projects Italian 10 year bonds are rising following the announcement of these new measures, with yields at 6.37%, down by 31 basis points. Get More news and analysis from share success online[...]

New listings on FTSE 100, none of them London-based

Fri, 23 Dec 2011 09:40:00 +0000

Date: Thursday 08 Dec 2011

London's benchmark index, the FTSE 100, is starting to look distinctly foreign after three more firms from abroad get promoted to the top rank.

Irish construction firm CRH, along with two Russian miners, namely Evraz and Polymetal, will be replacing bank Investec, satellite group Inmarsat and mining firm Lonmin on 16 December.

Speaking out on the issue of the rising number of foreign-based firms admitted to the UK's main index, Keith Bowman, equity analyst at Hargreaves Lansdown stockbrokers, has said: "The inclusion of foreign firms is muddying the waters of what the FTSE 100 represents."

Other leading foreign companies on the FTSE 100 included a number of miners, namely ENRC, Kazakhmys and Xstrata.

The recent evaluation of the Footise also saw troubled firms Premier Foods, Thomas Cook and Mothercare downgraded from the FTSE 250 to the FTSE Small Cap index. 

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Merkozy - fine-tune proposals

Wed, 21 Dec 2011 06:52:00 +0000

Piece by M.Jordan@ Share Success  Date: Monday 05 Dec 2011As we gear up for the December 9th EU summit, which is to focus on proposals to move euro area countries further towards closer economic and fiscal union, the German Chancellor Angela Merkel and the French President Nicolas Sarkozy will kick off the week of high profile meetings today at 12:30PM London time (13:30 CET) with a press conference expected to be held afterwards. After presenting their views last week, these two leaders -often dubbed “Merkozy”- are working to fine-tune their proposals for presentation to European Union leaders next Thursday in preparation for the summit the following day. The bone of contention between the two parties continues to be that while Merkel seeks other states surrendering budgetary control to a European authority with veto power, Sarkozy is under increasing pressure from constituents about handing French sovereignty over on a plate. Under discussion are such items as the role of the European Central Bank as a lender of last resort or how to implement sanctions against Eurozone countries that break deficit rules. The experts at Barclay’s Capital are indicating that “there does appear to be a concerted attempt by France and Germany to achieve a tougher fiscal regime, including constitutional amendments at the country level to include ‘debt-break’ type rules and an element of central enforcement at the EU level.” But these analysts remain wary as they “expect no quantum leap towards a fiscal union or Eurobonds, but more likely enhanced cooperation at the intergovernmental level,” and insist that, in any case, “it remains to be seen in just what form this will be agreed, however, on Friday.” Get more news and analysis from share success online [...]

Xcite Energy falls despite rig hire

Tue, 20 Dec 2011 13:03:00 +0000

Piece by M. Jordan@ Share Success Date: Monday 05 Dec 2011X cite Energy, the North Sea focused oil explorer, saw its share price drop 5% in early trading following the announcement that it has agreed to hire a jack up rig to work in its Bentley field. Xcite has come under intense scrutiny by the UK government which is thought to be concerned over whether the firm has enough money to complete its planned drilling operations. This in turn has spooked investors with the stock down 75% since January. Although Xcite will be pleased to have its hands on the “Rowan Norway”, it still needs to complete an audit and inspection of the rig. After inspection the plan is to re-equip the Rowan Norway to accept drilling and processing equipment before deployment in early February 2012. This date will be closely watched as the other concern analysts have about Xcite is that it may struggle to complete its drilling programme on schedule. At 8.35am the stock was trading at 89.53p, down 5.51% Get more news and analysis from share success online [...]

Cairn Energy disappoints Piece by M. Jordan

Tue, 13 Dec 2011 06:06:00 +0000

Date: Tuesday 06 Dec 2011

Oil giant Cairn Energy has failed to find a commercial discovery at its exploration drilling campaign offshore Greenland, where drilling operations were extended to complete activities on the last two wells in the Atammik block. 

The firm has finished drilling the AT7-1 well in the Atammik block, which has now been plugged and abandoned.

Severe mud losses and poor hole conditions hampered the full evaluation of the interval which was thought to be of potential interest because of oil and gas shows.

Further evaluation is required to confirm the origin of the hydrocarbon shows, the firm said.

The AT2-1 well, the fifth well in the 2011 exploration drilling campaign, has also now been plugged and abandoned.

A 3D seismic programme covering 1,500 square kilometres acquired on the Pitu block in Baffin Bay is currently being processed with fully migrated results expected in 2012. Initial results confirmed micro seepages of oil and gas in the immediate vicinity of the main structures identified on the previous 2D seismic data.

Chief Executive Simon Thomson said: "The first phase of Cairn's exploration programme in Greenland has encountered oil and gas shows across multiple basins and now reservoir-quality sands in the Atammik block. Whilst we have yet to make a commercial discovery we remain encouraged that all of the ingredients for success are in evidence.

"Evaluation of data across Cairn's multiple blocks is ongoing against a backdrop of active farm-out discussions for selected areas."

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