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(Evening Standard Via Thomson Dialog NewsEdge) TECHNOLOGY
Interactive World, the mobile content technology company that came to AIM in May, saw maiden profits rise 37% to GBP4.3 million in the year to July. The group, which services the Sport Newspaper Group, said it is looking for acquisitions.
TELECOMS
Hong Kong-listed China Telecom said it added 730,000 new customers in August, taking its total subscriber base to 220 million. That was down on July's 770,000 but higher than expected. Vodafone has 187 million subscribers worldwide.
TRANSPORT
With oil prices, on the wane, things could be looking up for airlines.
Collins Stewart has issued a buy note on British Airways with a target of 425p but says oil will need to fall "meaningfully" below $60 a barrel for a major improvement.
UTILITIES
Broker JPMorgan makes Centrica its top utility-sector pick, saying it is the key beneficiary of easing commodity prices. Generators such as International Power, British Energy and Drax should do well out of expected power-price rises, it adds, increasing share targets to 355p, 620p and 845p respectively.
BANKING AND FINANCE
There has been a mixed reaction this weeks HBOS investor update. Oriel Securities issued a buy note and a 1140p target, Merrill retains its neutral call, with a 1103p target, while JPMorgan is underweight, expecting a fall to 1000p.
BUILDING AND PROPERTY
Australian property firm Macquarie Goodman has snapped up Apples offices in Stockley Park near Heathrow and General Electrics outpost in Bracknell, part of a GBP179.4 million purchase of eight offices from Kuwait Finance House.
CONSUMER
McDonald's has launched a campaign to convince Chinese consumers beef is luxurious, fun and sexy. The burger giant is running poster ads featuring a close-up of a woman's lips homing in on a quarter-pounder.
ECONOMICS
The dollar weakened slightly on currency markets in response to last night's decision by the US Federal Reserve to leave interest rates unchanged for the second month running. The euro rose 0.25 cents to 1.2715 against the greenback while the pound gained half a cent to $1.8930.
ENGINEERING
Ford Motor Company has hired former HSBC chairman Sir John Bond, 65, to sit on its board at a salary of GBP13,000 a day. Bond has a GBP546,000a-year pension from HSBC following his retirement in July and is paid GBP500,000 to chair Vodafone.
HEALTH
Retail giant Wal-Mart, which owns Asda, is to use its buying clout to provide cut-price prescription drugs for its workers and customers in the US, according to reports. The company has often been attacked over its measly employee health benefits.
INDUSTRIALS
DAF, the world's third-largest truck builder, is not interested in bidding for rival Scania, removing the chances of a counter-bidder against the e9.6 billion (GBP6.5 million) offer from Germany's Man. DAF said it was looking for organic growth.
LEISURE
The prospect for share buybacks and dividends at Enterprise Inns suggests there could be as much as 20% upside in the shares, says Merrill Lynch, which has raised its target to 1240p. Despite a blip in the summer because of the weather and World Cup football, trading looks robust, the broker adds.
MEDIA
Times are tough in the radio sector but Chrysalis is outperforming, says Investec. The broker, which says buy, also sees hidden value in Chrysalis' music publishing operations and believes a share value of up to 200p is possible.
NATURAL RESOURCES
Bridgewell Securities rates Afren, which rallied yesterday after picking up a nine-month rig contract off Nigeria, putting it on track to reach its target of 15,000-20,000 barrels a day by 2008. Bridgewell rates the shares a buy.
RETAILING
Panmure Gordon is a Tesco buyer with a 400p target. The broker says the coup in Thailand, which provides just 3% of sales, shouldn't harm the shares, and it is more focused on strong organic growth, property value and share buybacks.
SUPPORT SERVICES
Odgers Rau & Berndston, the headhunters who recruited Paul Deighton to the London Organising Committee for the Olympic Games and Richard Lambert to the CBI, has claimed top spot among Britain's executive recruitment agencies, according to Executive Grapevine.
Copyright 2006 Evening Standard. Source: Financial Times Information Limited - Europe Intelligence Wire.
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