London close: Stocks rebound, EU summit eyed - Life Style Extra
- Hollande expected to push eurobond idea to Merkel
- Risk-on as financials, miners advance; defensives sold
London's FTSE 100 finished firmly higher on Monday following a poor performance last week which saw the blue chip index slump to its worst levels since mid-November 2011. Despite the rise though, the mood was still cautious as uncertainty over Greece's future in the Eurozone continued to dampen sentiment ahead of a meeting of European leaders scheduled for Wednesday.
New French President Franois Hollande is expected to press German Chancellor Angela Merkel for the implementation of the so-called 'eurobonds' (debt issued and backed by the entire Eurozone together) at the informal European Union meeting to be held on May 23rd. Merkel has long opposed immediate implementation of eurobonds because she feels it would hinder member states from becoming fiscally responsible and following through on structural reforms.
Leaders are also expected to discuss the European Financial Stability Facility (EFSF) and the idea of giving it the capability to directly recapitalise struggling European banks, something which Germany has also been long-opposed to.
As expected, the Group of Eight (G8) world leaders this weekend spent a great deal of time focusing on efforts to promote global economic growth and particularly on the Eurozone sovereign debt crisis while showing their support for Greece remaining in the single currency. "We agree on the importance of a strong and cohesive Eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the Eurozone while respecting its commitments," the joint communiqu said.
"With Germany continuing to oppose relaxing the austerity measures and issuing eurobonds, the options are starting to run out for the ailing Eurozone economies, with some unable to borrow in the open market due to the excessive borrowing costs and Spain and Italy only hanging on in there," said analyst Craig Erlam from Alpari.
In other news, there were rumours that China could act to counter a slowdown after Premier Wen Jiabao called for "putting stabilising growth in a more important position". According to the Chinese Securities Journal, the world's second-largest economy could announce stimulus measures in the near term.
FTSE 100: Financials, resource stocks provide a lift; defensives sold off
The financial and resource sectors were making gains today, rebounding after a poor showing last week as they bore the brunt of the Eurozone-fuelled sell-off.
Hedge fund manager Man Group jumped after saying it is set to pay up to $142.8m for FRM Holdings, a global hedge fund research and investment specialist. Man and FRM's combined multi-manager business will have total funds under management of approximately $19bn, making it the largest independent non-US based fund of hedge funds.
Global banking group HSBC rose after completing the sale of 195 US retail branches to First Niagara Bank for $0.9bn, first announced in July last year.
Barclays was on the rise after announcing its intension to dispose of its entire holding in BlackRock.The transaction will be by way of an offering and related buyback by Blackrock itself, and is likely to cost around 3.8bn based on the valuation at the close of trading last Friday.
Mining stocks were broadly higher on the back of stimulus hopes in China with Vedanta, Polymetal and Xstrata making gains as copper prices ticked higher. However Fresnillo was in the red as precious metals prices came under pressure.
Real estate investment trust British Land rose after revealing profits ahead of expectations and net asset value (NAV) growth in the 12 months to the end of March. Underlying profits before tax rose 5.1% while NAV grew 4.9%.
Defensive stocks were firmly out of favour today as investors tapped into 'riskier' assets. Utility peers Centrica, United Utilities, Severn Trent and SSE were among the worst performers of the day.
FTSE 250: Resources on the rise, Lamprell drops after downgrade
Resource stocks were leading the risers on the second-tier index as copper and oil prices edged higher. Heritage Oil, Petropavlovsk, Afren, Ferrexpo, Cairn Energy, Wood Group and Talvivaara Mining all made decent gains.
Heading the other way though was oil, gas and energy engineer Lamprell after Nomura downgraded its rating from buy to reduce on the back of last week's profit warning. "We believe Lamprell's execution and operational strategy is fundamentally at risk and we were wrong to previously assume the company had turned a new leaf. In our view, the root cause of the problems announced lies with management's inability to execute lump-sum contracts," analysts said.
Newsletter publisher and exhibitions organiser Informa fell after sticking with its full-year guidelines despite admitting that renewal and new subscriber cycles are taking longer than they used to.
FTSE 100 - Risers
Vedanta Resources (VED) 1,008.00p +5.16%
Man Group (EMG) 78.80p +4.65%
Royal Bank of Scotland Group (RBS) 20.80p +4.05%
Polymetal International (POLY) 828.00p +3.63%
Standard Chartered (STAN) 1,328.50p +3.26%
Xstrata (XTA) 943.00p +3.09%
Tullow Oil (TLW) 1,373.00p +2.77%
IMI (IMI) 881.50p +2.68%
Weir Group (WEIR) 1,503.00p +2.52%
Aggreko (AGK) 2,084.00p +2.46%
FTSE 100 - Fallers
Fresnillo (FRES) 1,319.00p -2.87%
Centrica (CNA) 310.60p -1.40%
Aberdeen Asset Management (ADN) 237.90p -1.33%
Tesco (TSCO) 311.15p -0.81%
United Utilities Group (UU.) 617.50p -0.80%
Severn Trent (SVT) 1,644.00p -0.66%
SSE (SSE) 1,325.00p -0.60%
Antofagasta (ANTO) 1,030.00p -0.48%
Rolls-Royce Holdings (RR.) 801.00p -0.44%
BT Group (BT.A) 203.20p -0.39%
FTSE 250 - Risers
Heritage Oil (HOIL) 124.60p +8.25%
Petropavlovsk (POG) 411.60p +5.11%
Kesa Electricals (KESA) 50.85p +4.85%
Henderson Group (HGG) 96.40p +3.82%
Inchcape (INCH) 323.30p +3.56%
Salamander Energy (SMDR) 165.00p +3.45%
Wood Group (John) (WG.) 709.00p +3.43%
Ferrexpo (FXPO) 218.10p +3.36%
Cape (CIU) 331.90p +3.04%
Cairn Energy (CNE) 294.40p +2.94%
FTSE 250 - Fallers
Ocado Group (OCDO) 101.10p -6.65%
Northgate (NTG) 171.00p -6.10%
Daejan Holdings (DJAN) 2,725.00p -4.55%
RPS Group (RPS) 206.50p -3.82%
Informa (INF) 369.60p -3.72%
Savills (SVS) 312.20p -3.61%
TR Property Inv Trust Sigma Shares (TRYS) 61.40p -3.31%
Lamprell (LAM) 117.00p -3.31%
Rathbone Brothers (RAT) 1,151.00p -3.28%
Dunelm Group (DNLM) 492.50p -3.24%
BC
London 2012: Air Traffic Chief's Challenge - Sky.com
The 2012 Olympic Games will mean major airspace restrictions over London
8:39pm UK, Monday May 21, 2012
The military will "sterilise" London's airspace during the Olympic Games in the most severe air security restrictions Britain has ever seen, it has been revealed.
At a briefing on Heathrow's airport use during the Games, Paul Haskins, general manager of the London Terminal Control centre, revealed that the restrictions used during the London 2012 Olympics will be as strong as those in place post-September 11.
Airspace will go into lock down between July 14 and August 15 this summer.
Paul HoskinsI think it's the biggest challenge National Air Traffic Services (Nats) has ever faced.
Air traffic will be highly controlled with pre-approved planes being told which routes to take well in advance.
Any unapproved air traffic including hot air balloons, microlights, private jets and any other unauthorised air transport will be banned from flying during the lock down period.
The increased security will see the RAF running the air traffic control systems across London in five weeks' time until the end of the Games, alongside civilian air traffic controllers.
The Olympics will attract some 500,000 visitors into the UK by air
Paul Hoskins said: "I think it's the biggest challenge National Air Traffic Services (Nats) has ever faced.
"The Ministry Of Defence is tasked with managing security airspace.
"My observation is that they have done this sort of thing before. It has just never happened over London. We've never seen that size of operation over the top of London."
It was also revealed that the severe security restrictions may cause traffic build up at the airport and that any disruption caused by the Olympics may mean planes will fly throughout the night.
During the Olympics 500,000 visitors will arrive into the UK by air - 70,000 will be people connected to the Olympic Games, while 20,000 will be accredited media from across the world.
There will also be 3,000 additional business aviation flights and 150 flights carrying heads of states.
Paul Hoskins added: "Security restrictions that require airspace to be sterilised then obviously there is an increased risk and any security response may deliver service issues."
London 2012 Olympics: Officials pledge no repeat of fiasco that denied Jessica Ennis a career best in 100m hurdles - Daily Telegraph
It is understood that although the officials involved were licensed by UK Athletics, they were not selected or signed off for the event by the governing body but were hired directly by Nova. None of them are involved in officiating at the London Olympics.
Brendan Foster, the BBC pundit and former athlete who founded Nova, has since apologised to UK Athletics chief executive Niels de Vos as well as to Ennis and the three other athletes in the race.
“Our guys take full responsibility,” said Foster. “For us it is very embarrassing. We’re very sorry. We’ve apologised to all the athletes and particularly to Jess. Our guys feel sorry we’ve let them all down. It wasn’t UK Athletics’ fault, it was our fault, and we take full responsibility.
“Our guys are mortified. We deserve a kick up the backside and we deserve to be castigated. It was human error and we’re sorry for it.”
Track and field events in London will be overseen by a mixture of ‘international technical officials’ selected by the International Association of Athletics Federations and ‘national technical officials’ recruited by UK Athletics. All are said to be the “crème de la crème” of officialdom and will undergo additional training before the Games.
London Art Fairs: A Beginner’s Guide - Londonist
It seems like London plays host to an art fair every other weekend. How do you decide which one’s are worth going to?
One major differentiator is who’s at these fairs. Some are gallery fairs where all the stands belong to established galleries representing their artists. The advantage here is that the galleries have already screened the artists and selected who they want to represent. This means that the art quality should be high, but also that the gallery will take a hefty commission on purchases. Brace yourself for higher prices.
The other type – we’ll call these artist fairs — are where the artists represent themselves. The organisers of the fair do some screening, but the quality of the work on display is usually a mixed bag. The advantages are you get to talk to and negotiate with the artist directly. This is your chance to discover up-and-coming artists before they make it big.
The third type we’ll refer to as genre fairs. These are aimed at a niche, specialised market and might be the best place to go if you know the exact type of art you’re after.
Gallery Fairs
London Art Fair
Venue: Business Design Centre
When: Every January
Price Range: No limit
Verdict: One for the high rollers, you’ll see artworks going into six figures that are likely to include works by notable artists such as Damien Hirst and Picasso. The level of quality here is very high and is great for browsers but only for serious buyers.
Affordable Art Fair
Venue: Battersea Park and Hampstead Heath
When: Bi-annually in Battersea (March and October), annually in Hampstead (November)
Price Range: £50 to £4,000
Verdict: The title is a little misleading as the prices tend to be more towards the upper limit so may not fall within your definition of affordable; but there is usually much high-quality work on display. Most artists represented are already well established so you may have to settle for their smaller works as their larger pieces often tend to exceed the upper limit of the fair.
Frieze Art Fair
Venue: Regent’s Park
When: Every October
Price Range: Undefined
Verdict: Similar in scope and price to the London Art Fair. This is full of well-established galleries from around the world and this is reflected in the quality of the art and the prices.
Masterpiece
Venue: Royal Hospital, Chelsea
When: Every June
Price Range: Undefined
Verdict: It’s probably unfair to classify this as an art fair as it’s all about masterpieces — from art to food and on to classic cars. This is another one for those with bulky wallets or for those wanting to see what high society is all about.
20/21 British and International Art Fairs
Venue: Royal College of Art, South Kensington
When: Every February (International) and September (British)
Price Range: Undefined
Verdict: A duo of gallery fairs that has one show for British galleries and a separate fair that opens the doors to other art dealers from around the world. The fairs are smaller and less populist so offer a much more relaxing environment for buying and browsing in comparison to the bustle of some of the aforementioned.
Pinta
Venue: Earl’s Court Exhibition Centre
When: Every June
Price Range: Undefined
Verdict: A fair that specialises in bringing across work from the emerging Latin American contemporary art scene. A rare opportunity to see art that doesn’t get a huge showing in the UK.
Artist Fairs
The Other Art Fair
Venue: Ambika P3
When: Every May
Price Range: £50 to c£5,000
Verdict: This is one for spotting the ‘next big thing’. Artists here are unrepresented and are usually very early on in their careers. Hence, there are plenty of bargains to be had. On the flipside, the quality of the work can be variable but don’t let that put you off because there are hidden gems to be found.
Parallax Art Fair
Venue: Chelsea Town Hall
When: Quarterly in February, May, July and October
Price Range: c£50 to c£2,000
Verdict: The very definition of low key. This is an international art fair where up-and-coming artists showcase their work at surprisingly reasonable prices, especially for Chelsea. There are lots of talented artists on display that you might not find elsewhere.
Wimbledon Art Studios — Open Studios
Venue: Wimbledon Art Studios
When: Bi-annually, Summer (May) and Winter (November)
Price Range: c£50 to c£10,000
Verdict: A truly unique event where artists let you wander around their paint-stained studios. There are usually a few hidden talents waiting to be discovered and it’s an opportunity to enter artists’ creative worlds. It also stands apart for being the only free art fair on this list.
Genre fairs
Kinetica Art Fair
Venue: Ambika P3
When: Every February
Price Range: c£50 to c£75,000
Verdict: A great mix of science and art with quirky inventors displaying their wares. Our top recommendation for browsers as you’re unlikely to find these creations in any mainstream gallery.
Animal Art Fair
Venue: South Bank
When: Every May
Price Range: £150 – £30,000
Verdict: Animal lovers won’t want to miss out on this one. If you’re a fan of animal art then this is the place to look for that painting or sculpture you’ve been searching for.
Pick Me Up
Venue: Somerset House
When: Every March/April
Price Range: c£15 to c£1,000
Verdict: This fair is all about contemporary graphic art and bargains abound with signed prints available from as little as £15.
London Original Print Fair
Venue: Royal Academy
When: Every April
Price Range: £100 to £100,000
Verdict: This is the more refined and pricier cousin to Pick Me Up. The higher price range is justified by the more notable names and galleries represented but we prefer the edgier Pick Me Up.
Collect
Venue: Saatchi gallery
When: Every May
Price Range: Undefined
Verdict: The most notable crafts fair in London (though we don’t know of any others). If you’re looking for something that’s both functional and aesthetically pleasing then this is for you.
Did we miss any? Let us know below and we’ll add them to the list.
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