A yield that points to fully valued markets
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By Damian Reece, Head of Business
Published: 11:22PM GMT 08 Feb 2010
That’s lower than the 3.5pc achieved in the boom year of 2007. Such a low
yield would normally suggest the market thinks there will be strong dividend
growth, helping push up share price valuations.
More likely, the 3.4pc prospective yield is telling us that equity markets are
fully valued after last year’s rally – a year when earnings were under
pressure, dividends were cut and cash hoarded.
Meaner politics is in the gas pipeline
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By Damian Reece, Head of Business
Published: 11:21PM GMT 08 Feb 2010
Possibly, but the regulator seems rather more prescient than its detractors,
given the news that Gazprom, and its joint venture partners, are mothballing
the enormous Shtokman gas field under the Barents Sea.
In a recovery, where is Europe going to get its gas? Shtokman won’t open until
at least 2016, but only then if a new decision to invest in 2011 goes ahead.
Change the tax code not the Takeover Code to encourage long termism
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By Damian Reece, Head of Business
Published: 11:19PM GMT 08 Feb 2010
In his sights is the City Code on Takeovers and Mergers. The Code, and the
Takeover Panel which administers it, are seen by some as hampering long-term
business building and value creation, while rewarding short-term
speculation.
It’s a hottish topic for politicians too because it strikes a populist chord –
UK assets are being carried off to all points of the compass because
speculators can play the Code, making it easy for bidders to trade British
companies for a quick buck. It’s damaging to the UK economy and UK jobs,
goes the argument. At its centre is really a debate about the best way to
encourage long-termism in the UK.
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