Market whispers

Click to follow
The Independent Online

Worried by the recent downgrade of Bombardier's credit to junk status, TfL sent in a team of consultants to assess the financial situation at the company, along with its ability to deliver on its contracts. The consultants concluded that there wasn't immediate danger of Bombardier failing to meet its commitments. But this didn't stop TfL firing a shot across Bombardier's bows by saying in last week's report on the Underground PPP that the company's credit status was a "cause of concern". This has angered Bombardier, which insists that there is absolutely no chance of its defaulting on its contract.

Peter Hambro Mining, the gold digger with interests in the far reaches of Russia, looks as if it is going to get some blue-blooded backing. In addition to its current brokers, Canaccord, it is expected to sign up with Cazenove this week. The group, run by its eponymous chairman of the Hambro dynasty, has a market value of nearly £500m now and is on target to mine a million ounces of gold next year.

The Glasgow-based Scottish Power, which staged a massive U-turn in May by announcing it is selling its US Pacificorp subsidiary, still likes to call itself an international energy company. Its website has the "international energy company" tag across the top and just in case readers have missed the point, there is a map of the globe on the main page, pointing out the UK, New York and Portland in the USA. Admittedly, it will take some time to sell the Portland-based subsidiary, and it stills own PPM, the US wind and gas storage business, for now. But chief executive Ian Russell's dream to become a global power company has fizzled out. Maybe Scottish Power's website should now have a nice cross of St Andrew and a picture of Mr Russell in a kilt to underline the shift back to its Scottish roots.

Comments