Economy
Thomas Cook Group is undervalued says HSBC Holdings |
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| Economy | |
| Written by Roberta Murray | |
| Wednesday, 18 August 2010 | |
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Morning Business News, Wednesday 18 August: Thomas Cook Group, Dana Petroleum, building and maintenance companies and the Great Recession.
Thomas Cook Group Plc (LON:TCG) is undervalued says the equity analyst team at HSBC Holdings (LON:HSBA). HSBC therefore see a 32.23% upside. The news will be welcomed by Thomas Cook Group after being battered by the markets over its poor operating performance. Issues such as the volcanic ash cloud earlier in the year have hampered those in the airline and travel industry. Dana Petroleum investors want clarityDana Petroleum Plc (LON:DNX) is under pressure from investors to state whether it plans to buy a string of North Sea oil projects and so clear the way for Korea’s state-owned oil corporation to make a £1.6 billion hostile bid. The Times has learnt that Schroders — Dana’s biggest shareholder — has asked the company publicly to outline details of a deal to buy oilfields from Suncor Energy, of Canada. Mears, Rok and ConnaughtIt was a case of the good, the bad and the even worse for building and maintenance companies yesterday. Mears said that record contract wins had pushed up its pre-tax profits by 42 per cent to £13.2 million in the first half of the year. Rok lost £3.8 million in the same period. But both companies said that they would seek to profit from Connaught, the troubled social housing maintenance group, whose shares have plunged by almost 95 per cent since issuing a profit warning in June, the Times reports. The Great RecessionThe Great Recession has dramatically shrunk the time left for the big AAA states to prevent a full-blown sovereign debt crisis as their demographic time-bomb threatens, US rating agency Moody's has warned, according to the Telegraph. "Genuinely adverse debt dynamics were only expected to materialise in 15 to 20 years. The crisis has 'fast-forwarded' history, eroding all the time available to adjust, " said the group's quarterly Sovereign Monitor. UK organised crimeOrganised criminals in the UK are becoming increasingly involved in financial frauds including insider share dealing that they see as lucrative and low risk, investigators have warned, according to an FT report. A long-term trend of prosecutions in the US has shown the same shift by crime gangs to more sophisticated frauds.
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