Member Info for MY21

Justifiable tilt at Alliance Trust will succeed if anyone’s for Dennis: Alliance is from Dundee like DC Thomson, publisher of The Beano, in whose pages Walter and Dennis play out their Manichean struggle. The investment company is also a survivor from an earlier, simpler age. No one would set up a conservative, equities-focused investment trust these days. The same job is done more efficiently by mutual and exchange traded funds. Yet Alliance has about £2.8 billion under management. This makes Chief Executive Katherine Garrett-Cox one of the U.K.’s most prominent investment Bosses. The vulnerability of the group, akin to Walter’s fear of fisticuffs, is the 13-14% discount at which the shares trade compared to their net asset value. The verdict this passes on the skills of Ms Garrett-Cox and her investment Managers is unflattering. Elliott is catapulting numbers at Alliance rather than fruit and pulses. The activist, which owns about 5% of the trust, is telling the City that Alliance undershot its benchmark by roughly 4.2 percentage points in 2014. Costs, Elliott is likely to argue, are almost 10 times higher than some comparatives. Alliance cannot brush Elliott off by acceding to its demands while claiming to be standing firm. The U.S. activist has made no clear demands. But Elliott would surely approve of the outsourcing of investment management and a shake-up of the board. Its push for a debate on Alliance’s raison d’être deserves support. Dennis the democrat? Wonders will never cease.

Irish tradition: a fast-growing economy: Time to dust off the shamrocks, Guinness hats and other tired clichés of Irish culture. Time also to admire the re-emergence of another Irish tradition — that of the fast-growing economy. Barely a week goes by without encouraging data — strong figures on mortgage arrears, for example, or an upgrade to the outlook for the country’s banks from Moody’s. The Irish stock market’s ISEQ index, up a quarter in six months, has beaten Eurozone peers. The good news is being driven by strong fundamentals. Exports rose 13% last year, helping to drive a fall in unemployment. That in turn helped consumer confidence and the housing market. Ireland’s banks are feeling the benefit. Bank of Ireland swung back to profit last year on the back of a two-thirds drop in the impairment charge. So there are reasons for short-term caution. The medium term, too, holds possible challenges. What if the Irish economy — driven by low Eurozone interest rates — expands too fast? What if the U.K. — a leading trading partner — leaves the EU? The ISEQ, at 20 times forecast earnings, is taking such uncertainties in its stride. And while the good news keeps coming it can afford to: the recovery looks well-founded. But remember what happened last time it looked like Ireland was defying gravity.

Cairn’s woes turn spotlight on India business environment: Jerry Seinfeld became the latest in a long line of foreign visitors to discover that India is a tough place to do business, as the U.S. comedian’s plans for two stadium shows in Mumbai at the weekend suffered last-minute cancellations following a snarl-up over permits

U.K. brickmakers revived by surge in housebuilding: Dormant brick plants are reopening across the U.K. as manufacturers respond to a surge in demand from housebuilders, though there are questions about how long the revival may last.

RSA considers Latin America sale: RSA is considering a sale of its Latin America business in what would be the largest disposal yet by the U.K. insurer’s Chief Executive Stephen Hester as he undertakes a wide-ranging restructuring.

Enterprising concept hopes to promote a return to glory: The developer behind Millennium Mills and the surrounding area of Silvertown Quays in east London, which has stood empty for four decades, is expected to receive planning permission to transform it into an area for businesses and 3,000 homes after several failed attempts to revive the derelict part of the Royal Docks

Oil prices fall again as glut continues to engulf globe: With global stocks of oil ballooning rapidly, thoughts have been turning to a looming problem: where to put it all.

UK CB leading economic index climbed in January On a MoM basis, the CB leading economic index climbed 0.20% in the UK, in January. In the previous month, the CB leading economic index had registered a revised flat reading.

At 0430GMT today, Brent crude oil one month futures contract is trading 1.03% or $0.55 higher at $53.99 per barrel, ahead of the American Petroleum Institute weekly oil inventory data to be released later today. Yesterday, the contract declined 2.25% or $1.23, to settle at $53.44 per barrel, despite OPEC stating in its monthly report that its production declined to the lowest level since June last year, falling to 30.022 million barrels per day. Moreover, the cartel stated that US oil production could start to decline by the end of the year.

In the event that a Receiver is not appointed; I believe the legal case shareholders are contemplating will be even stronger as it will be quite clear that neither the BOD and nor the minority shareholder of AMI;SISG have followed due legal process and to ensure objectivity in respect of the rights of all stakeholders including both the institutional and private shareholders of African Minerals plc. I am quite confident once you appoint your legal team you will all learn a great deal about the strength of your legal case. Ignoring anybody's personal opinion about the Executive Chairman of AMI; it is quite clear that AMI, SISG, Sierra Leone's court have made a number of elementary mistakes which is at a minimum negligent towards the rights of all stakeholders of the company including the shareholders.

Given that AMI and SISG are locked in a dispute; the appointment of an administrative receiver needs to be notified publicly so that all shareholders including SIDG are made aware of it. I am quite certain if they do not publicise the appointment of the receiver; the company will be subjected to intense legal challenge; not least from SL Government who would wish to preserve the welfare of the employees. ATB

WASHINGTON (Alliance News) - Crude oil prices tumbled to their lowest in six years Monday amid speculation that stockpiles will continue to build in the US and elsewhere. A strong dollar as well as higher production from Libya and Iran are also weighing on crude prices. Iran is making progress in talks with on its nuclear program, according to reports. Iran is expected to boost output if sanctions are lifted. US crude futures settled down 96 cents at USD43.88, having touched a 2009 low below USD43 earlier in the session.

Residential planning approvals were up 14.5 per cent last year, according to a new report. There were 219,715 units approved last year, compared with 191,822 in 2013, according to a report produced by the Home Builders Federation and Glenigan. In England, some 195,569 units were approved in 2014, up 12.1 per cent annually. Approvals for residential units in Wales increased 48.8 per cent to 9,121 and by 32.4 per cent to 15,025 in Scotland.

U.K. annuities: the price of freedom: Chancellor George Osborne changed pension rules in 2014 to allow new retirees to spend their pension pots as they please. Previously, most new retirees could only use their pensions to buy an annuity (a regular income for life). Annuity sales halved in 2014 to £7 billion and are expected to halve again this year. The change was popular with new retirees, but perhaps not with those already locked into an annuity — a £200 billion pool, according to Bernstein. More likely is a secondary market in which pensioners could sell their annuities. The buyers would be institutions looking for reliable income streams — life insurance companies, say, or sovereign wealth funds. Buyers would have to assess pensioners’ life expectancy or bulk buy to pool risk. However, as ever there is a catch, and in this case it is a dangerous one. Sellers of annuity policies are unlikely to get a great deal — after all, buyers (advised by their actuaries) will ensure a decent return for themselves. The newly cash-rich sellers will be left to scour the market for an investment that will provide a higher income than the one they just sold. Not easy when interest rates are wafer thin. They could be lured into buying a complex and poor-value alternative to an annuity.

Total puts North Sea gas stake on block: French oil major Total is auctioning a stake in one of the U.K.’s most promising natural gasfields, sounding out possible buyers in what could be the first of a wave of deals in the North Sea.

UK Rightmove house price index rose in March In March, on a MoM basis, the Rightmove house price index in the UK climbed 1.00%. In the previous month, the Rightmove house price index had registered a rise of 2.10%.

At 0430GMT today, Brent crude oil one month futures contract is trading 0.62% or $0.34 lower at $54.33 per barrel. On Friday, the contract declined 4.22% or $2.41, to settle at $54.67 per barrel, after the IEA, in its monthly report, indicated that chances of oil prices gaining momentum were weak as production in the US continued to rise as much as 115,000 barrels a day in February. Furthermore, the IEA estimated average global oil demand of 93.5 million barrels a day for 2015.

With the dollar hitting fresh 12-year highs and growing concerns that the U.S. might run out of oil storage, U.S. crude fell for a fifth day, dropping to its lowest intraday price since March 2009. As the dollar index stayed above the key 100 level, Crude futures lost as much as 2.8% to $43.57 a barrel, closely following the IEA's prediction on Friday that tanks in the U.S. may become full this year as drilling-rig cuts fail to slow production.

House prices £34K above peak House prices are some £34,000 above their pre-crisis peak, the latest LSL/Acadata House Price Index has revealed. The figures show that the price of a typical home in England & Wales now stands at £273,528, being £34,192 higher than prices seen at the height of the housing boom in February 2008. House prices have now risen by 6.8% on an annual basis, being £17,340 higher than they were in February 2014. However, this is the smallest annual growth rate witnessed for 14 months, suggesting that the housing market is further moderating. This can also be seen when looking at house sales, as so far in 2015, completed sales are 9% lower than over the same period a year ago. Price growth is even more muted when excluding the capital, with the annual rate of price growth standing at just 4.6% in February when excluding London and the South East.

•Shares in acquisition vehicle Haversham Holdings are set to be suspended as the company closes in on a £1.2bn deal to acquire British Car Auctions, the used-car dealership.