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UK MORNING BRIEFING: RSA Loses UK & Western Europe Chief Executive(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - RSA Insurance Group said Wednesday the Chief Executive of the business which houses its troubled Irish operations has resigned in order to become Executive Chairman, underwriting and distribution, at business partner A J.Gallagher. The company said UK & Western Europe Chief Executive Adrian Brown has resigned from the board but will carry on in his executive role until a successor is found. No departure date is currently set in stone but RSA said it expects Brown to leave in the second-half. Metso Corporation's board has rejected Weir Group's proposal and sees no reason to begin talks regarding a potential combination after unanimously concluding that it is not in the best interest of its shareholders. Here is what you need to know at the UK market open: ---------- MARKETS ---------- FTSE 100: Up 0.6% at 6,582.22 FTSE 250: Up 0.9% at 15,724.96 AIM ALL-SHARE: Up 0.6% at 823.42 ---------- Hang Seng: Down 0.1% at 22,650.08 Nikkei 225: Closed up 3% at 14,417.68 DJIA: Closed up 0.6% at 16,262.56 S&P 500: Closed up 0.7% at 1,842.98 ---------- GBP-USD: Up at USD1.6741 EUR-USD: Up at USD1.3826 GOLD: Down at USD1,302.41 per ounce OIL (Brent): Up at USD109.26 a barrel (changes since end of previous GMT day) ---------- ECONOMICS AND GENERAL ---------- Wednesday's Key Economic Events still to come (all times British Summer Time) 09:00 Italy Trade Balance 09:30 UK ILO Unemployment Rate 10:00 EU Consumer Price Index 12:00 US MBA Mortgage Applications 13:00 US FOMC Member Stein Speech 13:30 US Housing Starts 14:15 US Industrial Production 15:30 US EIA Crude Oil Stocks change 16:30 US Fed's Lockhart speech 17:15 US Fed's Yellen Speech 19:00 US Fed's Beige Book ---------- China's gross domestic product gained 7.4% on year in the first quarter of 2014, the National Bureau of Statistics showed. That topped expectations for 7.3% following the 7.7% gain in the previous three months.Among the sub-industries, primary industry added 3.5% on year, while secondary industry jumped 7.3% and tertiary industry climbed 7.8%. On a seasonally adjusted quarterly basis, GDP added 1.4% - shy of expectations for 1.5% and slowing from 1.8% in the three months prior. ---------- Four people were killed in clashes between Ukraine's military and pro-Russian armed separatists in the eastern Ukrainian region of Donetsk, Russian state television reported. Tensions between Russia and Ukraine entered a potentially dangerous new phase, with authorities in Kiev launching an "anti-terror" operation to root out the separatists. The deaths occurred as the military was retaking control of a small airport near the town of Kramatorsk, acting Ukrainian President Oleksandr Turchynov told parliament. ---------- BROKER RATING CHANGES --------- DEUTSCHE BANK CUTS UNITED UTILITIES PRICE TARGET TO 900 (1000) PENCE - 'BUY' ---------- DEUTSCHE BANK CUTS PENNON GROUP PRICE TARGET TO 830 (880) PENCE - 'BUY' ---------- UBS RAISES VICTREX PRICE TARGET TO 1850 (1650) PENCE - 'NEUTRAL' ---------- TRADERS: CREDIT SUISSE RAISES CATLIN GROUP TO 'NEUTRAL' ('UNDERPERFORM') ---------- CITIGROUP CUTS RIO TINTO PRICE TARGET TO 3850 (3950) PENCE - 'BUY' ---------- DEUTSCHE BANK CUTS DEBENHAMS PRICE TARGET TO 76 (80) PENCE - 'HOLD' ---------- COMPANIES - FTSE 100 ---------- RSA Insurance Group said the Chief Executive of the business which houses its troubled Irish operations has resigned in order to become Executive Chairman, underwriting and distribution, at business partner A J.Gallagher. RSA's UK & Western Europe Chief Executive Adrian Brown has resigned from the board but will carry on in his executive role until a successor is found. No departure date is currently set in stone but RSA said it expects Brown to leave in the second-half after 25 years at the FTSE 100 insurer. ---------- Metso Corporation, a process performance provider for mining, construction, and oil & gas industries, said that its board has rejected Weir Group's proposal and sees no reason to begin talks regarding a potential combination. ---------- Housebuilder Persimmon said it has been greatly boosted by the UK government's flagship mortgage financing scheme, after selling around 5,000 new homes through Help to Buy, as visitor levels rise and cancellation rates fall. Chief Executive Jeff Fairburn said a "good proportion of buyers" are using the scheme which has been criticised for causing a new house price bubble, particularly in London and the south east of England, and making prices more unaffordable, particularly for the first-time buyers it is designed to help most. Of the 5,000 new homes sold, Persimmon said 2,203 were legally completed in 2013. ---------- Reckitt Benckiser Group reported lower first-quarter revenue as it was hit hard by currency fluctuations, but it reiterated its revenue target at constant exchange rates for 2014 as it hit the top end of the target range. The firm said total net revenue fell 6% to GBP2.37 billion in the first quarter of 2014, as exchange rate moves wiped 9% off the figure. The revenue decline was 5% excluding the pharmaceuticals business it is reviewing options for. ---------- BHP Billiton raised its full-year production outlook for iron ore and metallurgical coal after production of the commodities during the third quarter rose 23% and 28% year-over year respectively. However, the mining giant's copper production for the third quarter declined 5% from last year. Issuing its production report for the third quarter ended March 31, 2014, BHP said production of iron ore rose 23% from the year-ago period to 49.57 million tons. Production also edged up 1% from the prior quarter. Looking ahead to full-year 2014, BHP Billiton raised its raised iron-ore production guidance to 197 million tons from the prior forecast of 192 million tons. The company now projects total metallurgical coal production for the year of 43.5 million tonnes, up from the prior forecast of 41 million tons. ---------- Fresnillo said total silver production increased in its first quarter as Silverstream production jumped but gold production fell compared to the previous year as a result of explosion permit problems and stoppages. The precious metals miner, operating in Mexico, said its total silver production increased 3.5% to 10.4 million ounces for the three months ended March 31 from 10.1 million ounces including a 27.3% increase in production from its Silverstream operations and a 1.3% increase in its other operations. ---------- Burberry Group says total revenue for the half-year came in at GBP1.30 billion from GBP1.11 billion, with conversion increasing both off-and online during the six months. The luxury brand said it plans to open 20-25 mainland stores and close 15-20 in 2015 as it evolves its portfolio in China, Middle East. Burberry said its sales strength was still led by China, Korea, with America and EMEIA performing well. The company expects current exchange rates to materially hit reported results. ---------- Tesco says full-year statutory pretax profit rose to GBP2.26 billion from GBP2.05 billion, like-for-like sales inc VAT, excl petrol were down 1.3%. Looking ahead, Tesco expects the challenging consumer environment and competitive intensity to continue in 2014/15, adding that GBP200 million price cuts already announced were just the start. ---------- Aviva has simplified its Italian joint ventures as part of "important steps" to a turnaround in Italy. Aviva will sell equity investments in UBI Banca Subsidiary Banks. ---------- Bunzl Says Q1 revenue up 5%, group operating profit up 10%, and trading remains consistent with expectations in its annual report, though notes that results at actual exchange rates have been hit by FX translation. the company also announced the completion of three acquisitions In Chile, The US And New Zealand ---------- Hargreaves Lansdown reports net new Vantage clients up 33,000 in quarter, with Q3 operating net revenue at GBP73.7 million from GBP69.5 million. The firm said it will keep the marketplace under review as price changes are absorbed. ---------- COMPANIES - FTSE 250 ---------- Hunting says trading in Q1 slower than expected due to adverse weather conditions, remains comfortable with full-year 2014 outlook and that new facilities remain on schedule for completion early 2015. ---------- Evraz says Q1 average selling prices for most steel products decreased. Pig iron was down 5% to 3.0Mt Vs 3.2Mt, saleable coke production down 28.3%, 255,000t Vs 356,000t. Consolidated crude steel production fell 8% on Q4 due to scheduled maintenance ---------- Grainger acquires London residential portfolio for GBP160M ---------- Lancashire Holdings CEO and Founder Richard Brindle to retire, firm to appoint Underwriting Chief To CEO ---------- Xaar says firm is confident to meet FY expectations and that quarter 1 operating margin reduced versus an exception comparative in 2013 due to revenue seasonality, capacity expansion and R&D investment. ---------- COMPANIES - ALL-SHARE AND AIM ---------- Belgravium Technologies has secured a GBP1.1M contract from First Great Western, says majority of system components will be delivered in 2014. ---------- Dekeloil says March Ivory Coast mill production started March 19 and sales of kernels on March 2; production at 1,617t of CPO and 189t of Kernels. Firm estimates gross sales margin of 27-29% at high end. ---------- Charles Stanley says pretax profit for FY to March to be 10% lower, though says new acquisitions have strengthened the group; Total Funds Under Management At March 31 Up 13.5% On Previous Year. ---------- Snoozebox says FY revenue GBP6.7 million Vs GBP3.8 million, pretax loss widens to GBP9.4 million Vs GBP4.4 million and administrative expenses higher at GBP8.5 million Vs GBP3.9 million. CEO says 2014 Will Be Transitional Year. Company Proposes Placing To Raise Up To GBP11.0 million, Says Net Proceeds To Fund Build Programme Hotel Room Stock, Hospitality Units. ---------- Lombard Risk Management Says Revenues Slightly Ahead Of Market Expectations On Strong UK Regulation & Risk Divisions, Expects Trading In Line With Market Expectations For FY ---------- Telford Homes said it expects it pretax profit for its last financial year to "more than double" and assuming a stable market expects annual pretax profit to increase over the next four financial years such that it will more than double again by March 31, 2018. ---------- Goldstone Resources Intends To Perform Further Work At Sangola Permit In Senegal, Will Focus Work Around Rangolds Drill Lines At Sangola Permit ---------- Fastjet To Raise Up To GBP3.9M In Open Offer, Expects To More Than Double Pretax Profit For Year To March. ---------- IXICO Awarded SBRI Healthcare Development Contract. ---------- Wednesday's Scheduled AGMs/EGMs Persimmon Bunzl Hunting CLS Holdings Dialight EP Global Opportunities Trust Schroder Real Estate Investment Trust Babcock International Group Regenersis ---------- Copyright 2014 Alliance News Limited. 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