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The City News: Lloyds Banking Group PLC (LLOY), Rexam PLC (REX), BAE Systems plc (BA) & More

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Editor’s Note: Related tickers: Lloyds Banking Group PLC (LON:LLOY), Rexam PLC (LON:REX), BAE Systems plc (LON:BA), Marks and Spencer Group Plc (LON:MKS), AstraZeneca plc (LON:AZN)

Lloyds says won’t need to issue new equity, CoCos (Reuters)
Lloyds Banking Group PLC (LON:LLOY) said on Wednesday that it would be able to meet new capital requirements without having to issue new equity or contingent capital, after Britain’s financial regulator updated the bank on its position. Lloyds Banking Group PLC (LON:LLOY) said it was confident in its capital position and re-affirmed previous targets for its core tier 1 ratio. “Our strong capital position enables the group to actively support growth and lending in the UK economy as well as delivering sustainable results for our shareholders,” said Lloyds Banking Group PLC (LON:LLOY) Chief Executive Antonio Horta-Osorio.

Lloyds Banking Group PLC (ADR) (NYSE:LYG)

New relationship director for Lloyds TSB (BusinessLife)
Lloyds Banking Group PLC (LON:LLOY) TSB is strengthening its corporate team with the appointment of a new relationship director. Justin Snoxell brings with him 25 years’ experience in banking, all with the Lloyds Banking Group PLC (LON:LLOY). ‘Justin will be responsible for some of our larger and more complex relationships across the Channel Islands and the Isle of Man as well as generating new business opportunities. He has extensive experience within the corporate banking sector and will strengthen the offering we have in this area,’ said Simon Prescott, head of corporate, Lloyds Banking Group PLC (LON:LLOY) TSB Offshore.

Lloyds Banking Group PLC Climbs As Capital Concerns Ease (Fool)
A short statement from Lloyds Banking Group PLC (LON:LLOY) about its capital position helped its shares to rise on Wednesday morning, taking its one-month gain to nearly 35%. The new Prudential Regulation Authority has been tasked with informing UK banks about their individual capital positions. This follows on from the Bank of England’s statement earlier this year that the sector needed to raise an additional £25bn to absorb future losses on loans. The amount of additional capital Lloyds Banking Group PLC (LON:LLOY) needs to raise hasn’t been disclosed, but the bank today said it expected to meet the target via the cash generated from its business and further non-core disposals.

Carr Is Favorite to Become BAE Chairman (FoxBusiness)
Mr. Olver, 66, is standing down after nine years in the post in the wake of BAE Systems plc (LON:BA)‘s failed merger last year with Airbus-owner European Aeronautic Defence and Space Co. (EAD.FR, EADSY) The deal was vetoed by the German government but some of BAE Systems plc (LON:BA)’s British institutional shareholders were among the most vocal opponents of the deal. Mr. Olver will stand down by April 2014. A person familiar with the matter said on Sunday that Mr. Carr, 66, whose other roles include being a senior independent director at the Bank of England, was “in the final stages of due diligence” with BAE Systems plc (LON:BA) over the position. Mr. Carr was on a “very short short-list,” consisting of Mr. Carr and, at most, one other person. A spokesman for BAE Systems plc (LON:BA) declined to comment.

Another Good Reason to Hold BAE Systems plc (BA) (InsiderMonkey)
LONDON — According to weekend newspaper reports, Sir Roger Carr — currently chairman of Centrica — is being lined up as the next chairman of BAE Systems plc (LON:BA). If true, it will be another good reason to hold the high-yielding shares. The current incumbent, Dick Olver, is expected to step down this year, with more than a little push from shareholders after BAE Systems plc (LON:BA)’s plan to merger with Airbus manufacturer EADS fell apart. Fund manager Neil Woodford of Invesco Perpetual, BAE Systems plc (LON:BA)’s largest shareholder with 13%, campaigned for Olver to go and is said to support Sir Roger’s candidature. What will this mean for BAE Systems plc (LON:BA) investors? I make three predictions.

BAE Systems Lays Keel for Jackson Offshore PSV (MarineLink)
BAE Systems plc (LON:BA) holds a keel laying ceremony for the first of 4 platform supply vessels for Jackson Offshore Operators. The new vessels, which will support drilling operations in the Gulf of Mexico, reflect BAE Systems plc (LON:BA)? continued growth in U.S. commercial shipbuilding and its support to the offshore oil and gas industry. Concurrently, the company also began construction on a second vessel. A keel laying ceremony is a shipbuilding tradition that celebrates the beginning of the life of a ship. Lee Jackson, president and chief executive officer of Jackson Offshore Operators, authenticated the keel of Hull 255 by welding his initials into the keel plate and verifying that the ?keel has been truly and fairly laid.?

Rexam Rating Reiterated by Credit Suisse (REX) (UtahPeoplesPost)
Rexam PLC (LON:REX)‘s stock had its “neutral” rating restated by analysts at Credit Suisse in a research report issued to clients and investors on Monday, AnalystRatingsNetwork reports. They currently have a GBX 555 ($8.53) price target on the stock. Other equities research analysts have also recently issued reports about the stock. Analysts at S&P Equity Research reiterated a “hold” rating on shares of Rexam PLC (LON:REX) in a research note to investors on Friday, April 19th. They now have a GBX 540 ($8.30) price target on the stock. Separately, analysts at Citigroup reiterated a “buy” rating on shares of Rexam PLC (LON:REX) in a research note to investors on Friday, April 19th. They now have a GBX 570 ($8.76) price target on the stock. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Rexam PLC (LON:REX) in a research note to investors on Thursday, April 18th. They now have a GBX 500 ($7.69) price target on the stock.

India’s Aluminum Can Market Faces Five-Fold Growth By 2020 – Hindalco (4-Traders)
India’s appetite for aluminum drinks cans could increase five-fold over the next seven to eight years, playing an important role in increasing the country’s stake in global aluminum demand, the chief marketing officer of Indian aluminum producer Hindalco Industrial Ltd. (500440.BY) said Thursday. …U.K.-headquartered can maker Rexam PLC (LON:REX) opened an aluminum can production line with Hindustan Tin Work in December last year, and Polish can maker Can-Pack has also been expanding its can-making facilities in India in recent years. Hindalco, which is a unit of India’s Aditya Birla Group and one of the largest producers of primary aluminum in Asia, is also preparing to start producing aluminum cans at it Hirakud plant, which is currently under expansion.

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