Record Saudi oil output in supply gap
The trigger for the jump in Gulf production has been huge disruption to supplies from Libya, where striking workers and militias have reduced exports from about 1m b/d to merely a trickle. Saudi Arabia has responded by pushing output to 10.2m barrels a day in August, according to the International Energy Agency, the most in IEA records. The country is now reaping more than $1bn a day in export revenues.
Goldman replaces information chief
Goldman Sachs has promoted Marty Chavez to chief information officer, overseeing a department that has been in the spotlight after an embarrassing trading glitch. Steven Scopellite, global head of the technology division and current chief information officer, will retire at the end of the year, according to internal memos confirmed by Goldman. His retirement comes just weeks after Goldman suffered a trading malfunction that roiled options markets.
TCI hedge fund ups pressure on EADS
The activist hedge fund TCI has asked the board of EADS to transfer its €4bn stake in Dassault Aviation directly to shareholders as part of its campaign to force the aerospace group to sell the politically sensitive asset. In a letter to EADS chief executive Tom Enders sent on Friday, TCI said such a method “could be completed in a more timely manner than a straight sale”.
Charity victory for private schools
Private schools sealed a victory in a battle to protect their status yesterday, lifting the threat of higher fees. Charity Commission guidance confirmed independent schools with charitable status can decide how to discharge their obligations. The watchdog said private schools should be judged on their purpose rather than their activities to see if they comply with the law.
Amber light goes green for 30 pubs
Amber Taverns, which specialises in buying and reviving troubled hostelries is set to acquire another 30 outlets after Lloyds increased its debt facility by £5m to £27.5m.
The Daily Telegraph
Harrods boss to head Saks in US
Marigay McKee, chief merchant at Harrods, is in line to be named as the new president of Saks Fifth Avenue. The appointment of McKee, who has run Harrods since 2011, would further highlight the global standing of Britain’s luxury goods industry as London Fashion Week draws to a close.
Draghi risks German bank plan row
Mario Draghi has put the European Central Bank on a collision course with Berlin after insisting that Europe needs a single authority to wind up failing banks — just two days after Germany said the idea was legally questionable.
THE WALL STREET JOURNAL
UN confirms sarin gas used in Syria
A UN weapons inspectors’ report confirmed that rockets filled with sarin gas were responsible for killing a large number of civilians on 21 August in Damascus, in an incident that brought the US to the brink of war in Syria.
GM developing car to rival Tesla
General Motors is developing an electric car that can go 200 miles on a charge for around $30,000, offering a challenge to luxury electric-car startup Tesla Motors. Doug Parks, GM’s vice president of global product programs, disclosed the effort.