Oil hits two-year low as global recovery falters September 11, 2014 BENCHMARK Brent crude oil yesterday fell to a two-year low as increasing supply and signs of weakening demand countered worries that conflicts in the Middle East could curb output. The price fell as low as $96.72 (£59.57), its lowest level since July 2012, as the International Energy Agency (IEA) yesterday cut its global oil demand [...]
Ukraine conflict casts a chill on Gazprom as profits fall sharply September 11, 2014 GAZPROM took a huge blow to its profits in the first three months of 2014, as the conflict in Ukraine and a weaker rouble took their toll on the massive Russian gas supplier. Net profits at Gazprom, Russia’s largest company, fell 41 per cent in the first half of 2014 compared with a year before, [...]
Worries over US economy as jobless claims increase again September 11, 2014 THE NUMBER of new jobless benefit claimants in the US increased unexpectedly last week, official data showed yesterday, indicating the economic recovery might not be running as smoothly as economists had hoped. A total of 315,000 made initial claims for benefits, up 11,000 on the week. And the previous week’s jobless claims figure was revised upwards by [...]
Angela Knight to leave Energy UK September 11, 2014 Energy UK chief executive Angela Knight announced yesterday she would be stepping down from the energy industry body at the end of this year. Knight, who joined Energy UK in September 2012 and was previously chief executive of the British Bankers Association, said after she left she would be seeking to pursue her interests in [...]
Stars flock to trading floor for charity day September 11, 2014 COMEDIANS, film stars, footballers and royalty descended on Canary Wharf yesterday for BGC Group’s tenth annual charity fundraising day. Chelsea skipper John Terry rubbed shoulders with his former rival ex-Manchester United boss Sir Alex Ferguson, while actor Stephen Fry crossed paths with Pulp Fiction star Samuel L. Jackson. The bevy of celebs roaming BGC’s vast [...]
UK is proving to be a big lure for foreign tourists September 11, 2014 Britain welcomed a growing number of tourists from abroad in the first seven months of 2014, according to figures released yesterday. The Office for National Statistics (ONS) released data that revealed that the number of overseas residents visiting the UK in that period increased by five per cent compared with the same quarter last year. [...]
Gatwick and Heathrow achieve record for passengers in August September 11, 2014 Rival airports Heathrow and Gatwick yesterday announced record passenger numbers for August, as they staked their claims for UK airport expansion plans. Gatwick said passenger numbers using its airport rose to 4.36m in August, up 8.2 per cent on last year, and representing the busiest month in Gatwick’s history. Gatwick also revealed it had handled [...]
Blackstone to sell shares in Hilton hotels September 11, 2014 PRIVATE equity and property giant Blackstone yesterday said it would cut its stake in Hilton Worldwide in the wake of its landmark flotation of the group last year. The group, led by Steve Schwarzman, generated the largest ever paper profit from a private equity deal with its Hilton listing in the US last year. Blackstone [...]
Merkel to meet Valls on growth September 11, 2014 FRENCH Prime Minister Manuel Valls yesterday said he would meet Chancellor Angela Merkel in Germany next weekend to discuss growth. He said: “Growth is too weak in Europe. We need to stop austerity policies and do everything to encourage investment.” His visit comes two weeks after his sacked economics minister Arnaud Montebourg said that Germany was [...]
Ashmore hit by weaker foreign currency and poor performance September 11, 2014 EMERGING markets fund manager Ashmore Group yesterday said profits dropped by more than a third this year due to a fall in the amount of money it manages for customers and the strong pound. The business, founded by billionaire investor Mark Coombs, is a specialist manager of shares in emerging market, a region hit by [...]