Tullow Oil strikes black gold at Kasamene field in Uganda April 13, 2010 FUEL exploration heavyweight Tullow Oil yesterday announced the discovery of oil at the Kasamene field in Uganda. The FTSE 100-listed group confirmed both the Kasamene-3 and Kasamene-3A wells in the Butiaba region of Uganda Block 2 made a discovery along the Wahrindi North fault block, bringing the country one step closer to its first oil [...]
Africa oil exploration market is set to boom April 13, 2010 TULLOW yesterday moved one step closer to drawing oil from its Kasamene field in Uganda. News that it has found oil over 2km from the original discovery well suggests that the field could end up producing far more than expected. Elsewhere in Africa, things are also looking good. It is in talks to buy two [...]
House prices fall as lending levels pick up April 13, 2010 HOUSE price rises in the UK have started to slow, while mortgage lending continues to rise. According to data published yesterday by the Department for Communities and Local Government (DCLG), house prices only rose by 2.9 per cent during the quarter ending February 2010, a fall compared with the previous quarter when prices rose by [...]
UK goods trade deficit smallest since mid-2006 April 13, 2010 BRITAIN’S goods trade deficit narrowed sharply in February to its smallest since June 2006, after exports rebounded strongly from weather-related weakness in January, official statistics showed yesterday. Britain’s goods trade gap with the rest of the world fell to £6.179bn in February, much narrower than the £7.35bn economists had forecast and down from January’s 17-month [...]
CITY VIEWS: WHAT DO YOU THINK WILL HAPPEN TO HOUSE PRICES THIS YEAR? April 13, 2010 NEEL SHAH | AMLIN “House prices will go up because the pessimism in the market is going. With the election and the likelihood of a new government, morale will certainly be boosted in the housing market.” NURIA VEGAS SALA | URIA MENENDEZ “The housing market is going to stabilise and there won’t be a big [...]
Former WaMu boss says bank seizure unfair April 13, 2010 THE former chief executive of Washington Mutual yesterday accused the US government of unfairly seizing the bank in September 2008 and selling it for the bargain price of $1.9bn (£1.2bn) to JP Morgan. Kerry Killinger said the failed lender “should have been given a chance to work its way through the crisis” in testimony prepared [...]
Mobile phone users are noisy about service April 13, 2010 TELLYOUGOV, YouGov’s new service which allows people to tell us what they are thinking, has seen “tyggers” revealing how they feel about the nation’s mobile phone network operators. TellYouGov also shows us exactly which aspects people find good and bad about their mobile network operators, recorded in their own words. We analysed the sentiments contained [...]
Fortis liquidates banking arm remnants April 13, 2010 BELGIAN group Fortis drew a line under its involvement in the financial crisis yesterday, liquidating the holding company that housed its banking arm before it was sold off. The Brussels-based institution, which now focuses purely on insurance, said it would book a €11.7bn (£10.3bn) tax credit on losses incurred when the division was offloaded at [...]
BEST OF THE BROKERS April 13, 2010 AIR FRANCE-KLM The Royal Bank of Scotland (RBS) has upgraded its recommendation of Air France-KLM from “hold” to “buy” after brightening revenue trends in both passenger and cargo numbers. RBS has raised its forecasts, reflecting the stronger demand environment offset by higher fuel costs. It raises its target price to €14. MARKS & SPENCER Marks [...]
CITY MOVES | WHO’S SWITCHING JOBS April 13, 2010 Hoare Capital The agency broker has appointed Tim Cartmell as chief operating officer and promoted Sergio Marques and Andrew Sheppard to partner. Cartmell (pictured) currently runs the firm’s credit desk, having previously held positions as head of gilt sales at JP Morgan and head of UK credit sales at Dresdner Kleinwort. Marques is responsible for [...]