Oil to hit $100 as supplies hit delivery glitch September 21, 2009 CHRISTOPHE de Margerie, head of oil giant Total, yesterday warned that underinvestment in exploration due to the downturn will lead to a world shortage of oil. He added that he saw the price of oil rising to more than $100 a barrel, up from around $70, as the price stands at current levels. Total’s boss [...]
WHAT DO DE MARGERIE’S COMMENTS MEAN FOR THE OIL SECTOR ? September 21, 2009 PETER HUTTON NCB“De Margerie has consistently highlighted the need for continued investment to meet demand. In fact, we need a new Saudi Arabia every two to three years. Total claim $60-70 oil is insufficient for new projects eg oilsands, so this is effectively a hint for higher oil or lower project costs.”MALCOLM GRAHAM-WOOD HANSON WESTHOUSE“As [...]
US sees rise in loan defaults September 21, 2009 A MEASURE of the US economy’s prospects scaled a one-and-a-half-year high in August but a record rise in home loan defaults cast doubts on the durability of the recovery. The Conference Board yesterday said its index of leading economic indicators rose 0.6 per cent to 102.5, the highest level since January 2008. It had advanced [...]
ENI pulls out of takeover talks with rival Tullow September 21, 2009 ENERGY group Tullow Oil saw its share price close 1.8 per cent down at 1,158p yesterday, after the Italian state oil group ENI decided against an offer for the group. ENI is said to think that a bid would be too expensive after completing due diligence and pricing its African assets. Tullow’s share price was [...]
Anglo Irish is hit by fresh loans scandal September 21, 2009 EIGHT senior managers at the nationalised Anglo Irish Bank owed the bank a total of €21.9m (£20m) in personal loans as of the end of September last year. The group of senior figures, who are still with the bank, owed loans ranging from €835,000 to €7.1m, according to leaked internal documents. Just one – outgoing [...]
60m hotel to be built in Soho September 21, 2009 Luxury hotel operator Firmdale sped up the pace of Soho’s redevelopment yesterday, announcing a deal to build a luxury £60m property on the site of Ham yard, a former World War Two bomb site. Firmdale co-founders Tim and Kit Kemp already run six London hotels, including the Soho Hotel in Richmond Mews.
BA looks to Spain for winter sun September 21, 2009 British Airways (BA) could operate tourist flights from London City airport next year to capitalise on its new range of regional aircraft. Destinations served using five E-190 jets on order from Brazilian manufacturer Embraer could stretch to the Spanish holiday islands of Majorca and Ibiza.
Lapdancing clubs face closure September 21, 2009 Lapdancing clubs could be forced to close as a result of tighter rules governing operators like Spearmint Rhino, the industry’s trade body has said. The warning came after a Home Office consultation document was published, proposing that all lapdancing venues must apply for “sex establishment” licences.
Rio to slash Alcan spending September 21, 2009 Mining giant Rio Tinto is planning to slash its capital spending at its Alcan aluminium arm by 15 per cent, the group said yesterday. It will cut the arm’s annual spending on company operations to $500m (£243m) next year, down from the $586m it plans to spend this year.
Primark to beat retail gloom September 21, 2009 Primark is set to become a major European force as retailers offering low-cost goods thrive in the recession, according to research out today by Verdict analysts. Verdict predicts the European retail sector will shrink by 5.2 per cent to in 2009, but that value retailers will outperform the market.