Tullow and Anadarko in oil find September 15, 2009 UK-listed explorer Tullow Oil and US producer Anadarko Petroleum are set to announce they have established a new oil frontier stretching 1,100km along the African coast. The announcement, which could come today, is tied to discoveries at the Venus well Anadarko has been drilling off Sierra Leone. Venus-B lies at the western edge of a [...]
New Ocado FD indicates an IPO September 15, 2009 Online retailer Ocado is today set to announce a seasoned investment banker as its new finance director, suggesting that the group is heading for an initial public offering (IPO) soon. Andrew Bracey will replace Jason Gissing, an ex-Goldman Sachs banker who once said he’d rather shoot himself than be finance director at a listed company.
Brown admits need for cuts in spending… September 15, 2009 PRIME MINISTER Gordon Brown finally admitted yesterday that spending cuts would be necessary if the UK is to rein in its £175bn projected government deficit and put the country back on the path towards fiscal sustainability. In a speech to the Trades Union Congress (TUC) Brown said: “Labour will cut costs, cut inefficiencies, cut unnecessary [...]
…as Tories plan an emergency budget for 2010 September 15, 2009 CONSERVATIVE shadow chancellor George Osborne yesterday revealed he would call an emergency budget within weeks of a Tory victory. The Conservatives, who are widely tipped to gain power at the next election, have promised cuts in public spending, and are thought to be planning £30bn of defence cuts. Osborne also said he would instigate a [...]
King hints at cut in deposit rate at Bank September 15, 2009 STERLING tumbled yesterday, after Bank of England governor Mervyn King said the Bank could cut the rate it pays on commercial bank deposits held at the central bank. Currently, financial institutions are paid 0.5 per cent on deposits held at the Bank. But speaking at the Treasury select committee, King said he did not want [...]
Inflation slows by less than expected September 15, 2009 THE Consumer Prices Index (CPI) dropped to an annual rate of 1.6 per cent in August, compared to 1.8 per cent in July, according to official statistics released yesterday. But the Retail Prices Index, which includes mortgage interest payments and housing costs edged up from -1.4 per cent to -1.3 per cent. The City had [...]
Official data indicates further stability for UK housing market September 15, 2009 HOUSE prices rose 1.9 per cent in July on the previous month but were still 8.3 per cent less than they were in July 2008, data from the Department of Communities and Local Government (DCLG) revealed yesterday. The less volatile measure of the three months to July showed that house prices rose 2.1 per cent [...]
Investment guru heads for RBS role September 15, 2009 ROBERT Waugh, the renowned fund manager at ScottishWidows Investment Partnership, is leaving the firm. Waugh, who has managed the UK equity team at the Lloyds Banking Group insurer for the last six years, is thought to be joining Royal Bank of Scotland. When he took over the UK fund range in 2003 it had a [...]
Debenhams lifts forecasts thanks to designer ranges September 15, 2009 DEPARTMENT store Debenhams yesterday said it expects to deliver higher annual profits, despite a slight drop in sales. Chief executive Rob Templeman said that he was happy with analysts’ forecasts of a ten per cent lift in profits to £122-124m, from £110m the year before. Like-for-like sales were down by 3.8 per cent in the [...]
UK Coal plans a fundraising September 15, 2009 UK COAL, the biggest coal producer in the UK, is set to ask its shareholders to help raise around £100m to shore up its balance sheet. The announcement, due this morning, comes as the company seeks to address its pension deficit and a drop in the value of its land. UK Coal owns roughly 4,000 [...]