Venezuela ordered to pay Exxon Mobil $1.6bn over nationalisation October 10, 2014 Venezuela has been instructed to pay US oil company Exxon Mobil $1.6bn in compensation for the seizure of its assets. Back in 2007, Venezuela's socialist government nationalised Exxon's Cerro Negro Project. Exxon Mobil said in a statement: The decision confirms that the Venezuelan government failed to provide fair compensation for expropriated assets. The ruling, which [...]
Surprise as UK construction falls by 3.9 per cent in August October 10, 2014 UK construction contracted by 3.9 per cent in August – far worse than the 0.5 per cent expansion predicted by economists. Surprisingly almost no one saw this coming: a Bloomberg poll of analysts predicted a 0.5 per cent rise: 4.4 percentage points too optimistic. Every analyst polled by Bloomberg predicted expansion. As the Office of [...]
Odds for Ukip win in Rochester and Strood improve after Clacton victory October 10, 2014 The chances of Ukip winning the Rochester and Strood by-election have been boosted by today's big win in Clacton and the party's rise to become a serious challenger at Heywood and Middleton, according to bookmakers. The constituency is set for a by-election on November 6, after Conservative MP Mark Reckless defected to Ukip the [...]
Malala Yousafzay and Kailash Satyarthi win Nobel Peace Prize October 10, 2014 Pakistani schoolgirl Malala Yousafzay and human rights activist Kailash Satyarthi have been awarded this year's Nobel Peace Prize for their struggle against the suppression of children and young people, and the right for universal education. Satyarthi was praised by the Norwegian Nobel Committee for “maintaining Gandhi's tradition” throughout his many peaceful protests and demonstrations, [...]
Could today be a good time to ask for a pay rise? Microsoft boss Satya Nadella apologises for “karma” gaffe October 10, 2014 If you're a woman working at Microsoft, today might be a good day to ask for a pay rise. Yesterday the company's chief executive Satya Nadella had to issue an apology after he said women seeking pay rises should rely on karma, rather than asking their boss. During an event for women [...]
Customer growth continues for Telecom Plus October 10, 2014 Telecom plus has reported continued growth for the half year to 30 September, with performance in line with expectations for the year. In a trading statement released today, the British utility supplier said its customer and service numbers were up by 13 and 14 per cent, respectively. Second quarter growth followed on from [...]
Ukip wins Clacton by-election and comes close at Heywood and Middleton October 10, 2014 Douglas Carswell has become the first elected MP for the UK Independence Party (Ukip) after winning the Clacton by-election. But in a more surprising result, the party also narrowly missed first place in Heywood and Middleton. Carswell defected to Ukip from the Conservatives in August this year, and yesterday became the Ukip's first elected MP when [...]
King of spin Lord Tim Bell apologises for “aggravation” caused by Financial Times interview October 9, 2014 For one of the world’s best known PR men, Lord Bell really should have known better. After reading the interview he gave to the Financial Times yesterday, Bell was clearly inclined to agree. Apologising in a grovelling internal email to staff he concluded: “I am supposed to know how to deal with journalists, friendly or [...]
Carl Icahn says Apple share price could double as tech giant rebuffs demand for buyback October 9, 2014 Activist investor claims the iPhone-maker will soon be worth $1.2 trillion Billionaire investor Carl Icahn urged Apple’s board yesterday to use its $133bn (£82.5bn) cash mountain to buy back more shares, claiming the tech giant’s stock could soon double in value. “We believe Apple is dramatically undervalued in today’s market, and the more shares [...]
Christine Lagarde and Mario Draghi call for German fiscal stimulus to avoid recession October 9, 2014 International Monetary Fund (IMF) boss Christine Lagarde took aim at German policy makers yesterday, suggesting that the Eurozone’s biggest economy must use fiscal stimulus to stave off recession. “We’re not suggesting that the Eurozone is heading toward recession, but we’re saying there is a serious risk that happens if nothing is done. But we are [...]