What you need to know before the open – 31/10 October 31, 2013 The Fed's decision last night to stick with its current stimulus level wasn't a big surprise, given the probable damage caused by shutdown. US markets were dragged down, however, on the absence of discussion on shutdown, tight credit conditions and high interest rates. Asian markets were cooled by the news, too, with Seoul shares edging [...]
Royal Dutch Shell profit drop weakens FTSE October 31, 2013 Royal Dutch Shell has announced this morning that its third quarter profits were down 32 per cent to $4.2bn (£2.62bn), compared with $6.2bn (£3.86bn) for the same period in 2012. (Release) The oil and gas giant has blamed weaker industry refining conditions, a rise in operating and explorations costs and a challenging environment in Nigeria [...]
Tullow Oil plugs and abandons poor quality well in Norway | City A.M. October 31, 2013 TULLOW Oil yesterday said that it has plugged and abandoned the Wisting Alternative well, located off Norway in the Barents Sea, due to “poor quality” reservoir rock. The FTSE 100-listed oil explorer said evaluation work on its neighbouring Wisting Central discovery would continue. “The material Wisting Central oil field, discovered in the same licence in [...]
Forget high speed rail. Driverless cars will revolutionise transport October 31, 2013 SOMETHING very exciting is about to happen in Milton Keynes, of all places. Starting in 18 months’ time, the Buckinghamshire town will host the first proper UK test of driverless cars. The trial will be modest by the standards of those happening elsewhere in the world – the hundred self-driving pods will use special lanes [...]
Royal Mail strike called off October 30, 2013 A Royal Mail worker strike planned for Monday has been called off by the Communication Workers Union (CWU). Progress was made following talks between the union and the company. There have been warnings of Royal Mail strikes all the way up to Christmas. Staff had already been offered an 8.6 per cent pay rise over [...]
Owner of AA on hunt for new boss to replace Strong October 30, 2013 The AA is searching for a new boss, calling into question the future of Andrew Strong, its long-serving chief executive officer, reports Sky News' Mark Kleinman. Sky News understands that the owner of the AA, Acromas Holdings, has approached several leading businessmen about the role of chief executive and taking over in the new year. [...]
Energy bills cut by £131 through collective switching October 30, 2013 More than 21,000 people saved an average of £131 on their electricity bills, according to a report released today by the Department of Energy and Climate Change. Consumers used collective switching – where they organise together to negotiate with their electricity providers, usually facilitated by a third party. The report, "Helping Consumers Switch: Collective Switching [...]
Mild weather drives inflation fall in Germany October 30, 2013 Germany's consumer price index has missed expectations in October, coming in at -0.2 per cent, after expectations it would remain unchanged at 0.0 per cent. Year-on-year, the index rose 1.2 per cent, again missing expectations of a 1.4 per cent increase. Berenberg's Christian Schulz says that relatively mild weather at the start of the heating [...]
Banking risks too great to relax capital controls in Cyprus October 30, 2013 The Cypriot banking sector is too fragile to fully relax capital controls, according to London-based consultancy Capital Economics. The Cypriot finance ministry has been gradually relaxing capital controls and hopes to remove almost all by 2014. However the restriction on deposits leaving the country remains in place. Cyprus' economy is still mired in recession however [...]
Sponsored tube stations could fund free 4G, lifts, TV screens and underground toilets October 30, 2013 Sponsorship of the Oyster system and other sponsorship opportunities could allow Transport for London (TfL) to actively improve stations – introducing free wireless and 4G connectivity, TV screens, lifts, and even toilets for passengers. The report “Sealing the Deal: TfL sponsorship feasibility study” by Gareth Bacon of GLA Conservatives says that there is a potential [...]