China to become world’s biggest importer of crude oil by 2017 August 20, 2013 China is set to overtake the US as the world’s biggest importer of crude oil by 2017, consultancy Wood Mackenzie has said. It is estimated that China will spend $500bn (around £320bn) on 9.2m barrels of imported crude oil per day by 2020, up from 2.5m barrels per day (bpd) in 2005. By comparison, US [...]
Home Office says opposition to detention without charge implies support for terrorism August 20, 2013 The Home Office has said that the government has a "duty to protect the public and our national security" in the wake of the detention of David Miranda at Heathrow airport. If the police believe that an individual is in possession of highly sensitive stolen information that would help terrorism, then they should act and [...]
German finance minister says Greece will need another aid program August 20, 2013 German finance minister Wolfgang Schaeuble has said that Greece will need another aid program, saying that the first was "unique". Initial reports from Bloomberg suggested that Schaueble believed another program would not be necessary. Classic day in euro loony land with Bloomberg's help — deltahedge (@minefornothing) August 20, 2013 This is a bit of a [...]
Home Depot raises full-year sales guidance on strong second quarter results August 20, 2013 US home improvement retailer Home Depot has reported earnings excluding items of $1.21 (77p) per share on $21.8bn revenue – up from $1.01 per share the previous year and beating analyst expectations of $1.21 (release). Pre-tax earnings rose by 17.7 per cent to $2.846bn, while basic earnings per share rose 22.5 per cent to $1.25. [...]
Largest ever radioactive leak from steel tank reported at Fukushima August 20, 2013 Tokyo Electric Power (TEPCO), operator of Japan’s tsunami-hit nuclear power plant, has said around 300 tonnes of radioactive water has leaked from one of hundreds of storage tanks. While contaminated water is entering the Pacific Ocean at a rate of hundreds of tonnes every day, the latest leak at the Fukushima Dai-ichi plant is the [...]
European Central Bank official to visit Greece ahead of troika review August 20, 2013 The European Central Bank (ECB) is sending executive board member Joerg Asmussen to Greece tomorrow to discuss progress on the adjustment programme and wider Eurozone development with policymakers and business representatives. Asmussen's visit will be made in advance of further review by the troika of international lenders on whether Greece will need to make further [...]
Cineworld may be forced to sell off cinemas August 20, 2013 Cineworld may be forced to sell off cinemas in three areas after regulators deemed a merger with Picturehouse operator City Screen Limited could reduce competition in some areas. Shares in Cineworld have fallen nearly three per cent – but not enough to offset gains resulting from soaring profits in its first half report. The Competition [...]
BT confirms chief executive handover date August 20, 2013 BT has confirmed the leaving date for current chief executive Ian Livingstone as 10 September 2013 following a board meeting scheduled for that day. Gavin Patterson, whose appointment was announced on 19 June this year, will immediately succeed Livingstone as head of the company. Patterson has served as chief executive of BT Retail and as [...]
Eurozone construction output improves in June August 20, 2013 Eurozone construction output has seen a good print today, up 0.7 per cent in June. There were also hefty revisions to the last month's figure, up from -0.3 per cent to 0.5 per cent growth. Despite two months of good news after revisions, the sector as a whole has contracted by three per cent in [...]
City bonuses fall one per cent as national average rises August 20, 2013 The amount paid out in bonuses to British workers in 2012/13 rose by one per cent to £36.9bn compared with the year before, according to data from the Office for National Statistics. The average bonus per employee in the period was 2012/13. Professionals working in finance and insurance earned the highest average bonus at £11,900 [...]