Travelodge targets port locations to tap into thriving cruise market May 13, 2015 Budget hotel chain Travelodge said yesterday that it plans to cash in on a boom in cruise and ferry trips by building 14 new hotels in key port locations across the UK. The company, which has 516 hotels in the UK, Ireland and Spain, plans to invest £84m on opening hotels in port locations including [...]
US oil agency IEA warns battle for market share has just begun May 13, 2015 The battle for market share in the oil sector has just begun, according to the International Energy Agency’s (IEA) monthly report. The warning follows a report from the Organisation of Petroleum Exporting Countries (Opec) on Tuesday, which stated that US supply was set to decline over the final two quarters of 2015 while Opec [...]
BT awards chief Gavin Patterson £1.95m in shares May 13, 2015 BT chief executive Gavin Patterson yesterday took home 416,719 shares, as part of an incentive package. The shares were priced at £4.69, meaning Patterson’s bonus came to a total value of £1.95m. Other senior executives to benefit included group finance director Tony Chanmugam, who received 391,131 shares, and Luis Alvarez, the chief executive of BT [...]
Saudi Arabia says it’s taking investment away from foreign rivals May 13, 2015 Saudi Arabia, the world's biggest producer of oil, claims to be taking investment away from US shale producers and other foreign competitors, according to the FT. A Saudi official told them there was “no doubt about it”, that the decline in price over recent months had “deterred investors away from expensive oil including US shale, [...]
UK Oil and Gas investments share price jumps after extending Horse Hill Gatwick oil licenses May 13, 2015 UK Oil and Gas Investments (UKOG), the company exploring oil reserves in the area of Horse Hill near Gatwick, has had its licence extended, sending shares up more than six per cent in afternoon trading. Regulators have approved a year-long extension to licences held by Horse Hill Developments, the company in which UKOG holds a stake, [...]
UK to get more gas from a Russian firm as Centrica extends deals with Gazprom May 13, 2015 The UK's dependency on gas from Russian firms just increased, after Centrica signed a deal with state energy giant Gazprom – as well as Norwegian rival Statoil – to ramp up the amount of gas it buys from the companies. Centrica, which owns British Gas, said it had extended its contracts with Statoil and Gazprom [...]
The European Commission just unveiled strict new migration rules May 13, 2015 Suddenly, George Osborne's mission to renegotiate the UK's relationship with Europe just got more urgent: the European Commission (EC) has just unveiled new emergency migration measures, designed to stem the tide of migrants attempting to cross the Mediterranean. Frans Timmermans, the EC's vice president, said the "tragic loss of life in the Mediterranean". Last month [...]
Five key numbers from the Bank of England’s quarterly inflation report May 13, 2015 The Bank of England's quarterly inflation report, setting out its forecasts for economic growth and inflation, was published today offering the first insight into officials' thinking since they entered election purdah six weeks ago. Here are five key figures from the report: 1. Gross domestic product growth – 2.5 per cent: The Bank of England has [...]
Wage growth jumps again while unemployment falls to another post-financial crisis low May 13, 2015 Average weekly wages excluding bonuses rose by an inflation-busting 2.2 per cent in March, official figures published this morning showed – a welcome relief for consumers. Read more: Bank of England cuts UK growth forecasts Meanwhile, unemployment fell to another post-financial crisis low of 5.5 per cent (that's the best figure since July 2008), while [...]
Bank of England inflation report: UK growth expectations cut May 13, 2015 The Bank of England today slashed forecasts for how much its expects the economy will grow this year to 2.5 per cent, down from 2.9 per cent. Threadneedle Street also said it expects interest rates to remain close to historical lows for the foreseeable future, before rising some time in the second quarter of 2016. [...]