City maverick David Buik slams Sir Mervyn King’s BoE speech February 13, 2013 CITY stalwart David Buik of Cantor, who is known for his poetic City commentary – often quoting the likes of Whitman, Shakespeare, Poe and Housman – was left unimpressed with the Bank of England governor yesterday. “I would hardly describe myself as the sharpest pin in the box” opened Buik. “However having looked at the [...]
Tullow rallies on strong results as it eyes Kenyan oil discovery February 13, 2013 SHARES in Tullow Oil soared yesterday, as it eyed commercial production in Kenya. The FTSE 100-listed oil explorer, which reported its 2012 results yesterday, hailed a major basin-opening discovery in Kenya as one of its wells reported better-than-expected flow tests. The African-focused explorer yesterday pledged $2bn (£1.3bn) of spending this year – up from $1bn [...]
Bakries want a quicker probe into Bumi deal February 13, 2013 BUMI shareholder the Bakrie family yesterday called on the Takeover Panel to accelerate its inquiry into the deal that put the coal miner together in 2011. “The panel was kept in the dark about key facts at the time of the creation of Bumi,” said Nirwan Bakrie, the chairman of the Indonesian Bakrie Group, in [...]
Shale oil could add £50bn to UK GDP by 2035 February 13, 2013 GLOBAL production of shale oil could boost the UK economy by £50bn by 2035, analysis from PricewaterhouseCoopers reveals today. Shale oil, much like shale gas, is a hydrocarbon produced through fracking, and resources have been found worldwide. Production of shale oil – also called “tight” oil – has the potential to reach up to 14m [...]
Total to raise exploration budget February 13, 2013 French oil major Total plans to raise its exploration budget in 2013 under an investment policy that takes advantage of high oil prices and financing from some large-scale asset sales. The world’s fifth largest oil company said it would spend $2.8bn (£1.8bn) on exploration in 2013, up from $2.5bn last year.
Citi axes 50 EMEA bankers February 13, 2013 Citigroup has begun axing 50 investment bankers across its Europe, Middle East and Africa (EMEA) division as a programme of cutting 11,000 jobs hits the heart of the investment bank. Citi announced the global cuts, equal to about four per cent of the bank’s workforce, in December as part of an effort to eliminate $1.1bn [...]
MetLife hit by derivative losses February 13, 2013 MetLife, the largest US life insurer, last night reported a 90 per cent fall in quarterly profits as a result of derivative losses linked to its credit spreads. However its operating profit beat estimates and the company reported a fall in net income to $96m (£61m) from $959m a year earlier.
MF Global UK debtors boosted February 13, 2013 Unsecured British debtors of failed brokerage MF Global are set to receive an interim payment of 40p in the £1, according to KPMG who are winding up the business. Further payments could be made, depending on the outcome of lawsuits involving the US arm of the business.
African Barrick warns output will sink again February 13, 2013 SHARES in gold miner African Barrick Gold sank yesterday as it posted disappointing results for the full year, and forecast lower production for the fourth year in a row. The FTSE 250 gold miner said it expects production to sink for the fourth consecutive year in 2013, to between 540,000 and 600,000 ounces of the [...]
BP veteran Byron Grote set to join board of Anglo American February 13, 2013 MINER Anglo American has appointed BP board member Byron Grote as a non-executive director. The appointment of Grote, who announced last week that he was to step down as a senior board member of BP following 33 years with the oil giant, will be proposed to shareholders at Anglo’s AGM on 19 April. He will join [...]