Kenya announces first oil find March 26, 2012 Kenya yesterday announced its first oil discovery, saying it was found in the northern part of the country where British explorer Tullow Oil has been conducting exploratory drilling. The firm said the discovery was “beyond our expectations”, helping send the company’s shares up 6.6 per cent to £15.70. Kenya and its neighbours in east Africa [...]
Boris pledges to get rid of Tube drivers March 26, 2012 BORIS Johnson has announced an all-out push towards automation of the Tube network, pledging that he will never again buy a Tube train that requires a driver. “It is time for London to learn from other metro networks and get the benefits of automatic train control. It is time to move forward with ‘train captains’ [...]
Floats fall by 69pc this year March 26, 2012 COMPANIES raised a third less capital on stock markets during the first three months of 2012 as they did during the same period last year, according to figures released yesterday by data provider Dealogic. And the number of initial public offerings (IPOs) dropped an enormous 69 per cent in the first three months of 2012 [...]
Ken offers a fare cut as Boris pushes investment March 26, 2012 Transport has become the defining issue of this mayoral campaign, with voters facing the choice between one candidate that promises a fare cut and another that says fare rises are a necessary evil to fund investment. Ken Livingstone’s campaign experienced a surge in support after he set out the “Fare Deal” pledge to cut the [...]
Qantas to set up budget airline March 26, 2012 China Eastern Airlines has joined with Australia’s Qantas to set up a regional low-cost carrier, marking the first move by a big Chinese airline into the growing but overcrowded no-frills sector. China’s third-largest airline by market value and Australia’s top carrier will invest up to $198m over three years in the equal joint venture, which [...]
Lufthansa hit by strike action March 26, 2012 German airline Lufthansa has warned passengers that up to 400 flights will be cancelled today as ground handlers at Germany’s largest airports go on strike. Ground handlers in Frankfurt, the country’s biggest hub, are set to walk out this morning, while Cologne, Munich and Stuttgart will also be hit by industrial action. Workers in the [...]
UK Vauxhall plant still at risk March 26, 2012 Unions fighting to keep Opel’s European plants open have said they will not engage in plant-by-plant negotiations in talks over parent firm General Motors’ restructuring. The Vauxhall factory at Ellesemere Port in Cheshire, which employs 2,100 people, is among the sites at risk in an overhaul that insiders say could cost 30 per cent of [...]
Spain vows to press ahead with reform March 26, 2012 SPAIN’S reforming Prime Minister was yesterday forced to reiterate his commitment to slashing the budget deficit and shaking up the economy after facing setback in regional elections. Mariano Rajoy had hoped his centre-right party would gain an absolute majority for the first time in Andalucia, but only won 50 of the region’s 109 seats. A [...]
Confidence surge in Italy and Germany March 26, 2012 HOPE returned to firms and consumers in the Eurozone in March, with survey data showing increasing confidence in Germany and Italy. Shares rose on the upbeat stats, with the DAX up 1.2 per cent and the Eurostoxx 50 up 0.57 per cent. German business sentiment rose for the fifth month in a row to 109.8, [...]
Bank of England: Britain gained from the Fed’s QE March 26, 2012 AMERICA’S money printing cut the cost of borrowing for the UK government, according to research published by the Bank of England today. Although the aim of the US Federal Reserve’s quantitative easing (QE) programmes were to lower long term interest rates in the US and so boost economic growth there, the study revealed spillover effects [...]