Andrea Orcel’s move to UBS could end in tears March 26, 2012 THE decision by UBS to hire star investment banker Andrea Orcel is pure box office. Orcel, one of the highest paid bankers of all time (known by some as the George Clooney of banking for his looks), is a big recruit. His impending arrival at UBS marks a statement of intent from the giant Swiss [...]
UK sees surge in number of patents filed March 26, 2012 THE NUMBER of new patented inventions in the UK rose by 29 per cent last year – the biggest leap in a decade – as 2,992 patents were granted. The figures, set out in a report from law firm Reynolds Porter Chamberlain, will come as good news for chancellor George Osborne, who in last week’s [...]
EasyJet losses narrowing as costs reduced March 26, 2012 EASYJET, Europe’s second-largest low-cost carrier, said yesterday it expected its first-half loss to be narrower than previously thought as cost controls and better marketing help it through tough times. EasyJet said it now expects a first-half loss of £110m to £120m – down from previous estimates of £140m to £160m. European airlines have struggled to [...]
ANALYST VIEWS: IS EASYJET’S STRATEGY PROVING SOUND? March 26, 2012 JAMES HOLLINS | INVESTEC EasyJet is driving better-than-expected yields, as well as benefiting from the failure of competitors. The cost efficiencies have also helped. But there are a number of headwinds in the second half, including fuel costs. DOUGLAS MCNEIlL | CHARLES STANLEY Chief executive Carolyn McCall’s second full year in charge is shaping up [...]
PAINTING A PICTURE OF RBS PAST AND PRESENT March 26, 2012 Auctioneers at Bonhams, the fine art house, are hoping that all the (mainly bad) news about the Royal Bank of Scotland and the debate about Scottish independence may have a beneficial impact on the demand for a portrait being sold next month in the firm’s Edinburgh office. Bonhams is auctioning a portrait of Archibald Campbell, [...]
Hair cuts for free at hmv March 26, 2012 HMV’s Oxford Street store yesterday hosted a charity head shave in support of the Teenage Cancer Trust. Those who had raised £50 each were given a free hair cut in front of the store’s lunchtime shoppers in an event timed to coincide with the release of the comedy 50/50. Picture: Laura Lean / CITY A.M.
BG and Ophir shares up on large gas find March 26, 2012 BRITISH gas producer BG Group and its partner Ophir Energy have discovered a bigger than expected gas deposit off the coast of Tanzania, the pair said yesterday. BG’s shares jumped 1.8 per cent after it said it had come closer to the minimum volumes required for a liquid natural gas development. The discovery made at [...]
Deripaska poised to snap up Rusal’s Norilsk Nickel stake March 26, 2012 RUSSIAN tycoon Oleg Deripaska is ready to buy Rusal’s 25 per cent blocking stake in Norilsk Nickel to resolve a shareholder dispute at the world’s largest aluminium producer, a source close to the Rusal board said. Deripaska’s gambit seeks a way out of a row with minority shareholder Viktor Vekselberg, who quit as Rusal’s chairman [...]
Bowleven pares losses as it strikes oil in Cameroon March 26, 2012 BOWLEVEN said yesterday that two of its exploration wells in the Douala Basin in Cameroon have found oil, as the West Africa-focused oil firm reported a narrower first-half loss. Bowleven, which has been in the news lately after Turkmenistan-focused Dragon Oil revealed it was in the early stages of making a bid for the firm [...]
Salamander profits rise but production is lower March 26, 2012 SALAMANDER Energy recorded a pre-tax profit for 2011 but production slipped, it said yesterday. The oil and gas group swung back into the black as it saw a profit of $112.6m (£70.5m) in the 12 months to 31 December. The previous year the company recorded a $113.7m loss. Revenues rose from $323.4m to a record [...]