BP to develop gas fields in Azerbaijan October 6, 2010 BP is expected to close a deal with Azerbaijan’s national oil company today to explore and develop a huge natural-gas field in the Caspian Sea. The field, Shafag-Asiman, has estimated reserves of 17 trillion cubic feet, according to the State Oil Company of the Azerbaijan Republic (Socar). If confirmed, that would make it almost as [...]
Ireland rating slashed as its misery grows October 6, 2010 Ireland’s economic turmoil continued yesterday as Fitch cut its credit rating. The news came a day after Moody’s said it was considering downgrading Ireland, driving up the nation’s borrowing costs. The decision heaps further pressure on a government saddled with a debt pile set to hit a staggering €155bn (£136bn) this year – equivalent to [...]
US wades into hedge fund tussle in Europe October 6, 2010 US TREASURY secretary Tim Geithner has warned the French economy minister Christine Lagarde that curbing foreign hedge funds in Europe could cause a rift between the continent at the US government. In a letter, sent late on Tuesday and seen by journalists, Geithner increases pressure on Paris to allow concessions on new European controls for [...]
EMEA investment banking fees lag peers across globe October 6, 2010 INVESTMENT banking fees in Europe, the Middle East and Africa (EMEA) slipped far behind the rest of the world over the first three quarters of the year, with the region’s banks taking a 15.2 per cent cut in fees in comparison to an 8.7 per cent global increase. Globally, the fee income pool for investment [...]
Betfair investors agree IPO range of up to £14 per share October 6, 2010 BETFAIR will announce its plan to float on the Stock Exchange today after a meeting of the company’s 700 shareholders voted in favour of an initial public offering (IPO) at a meeting last night. City A.M. understands the price range will be between £11 and £14 per share, valuing the company at between £1.16bn and [...]
BA, AA and Iberia name tie-up routes October 6, 2010 British Airways, American Airlines, and Spain’s Iberia unveiled four new routes and promised passengers lower prices and flight flexibility as they launched an $8bn (£5bn) transatlantic joint business yesterday. The trio are strengthening their existing oneworld alliance ties — but stopping short of a full financial merger because of strict US laws that bar foreign [...]
DEUTSCHE MAN JOINS GOVERNMENT TEAM October 6, 2010 Anthony Odgers, a senior member of the corporate restructuring team at Deutsche Bank, has joined the body responsible for looking after the government’s assets, the Shareholder Executive, as it steps up efforts to find buyers for assets including the Tote, Royal Mail and the Student Loans portfolio. He joined Deutsche Bank in May 2007 as [...]
Carriers still sore point for defence cuts October 6, 2010 LIAM Fox yesterday confirmed that the Trident nuclear deterrent would be replaced, earning him a huge round of applause at the Tory conference, but the future of two aircraft carriers remains unclear. “The first duty of the government is defence of the realm. That is why we will maintain Britain’s nuclear deterrent and will go [...]
Hague acts to assuage fears coalition is too pro-Europe October 6, 2010 WILLIAM Hague yesterday pledged to enshrine the sovereignty of the British Parliament over the European Union, in a bid to quell fears among Tory activists that the coalition government is too pro-Europe. Delegates at the Tory party conference gave the foreign secretary a standing ovation, after he said he would “reaffirm once and for all [...]
Pilot sports events established to boost participation among young October 6, 2010 SCHOOLS from nine areas in England will participate in a pilot sports event next year as part of efforts to ensure the 2012 Olympics gets more youngsters playing competitive games. Announcing the event at the Tory conference, culture secretary Jeremy Hunt said only around one in five children regularly plays sport against other schools. “We [...]