BP hails giant discovery in Gulf of Mexico September 2, 2009 OILmajor BP said yesterday it had made a “giant” discovery in the Gulf of Mexico, boosting hopes that oil firms can use the region to slash their dependence on the Middle East. The discovery of at least 3bn barrels of oil at the Tiber Prospect site was made after an unprecedented exploration effort, which saw [...]
Construction PMI at 18 month high September 2, 2009 CONSTRUCTION activity contracted in August at its slowest pace in eighteen months, a leading survey showed yesterday, raising hopes that the economy will grow in the third quarter. The CIPS/Markit construction purchasing managers’ index (PMI) recorded 47.7 in August, compared to 47.0 in July. However, it remained well below the 50 mark, which signals growth. [...]
Private USjob losses drop as productivity improves September 2, 2009 THE NUMBER of private sector jobs being lost in the US decreased in August to around half the rate of losses seen earlier this year, in a welcome sign the worst of the recessionary job cuts are over. Statistics from payroll company Automatic Data Processing (ADP) yesterday revealed that 298,000 jobs were lost last month, [...]
Cattles staff face axe as outlets shut September 2, 2009 DEBT-LADEN doorstep lender Cattles is preparing to wield the axe over 500 jobs, following the firm’s decision to shut 30 of its 180 Welcome Financial outlets. Cattles, which has £2.4bn of debts, said it plans to make cuts in its sales and support teams and has told 510 employees of the Welcome business that they [...]
Starbucks drinks to a recovery September 2, 2009 IF the coffee business is a barometer of consumer confidence, things may be picking up for the UK economy. Starbucks UK boss Darcy Willson–Rymes yesterday told City A.M. that over the last couple of months its UK coffee shops have sold more on a like–for–like basis than the same period the year before. The lift [...]
CITY VIEWS: CAN THE G20 SUMMIT ACHIEVE ANYTHING CONCRETE? September 2, 2009 MICHAEL SAMUELS LLOYD’S“Previous G20 summits have led to change but it will take the leading economies of the G7 to act and the others will follow. Gordon Brown wants changes to bonuses so let’s see if he can manage to get agreement on it. Sometimes it feels like a lot of hot air.” KATIE MAYCOCK [...]
UK set to lose most banking jobs in Europe September 1, 2009 THE UK will shed 35,000 financial services jobs by the end of 2009, with Britain set to be the European nation worst affected by the sector’s troubles, according to new research from the City of London Corporation. A report commissioned by the City estimates that the European financial services sector will decline by 6.2 per [...]
Safestore reports an uptick in demand for space as housing activity picks up September 1, 2009 SAFESTORE, the UK’s biggest self storage company, yesterday gave fresh signals of increased housing market activity, reporting a recent uptick in the levels of enquiries and demand for space in the three months to July. The group, which has 94 sites in the UK, yesterday said that the rise in interest had resulted in occupancy [...]
World airlines continue to ratchet up huge losses as higher fuel prices hurt September 1, 2009 THE WORLD’S airlines are being squeezed even as the global economy recovers, with higher oil and jet fuel prices causing added pain, an industry group said yesterday. Net losses continued to expand in the second quarter of 2009, reaching at least $6 bn (£3.7bn) for the first half of the year, the International Air Transport [...]
Ireland to hike bank stakes September 1, 2009 THE Irish government could end up with a majority stake in several banks after the implementation of a state-run National Asset Management Agency (Nama) to house €90bn (£55.7bn) of the sector’s bad debts, finance minister Brian Lenihan said yesterday. “As I have already noted, some institutions may need capital after they have transferred loans to [...]