Lord Hill wins EU vote after second hearing October 8, 2014 LORD Hill has been confirmed as the EU commissioner for financial services after a second confirmation hearing. His appointment was affirmed yesterday by a margin of 45 to 13 committee members. He was called back to face further questions from MEPs after failing to convince EU committee members of his suitability at a first hearing [...]
Legal battle looms for ministers over EU’s Hinkley Point power plant decision October 8, 2014 Ministers could be facing a lengthy legal battle over the planned nuclear power plant at Hinkley Point in Somerset, following the European Commission’s announcement yesterday that construction could go ahead. Austria threatened earlier this week to sue the commission if it allowed the project, on the grounds that subsidies such as those awarded to Hinkley [...]
Glencore knocked back but not giving up October 7, 2014 Multinational mining company Glencore has said that it is no longer actively considering a £100bn merger with larger rival Rio Tinto, despite talks between its bosses. In a statement yesterday afternoon, however, Glencore kept the door open for a future offer – even hinting that this could come within the six-month waiting period imposed by [...]
British Car Auctions looking to raise £200m in November IPO October 6, 2014 British Car Auctions (BCA), owner of online car buying service webuyanycar.com, is preparing to float on the stock market. The company, which operates in 12 European countries as well as Brazil, is aiming to raise around £200m through placing at least 25 per cent of its issued share capital. John Olsen, chief executive [...]
Balfour Beatty may shut Blackpool International Airport October 6, 2014 Balfour Beatty may be forced to shut Blackpool International Airport if it cannot find a buyer for the asset. The construction firm has been seeking a buyer for the airport since August, and the deadline for its decision is today. Andrew Gibbs, analyst at Investec, told City A.M.: “Blackpool has always been an issue, it’s always [...]
Iron miner BHP cuts costs as it builds capacity October 6, 2014 MINING company BHP Billiton is aiming to cut costs while increasing capacity at its Western Australia Iron Ore (WAIO) operation, the group announced yesterday. BHP iron ore president Jimmy Wilson told investors at a tour of the WAIO site that the firm planned to cut unit costs by “at least 25 per cent” to $20 [...]
Dragon Oil proposal lights fire under Petroceltic share prices October 6, 2014 DRAGON Oil has proposed an offer of 230p per share for Irish oil and gas exploration company Petroceltic, which confirmed yesterday that it was in “detailed discussions” concerning a deal. Petroceltic’s share price soared by over 22 per cent following the announcement, which valued the company at £492m, while Dragon Oil’s fell by 1.5 per [...]
BP goes on the front foot in US court battle October 5, 2014 OIL FIRM BP is to go on the offensive against a court ruling that it had been “grossly negligent” and “reckless” in the 2010 Gulf of Mexico oil spill case. BP has applied to the Eastern District of Louisiana court for either a new trial or a revised judgment. The oil giant has alleged that [...]
Plymouth pairs with Ovo in new energy launch October 5, 2014 THE FIRST joint venture between Ovo Energy and a local council was announced at the Liberal Democrat party conference in Glasgow yesterday, where it was revealed that Plymouth City Council had partnered with Ovo to form Plymouth Energy Community. The company was formed as part of Ovo’s scheme aimed at turning groups such as local [...]
US oil firm eyes sale of UK asset while Brent price falls continue October 5, 2014 OIL AND gas operator Apache is looking at withdrawing from its North Sea fields and either selling them off as an individual asset or spinning its entire international business into a new company. Steve Farris, the company’s chairman, chief executive and president, said: “Apache continues to evaluate the separation of its international business through capital [...]
