Germany flexes its muscles over Greece bailout August 13, 2012 GERMAN Chancellor Angela Merkel has returned from holiday to a familiar scene of strife in the battle to hold together the beleaguered Eurozone. A senior political ally of Merkel’s yesterday issued a stark warning to Greek officials, insisting that Germany will withhold further aid payments if the indebted Mediterranean state does not stick to the [...]
Global demand weakness sees Japan’s growth slump to 0.3pc August 13, 2012 JAPAN’S economy expanded just 0.3 per cent in April-June, half the pace expected, raising doubts about the strength of its recovery. The data, released yesterday, provides fresh evidence of a global slowdown as growth in the US, Europe and China flounders, raising expectations in financial markets that monetary policymakers will take more action to lift [...]
Oil surges on Iranian worries August 13, 2012 The price of oil hit a three-month high yesterday on supply worries in the Middle East. Brent crude jumped $2 to settle at $114 a barrel, on support from tightening North Sea supplies and Middle East tensions, including an intensifying debate in Israel on whether to strike the disputed nuclear programme in Iran, led by [...]
Rents in the City shoot upwards August 13, 2012 Residential rents in the City shot up by more than 30 per cent over the last year, real estate group the CBRE said yesterday. The average rent in the City is now over £3,000 per month. The figure “partly reflected a small number of exclusive new penthouses”. Elsewhere in London, the sharpest rise in rents [...]
Supply to housing market declines August 13, 2012 The supply of properties into the housing market continued to drop last month, according to a widely-regarded survey released this morning. A net balance of 15 per cent of surveyors reported weaker demand in July, the Royal Institution of Chartered Surveyors found. And five per cent more chartered surveyors reported falls rather than rises in [...]
Online job vacancies down in July August 13, 2012 The number of jobs being posted online dropped in July for the first time in 30 months, the Monster employment index claimed this morning. The index fell three per cent compared to the same time in 2011. The government sector posted a sharp rise in jobs, however, due to part time vacancies.
Petrofac slumps despite upbeat growth targets August 13, 2012 PETROFAC said yesterday it is confident it will deliver full-year profit growth of “at least” 15 per cent in 2012, despite the award of several contracts being delayed. Net profit for the international oil and gas company was up 32 per cent to $325.3m (£207.3m) in the first half of the year, with the dividend [...]
Oil giant BP nets $2.5bn payday from sale of Californian refinery August 13, 2012 BP has sold its Californian oil refinery to a Texan-based refinery firm for $2.5bn, the oil major announced yesterday. The sale, to Tesoro Corporation, is the latest move to restructure its US business, which has suffered since the Deepwater Horizon oil spill in 2010. Tesoro will acquire the 266,000 barrel-per-day refinery near Los Angeles, as [...]
Analyst Views | What do you think of Petrofac’s first half results? August 13, 2012 JONATHAN JACKSON KILLIK & CO The results were ahead of market expectations. The group remains well placed for the long term to meet increased demand for new infrastructure to meet rising energy needs with strong exposure to the Middle East and national oil companies. ANDREW WHITTOCK LIBERUM CAPITAL These are good numbers (earnings of $325m [...]
Lloyds contract bolsters Mitie August 13, 2012 MITIE has enjoyed a solid start to 2012, thanks to a lucrative contract with Lloyds Banking Group. The FTSE 250 company said yesterday that by 30 June, it had secured 87 per cent of budgeted revenues for the financial year, up from 85 per cent last year. The five-year contract with Lloyds, worth £775m, is [...]
