BP returns to Gulf of Mexico June 12, 2012 OIL major BP has started pumping oil from a new project off the Gulf of Mexico coast, its first new development to come onstream since the Macondo disaster in 2010 caused the largest offshore spill in US history. BP said yesterday the Galapagos development started initial production earlier in June, with oil flowing to a [...]
BNP Paribas mulls Egypt exit June 12, 2012 BNP Paribas, France’s biggest listed bank, is planning a sale of its retail banking operations in Egypt as the lender seeks to shore up its capital base and exit non-core operations, two banking sources said yesterday. BNP, which has around 70 branches in the North African country, may raise as much as £260m if the [...]
Workspace cheers London boom June 12, 2012 Workspace Group, the London-based firm that provides office space to start ups, reported better-than-expected results as its focus on the capital paid off. Net asset value per share, a key industry measure, rose eight per cent to £3.08. Workspace’s trading profit rose 13 per cent to £16m.
Heathrow Express staff get bonus June 12, 2012 Heathrow Express staff have won a bonus of up to £700 each for working during the Olympics. Heathrow Express said workers would receive a bonus if there were “additional passenger volumes ad revenues occur on specific ‘peak’ days”. The Unite union said the news piled pressure on bus firms to offer a Games bonus.
Qantas defends against bids June 12, 2012 Qantas has tapped Macquarie Group to defend against a possible bid after it lost a third of its value last week following a profit warning, a source said yesterday. Shares in the firm rallied more than seven per cent following the news.
CITY MOVES | WHO’S SWITCHING JOBS June 12, 2012 Bargate Murray Alfred Merckx has been appointed as a partner and head of the City law firm’s newly formed aviation department. He joins from Dubai-based JetEx Flight Support, where he was general counsel. Merckx has extensive experience in business aviation and has served as a partner at Sinclair Roche and Thomas Cooper. Ixaris The electronic [...]
BEST of the BROKERS June 12, 2012 GENEL UBS has started covering the energy firm with a “buy” rating and a 12-month price target of 850p. The broker is optimistic about the political situation in the Kurdish region of Iraq, where Genel operates, and is impressed by the firm’s assets in the region. UBS also expects the group to make some high-impact [...]
Jittery FTSE 100 swings to a gain as traders fret over Spain’s prospects June 12, 2012 BRITAIN’S top share index ended higher yesterday after another volatile session, recovering from a fall in the afternoon as Spanish bond yields hit their highest levels of the euro era on worries about the impact of its banking bailout. Initial relief over an aid deal agreed on Saturday for the country’s banks has quickly turned [...]
Bailout buzz is back in the US as stocks rise June 12, 2012 US stocks took their cues from Europe’s troubled debt markets yesterday, staging a comeback rally to end up more than one per cent as Spanish bond yields came off euro-era record highs. Trading has been choppy this week as investors struggle for clarity on whether the €100bn bailout for Spanish banks agreed over the weekend [...]
Business leaders must speak up in promoting a culture of capitalism June 12, 2012 MY 33 years at Tesco, 14 of them as its chief executive, left me in no doubt that people hold one of two views of the world: there are those who believe in trusting people, markets and competition, and those who put their faith in government, in all its various guises. Life being what it [...]
