BP gets bloody nose overs its directors’ pay April 12, 2012 BP suffered a bloody nose over its directors’ pay packets yesterday, as shareholders at its annual meeting voiced continued concerns about the firm’s strategy two years after the Gulf of Mexico oil spill. Around 11.8 per cent of shareholders voted against the firm’s remuneration plans, with a further 1.7 per cent withholding their votes. The [...]
IEA says oil market is starting to turn a corner after record highs April 12, 2012 GROWTH in oil supply has outstripped rising demand for the first time since 2009, the International Energy Agency said yesterday, adding that it “detects a turning of the tide for market fundamentals”. Global supply is expected to grow by 0.7m barrels per day during the year, despite unplanned stoppages in the North Sea and elsewhere [...]
Aggreko upbeat on 2012 as it wins £50m Dominican contract April 12, 2012 AGGREKO, the world’s biggest temporary power provider, said yesterday underlying revenue had risen by more than 20 per cent in the first three months of the year, putting it on track for further growth in 2012. Separately, the company announced a 100 megawatt (mw) contract in the Dominican Republic valued at about $80m (£50m) over [...]
Genel gives positive outlook on Kurdistan exploration fields April 12, 2012 GENEL Energy, whose chief executive is former BP boss Tony Hayward, yesterday gave an upbeat statement on its operations in Kurdistan. According to the firm’s operator in the region DNO, the Tawke field in Kurdistan is fulfilling expectations. It said the Peshkabir-1 exploration well was ready for drilling. Genel has a 25 per cent interest [...]
Shell says new Gulf spill is not from its wells April 12, 2012 SHELL’S shares fell as much as four per cent yesterday on worries over a possible oil spill in the Gulf of Mexico, before reassurances from the company helped stabilise the stock. The FTSE 100-listed oil major sent in a specialist vessel to assess a sheen on the water near one of its Gulf platforms, and [...]
Total pulls out of Wessex bid April 12, 2012 FRANCE’S Total yesterday pulled out of a £70m bid for AIM-listed oil explorer Wessex Exploration. The oil giant was looking to gain a greater share of a huge field off the coast of French Guyana, in which it already has a 25 per cent stake. The oil major said yesterday it had decided against pursuing [...]
BA looks to cut 1,200 jobs as it integrates BMI April 12, 2012 BRITISH Airways said yesterday 1,200 jobs were under threat as a result of plans to integrate the recently-purchased airline BMI into its Heathrow operations. The Unite union said it was “very saddened at the scale of the job losses being proposed” as BA soaks up 42 of BMI’s lucrative landing slots at Britain’s busiest airport. [...]
Travelodge chief Guy Parsons to be replaced by former boss April 12, 2012 GUY PARSONS has stepped down as chief executive of Travelodge to allow executive chairman Grant Hearn to take full control of the debt-laden group. The budget hotel chain, which owns nearly 500 hotels across the UK, Ireland and Spain, said Hearn will resume the role as chief executive which he held until 2010. The move [...]
£274m bid for UK firm Umeco April 12, 2012 BRITISH aerospace parts supplier Umeco is set to be bought by American firm Cytec after the board recommended a £274m takeover bid. The offer of 550p a share pushed Umeco shares up 48 per cent yesterday and Cytec said it had commitments from the top three shareholders to vote in favour of the deal. The [...]
March boon for hedge funds April 12, 2012 INVESTORS put more cash into hedge funds in March, data from hedge fund administrator GlobeOp shows, encouraged by a rebound in financial markets. Net inflows into hedge funds, as measured by the GlobeOp Capital Movement Index, which tracks monthly net subscriptions to and redemptions from hedge funds managing $187bn, were 0.35 per cent of that [...]
