Roxi abandons Kazakh well April 11, 2012 Roxi Petroleum announced yesterday that had it abandoned and plugged its NK-10 well in Kazakhstan, sending its shares down 15 per cent. The move came after drilling found high water content with only minor gas deposits which were not commercially viable. The central Asian-focused oil exploration company started drilling the well in November last year.
BMW sales soar to a new record April 11, 2012 BMW yesterday reported record first quarter sales thanks to a buoyant market in China. Group sales increased by 11.2 per cent compared with the same quarter last year, to 425,528 vehicles. BMW said its 1 Series volume model and a good start for the revamped 3 Series had contributed to the jump. The Rolls-Royce and [...]
Improving margins help WS Atkins to keep profit on track April 11, 2012 DESIGN and engineering consultant WS Atkins yesterday said it was on target for its full year forecasts while UK margins were improving. The British company said that it was on course to hit pre-tax profit estimates of £100m. It achieved a similar level in the previous year, on revenues of £1.7bn. The company is the [...]
Sainsbury’s to buy 18 Total petrol stations from Rontec April 11, 2012 J SAINSBURY said yesterday it will buy 18 Total petrol stations across the country from Rontec as the retailer looks to expand its fuel business and grow the number of convenience stores. The deal, which is subject to approval from the Office of Fair Trading, includes seven Total-branded stations in London, as well as sites [...]
Japanese stock market hit by Sony losses April 11, 2012 JAPAN’S Nikkei index fell for the seventh consecutive session yesterday, enduring its worst run in three years after Sony more than doubled its loss forecast for the year, in the wake of renewed fears over European sovereign solvency. Average share prices dropped by 0.8 per cent, with the index closing down 79.28 points at 9,458.74, [...]
India and Brazil pick up pace as exports boost output growth April 11, 2012 EMERGING economies expanded strongly in the first quarter, and have plenty of monetary and fiscal “ammunition” to bolster growth should it falter – in stark contrast to European economies, a report by HSBC argued yesterday. Manufacturing production accelerated in India and Brazil, and grew at a slightly slower pace in Russia, the study found, though [...]
Fed’s Beige Book lifts hopes for solid recovery across the States April 11, 2012 THE US economy is continuing to expand at a “modest to moderate pace,” the Federal Reserve reported last night, as the manufacturing, professional services and retail sectors all recorded strong growth. However, rising energy and fuel prices are beginning to worry producers and consumers, according to the Beige Book – a regular publication which analyses [...]
BoE says the direct debit system needs protection April 11, 2012 THE interbank payment systems which keep the country’s finances working might not be sufficiently well protected against banks going bust or the development of technical problems, a Bank of England report warned yesterday. For example, Bacs – the system that handled 5.6bn direct debit payments last year – could face a liquidity crisis if a [...]
Pressure on US banks to raise capital buffers April 11, 2012 TOP FED officials yesterday warned against the risks to financial stability posed by European debt and pushed for banks to hold more capital against future crises. Kansas City Federal Reserve president Esther George said the leverage ratio is one buffer in the financial system that is historically there to absorb losses, and that there must [...]
UK tries out real-time tax scheme April 11, 2012 A PILOT for a new real-time information system was launched by HM Revenue and Customs yesterday in an effort to cut down on over- and under-payments of income tax. The scheme is designed to reduce errors in the pay as you earn (PAYE) system when workers change jobs, which HMRC hopes will save employers £300m [...]
