Oil industry hopes for tax reform boost February 26, 2012 REFORMED tax incentives could boost UK oil output by up to three billion barrels and increase overall tax revenues, according to an industry body that believes George Osborne is considering its plan. Oil and Gas UK hopes the chancellor will extend the field allowance tax breaks which allow increased development of “challenging” oil fields – [...]
Berkshire’s Warren Buffett has identified his successor February 26, 2012 WARREN Buffett has told investors that he has identified a successor to replace him as chief executive of Berkshire Hathaway, but he stopped short of revealing the name. In his annual letter to Berkshire shareholders, the 81-year old investor insisted he had no intention of stepping down but said the eventual transfer of power “will [...]
New blow for Kingfisher as lead lender refuses to loan more cash February 26, 2012 KINGFISHER, the struggling Indian airline, received another blow yesterday, after its main lender State Bank of India said it would not consider any fresh loans until it raises new equity itself. Desperately strapped for cash, Kingfisher stands on the brink of collapse after multiple flight cancellations and the resignation of dozens of its pilots. Kingfisher, [...]
BT looking to launch a new music player February 26, 2012 BT is considering launching its own music service, putting it in direct competition with the likes of Apple’s iTunes and Spotify. A BT spokesperson said, “We’re keen to launch a music service this year, but the business model has to make sense.” He declined to comment on the nature of the product or its expected [...]
Sun on Sunday sells 3m copies according to Murdoch tweet February 26, 2012 THE Sun on Sunday, the new tabloid from the News International stable, sold 3m copies on its debut yesterday, according to Rupert Murdoch. Murdoch took to microblogging website Twitter to reveal that sales of the title had topped the company’s expectations. He said: “Reports early, but new Sun edition sold 3m!” Last week Murdoch said [...]
ECB is banking on second shot of cheap money February 26, 2012 ACRONYMS abound when it comes to the global financial system. First there was Tarp – the 2008 US Troubled Asset Relief Programme – which described the $700bn used to buy or insure troubled bank assets. Fast forward to December 2011, and the European Central Bank embarked on its first three-year Long Term Refinancing Operation or [...]
Gillard retains job as PM February 26, 2012 AUSTRALIAN Prime Minister Julia Gillard today won a leadership vote against rival Kevin Rudd, despite polls showing a government under her leadership would be decimated at the next elections in 2013. Gillard emerged victorious from the prime ministerial showdown against Rudd and said she hoped the result would end months of bitter leadership infighting within [...]
Downturn for ITV is halted by Downton February 26, 2012 NATIONAL broadcaster ITV is expected to show an upturn in fortunes in its annual earnings this Wednesday on the back of mega-hit TV show Downton Abbey and a rise in industry-wide advertising revenues. Analyst consensus expects the television group to report pre-tax profits of £361m, showing a growth of 12.5 per cent on 2010. But [...]
Crozier has no time for backslapping February 26, 2012 PITY poor Simon Fox, chief executive of HMV, who turned down the top job at ITV in 2009. Despite being the frontrunner to lead the free-to-air broadcaster, he decided to stay on at the music retailer to implement his turnaround plan. Alas, it looks highly unlikely that the turnaround of ailing HMV will ever be [...]
Vedanta merges Indian units to create firm worth $20bn February 26, 2012 VEDANTA, the FTSE 100 mining giant, has announced plans to merge several of its Indian subsidiaries to create a new $20bn (£12.6bn) business. The group, controlled by British-based tycoon Anil Agarwal, has over a dozen Indian units producing oil to aluminium and copper to zinc. The consolidation is expected to lead to the creation of [...]
