The City will pay a high price for a Tobin Tax September 6, 2010 EU FINANCE ministers are meeting today to discuss the latest incarnation of the Tobin Tax. The City should be worried. Tobin’s proposed tax on foreign exchange transactions has deservedly been in the wilderness for forty years, but the mood has changed. There is a real danger that a punishing levy could happen, sooner rather than [...]
Shell in refinery sale talks September 6, 2010 ROYAL Dutch Shell is in exclusive talks with Finnish fuel distributor St1 to sell the oil major’s Swedish refinery, both companies said yesterday. If the companies reach an agreement, it would be the second European refinery deal for Shell in a short period, following the sale of its German refinery in late August. Both of [...]
Cosalt suspends its offshore chief sending shares plummeting 25pc September 6, 2010 COSALT, a provider of safety equipment to the oil industry, has lost a quarter of its value after the head of its offshore division was suspended from day to day duties. The company, which makes things like lifejackets, First Aid gear and fire extinguishers, said Calum Melville had also resigned as a director. An internal [...]
Record travel numbers for Eurotunnel September 6, 2010 EUROTUNNEL enjoyed a record summer this year, after car traffic rose 17 per cent on last year with more than half a million cars taking the trip between Kent and Calais in July and August. The French company, which trades on the London and Paris stock exchanges, said it broke its previous passenger record on [...]
Oilex shares gain 150pc after new gas field success in India September 6, 2010 OIL and gas explorer Oilex said it has significantly upgraded its gas reserves in India thanks to advances in extraction tecnology, sending its shares soaring more than 150 per cent yesterday. Australia-based Oilex said yesterday it estimates the Cambay field in Gujarat holds 248bn cubic feet of gas with a 90 per cent certainty of [...]
Fund of funds Stenham buys Montier September 6, 2010 FUND of hedge funds group Stenham Asset Management yesterday said it had snapped up niche rival Montier Partners, boosting its total assets under management to $3.5bn (£2.27bn). As part of the deal, the roles of managing director and chief investment officer at Stenham, both currently held by Kevin Arenson, are to be split. Arenson will [...]
Rise in British jobseekers advances Staffline profit September 6, 2010 BLUE-COLLAR recruitment specialist Staffline Group posted a 50 per cent profit rise yesterday as it takes advantage of a glut of jobseekers to plug demand for temporary labour. Staffline said pre-tax profit jumped to £2.1m in the first half of the year on turnover up 70 per cent to £83.4m, boosted by demand for temporary [...]
CITY MOVES | WHO’S SWITCHING JOBS September 6, 2010 RBC Capital Markets Royal Bank of Canada’s corporate and investment banking arm has hired Bank of England veteran Jens Larsen as its new chief European economist, based in London. Larsen spent the previous 12 years at the Bank, most recently as head of the macro financial analysis division. Between 2006 and 2008, he held the [...]
BEST OF THE BROKERS September 6, 2010 HOME RETAIL GROUP Seymour Pierce has upgraded the owner of Argos to a “hold” ahead of its trading update on Thursday. The firm has lost 29.5 per cent of its value in a year, and the current share price of 221p is near fair value, it believes. The broker notes that the retailer’s strong balance [...]
Weak market rocks profits at Macquarie September 6, 2010 AUSTRALIAN banking giant Macquarie Group yesterday slapped investors with a shock profit warning, admitting that its earnings will fall around a quarter over the first half of the year due to torrid market conditions. Macquarie, which has in the past been nicknamed the “millionaires’ factory” due to the sizeable pay packets awarded to its star [...]
