Canada counts Alberta flood costs September 23, 2013 The massive floods that devastated swaths of southern Alberta in June are estimated to be the costliest natural disaster in Canadian history, with the Insurance Bureau of Canada pegging the property damage at C$1.7bn (£1.03bn). The bureau, which represents Canadian home, cars and business insurers, said the preliminary estimate for the floods surpassed the C$1.57bn [...]
Cuba plans port and trade zone September 23, 2013 Cuba published rules and regulations yesterday governing its first special development zone, touting new port facilities in Mariel Bay in a bid to attract investors and take advantage of a renovated Panama Canal. The decree establishing the zone and related rules takes effect on 1 November and includes tax and customs breaks for foreign and [...]
City Moves for 24 September 2013 | Who’s switching jobs September 23, 2013 Rockspring The property investment company has announced the appointment of David Thomas as European director responsible for its fund accounting team. Thomas was most recently at PwC, where he spent nine years specialising in investment management and real estate. Barclays The bank has recruited Peter Horrell as chief executive of its wealth and investment management [...]
Total to taper its investments from next year September 23, 2013 FRENCH oil giant Total said yesterday that it would bring its investment spend down next year while its oil and gas production will grow to 2.6m barrels of oil equivalent per day (boepd) in 2015, boosting the company’s available cash flow. Investors were eager to know how the French oil major would taper its unprecedented [...]
Lamborghini bullish on US and India as crackdown hits China September 23, 2013 ITALIAN car maker Lamborghini will struggle to find another China as sales of its super-sports cars in the world’s biggest auto market have hit the skids due to a government campaign against conspicuous spending, chief executive Stephan Winkelmann said yesterday. However, Automobili Lamborghini, owned by Germany’s Volkswagen, sees long-term potential in the nascent Indian market [...]
Statoil finds natural gas but no oil in the Arctic Ice Crystal well September 23, 2013 NORWEGIAN energy explorer Statoil found only natural gas and no oil at the Ice Crystal prospect in the Arctic Barents Sea, the company and the Norwegian Petroleum Directorate said yesterday. “Our main goal was to find oil… but unfortunately it did not materialise,” said Gro Haatvedt, senior vice president for exploration in Norway. “We still [...]
Norwegian Air calls in Boeing to explain new Dreamliner glitches September 23, 2013 NORWEGIAN Air has called in Boeing management for a meeting in Oslo this week following a slew of technical problems with its two Dreamliner planes, the low-cost carrier said yesterday. “We are going to tell them this situation is far from good enough,” company spokeswoman Anne-Sissel Skaanvik said. “We have not had the reliability that [...]
Ithaca agrees new farm-out deals September 23, 2013 Aim-listed oil explorer Ithaca Energy yesterday unveiled a new raft of UK exploration farm-out deals, with Oyster Petroleum, Sussex Energy and Euroil Exploration. In combination with previously announced farm-out agreements, Ithaca is now fully carried for the cost of drilling the exploration wells which were transferred when it bought Valiant Petroleum. In addition, Ithaca will [...]
Genus buys Genetiporc for £25m September 23, 2013 FTSE 250 bull and pig semen specialist Genus yesterday said it has acquired Genetiporc, the pork genetics business of Aliments Breton Foods Group, for £24.8m. Genetiporc is based in Canada and has operations in the US and Mexico, as well as a joint venture in Brazil. “Genetiporc is an excellent fit with Genus’ existing business [...]
Ariana discovers gold-silver zones September 23, 2013 Ariana Resources has discovered four highly mineralised areas of gold and silver in western Turkey, it said yesterday. The Aim-listed miner also said that it has substantially increased the number of gold-silver bearing veins – areas of crystallised minerals within rocks – mapped in the region. “These exceptional exploration results reinforce our views on the [...]
