BP sells stake in gas plant to Andarko March 23, 2011 BP’s said it had sold its interest in a natural gas processing plant in Colorado to Andarko Petroleum for $575.5m (£351m). The Wattenberg plant, located in the northeastern part of the state, has the capacity to process about 195 million cubic feet per day of natural gas and 15,000 barrels per day of natural gas [...]
Japanese quake costs estimated at £189bn March 23, 2011 The Japanese government has stimated the direct damage from a deadly earthquake and tsunami that struck the country’s northeast this month at 16-25 trillion yen (£121-£189bn) making it the world’s costliest natural disaster. It said the estimate covered damage to roads, homes, factories and other infrastructure and eclipses the $100bn loss tally after the 1995 [...]
Sainsbury’s misses quarter four target as times get tough March 23, 2011 J Sainsbury, the third-biggest supermarket group, missed fourth-quarter sales forecasts and said trading was likely to remain tough as shoppers face rising fuel prices and government spending cuts. The group, which trails Wal-Mart’s Asda and industry leader Tesco by annual sales, said on sales at stores open over a year rose one per cent, excluding [...]
Factory orders growth gathers pace March 22, 2011 Factory orders growth picked up more than expected in March to its highest pace in three years and firms expected to ramp up prices at the fastest rate in over two-and-a-half years, a survey showed. The Confederation of British Industry survey’s total order book balance jumped to +5 this month from -8 in February, well [...]
Public borrowing and inflation rise March 22, 2011 Public borrowing recorded its worst February since records began, and inflation surged more than expected to a 28-month high, official data showed. The news comes as Chancellor George Osborne puts the final touches to his 2011 Budget due on Wednesday, and is also likely to worry Bank of England policymakers trying to wrestle inflation back [...]
INM profit up despite tough climate March 22, 2011 Publishing group Independent News & Media posted a 14 per cent rise in full-year underlying operating profit and said it expected earnings to grow this year despite tough market conditions. The Dublin-based group, nearly 50 per cent owned by former bondholders, is focussing on media businesses in Ireland, South Africa, New Zealand and Australia after [...]
Sony hit by supply chain nightmare March 22, 2011 A shortage of parts will force Sony to cut production or suspend output at five more plants in Japan following the country’s catastrophic earthquake this month that has hit the global supply chain. Global electronics and autos seem to have been most affected by the turmoil, but in an illustration of how the ripples are [...]
Russia’s Euroset to proceed with London float March 22, 2011 Russian mobile phone retailer Euroset said it will proceed with a London IPO that a source close to the potential offering said could seek to raise more than $1bn (£613m). The company, part-owned by Russian telecoms group Vimpelcom, said in a statement it would offer ordinary shares in the form of GDRs while businessman Alexander [...]
Punch Taverns to spin off managed pubs division March 22, 2011 Embattled pubs firm Punch Taverns on it would demerge its managed pubs division, Spirit, as part of a strategy to reduce its £3bn debt pile. The company, which is the biggest pubs group with 6,770 establishments, said it would demerge its better-performing Spirit business from its struggling tenanted business to create two independent public companies. [...]
Swiss Re estimates quake bill at $1.2bn March 21, 2011 Insurer Swiss Re has estimated that it faces claims from the Japan earthquake and tsunami of about $1.2bn (£738m). But the world’s second largest re-insurance firm said the actual figure may not be known for several months. Analysts have estimated that the insurance industry’s final bill could reach $35bn, excluding any impact from problems at [...]
