Petrofac pumps £33m into gas storage scheme December 6, 2010 Petrofac has bought a 20 per cent share in the Gateway gas storage scheme in the Irish Sea. Gateway aims to eventually add almost 30 per cent to the nation’s total gas storage capacity – which has been well below the level required in the UK. Storage capacity is currently just five per cent of [...]
Rio Tinto in £2.2bn move for Riversdale December 6, 2010 Anglo-Australian miner Rio Tinto made a $3.5bn (£2.2bn) bid approach for Africa-focussed Riversdale Mining, sending the target firm’s shares surging 16 per cent and setting up a potential takeover battle. Rio’s move on Australia’s Riversdale is likely to spark a bidding war, as the company has hard coking-coal projects in Mozambique that could eventually supply [...]
Fed could buy up more government bonds admits Bernanke December 6, 2010 The Federal Reserve could end up buying more than the $600bn in US government bonds it has committed to purchase if the economy fails to respond or unemployment stays too high, Fed Chairman Ben Bernanke said. The Fed will regularly review the policy and could adjust the amount of buying up or down depending on [...]
Rolls-Royce wins $110m in energy contracts December 6, 2010 Rolls-Royce has won new contracts valued at more than $110m (£69m) for energy projects in Europe, Africa, India and the Middle East. As part of these contracts, Rolls-Royce will deliver both power generation and pipeline transmission products and services. Andrew Heath, Rolls-Royce, President Energy said: “We are pleased to announce these new contracts, which demonstrate [...]
AOL “plotting merger with Yahoo” December 6, 2010 AOL, undergoing a radical transformation into the king of content on the Internet, is actively exploring a breakup of the company involving a complicated series of transactions that may lead to a merger with Yahoo, sources close to the plans said. The plans are still in the exploratory stage and Yahoo has not been contacted, [...]
Pfizer chief Kindler resigns December 6, 2010 The chief executive of Pfizer, Jeffrey Kindler, has announced that he will stand down from his role to “recharge my batteries.” He is being replaced by Ian Read, 57, the global head of pharmaceuticals, at the world’s largest drug maker. Kindler, 55, has been at the helm for five years. He said that the “24/7 [...]
Manufacturing output maintains record high December 6, 2010 Manufacturing output has held steady in the fourth quarter at the previous three months’ record high and companies have stepped up hiring, but they are less confident about the outlook for 2011, according to a survey. The Engineering Employers’ Federation said a balance of 33 per cent of firms reported a rise in output in [...]
Resolution replaces Citigroup as corporate broker November 24, 2010 RESOLUTION, the life funds group run by Clive Cowdery, ended its broking relationship with Citigroup today following the summer departure of Andrew Thompson, one of the bank’s most senior corporate brokers. Sources said that Resolution was “very much a relationship driven company” and that Thompson’s departure to Deutsche Bank was bound to make a major [...]
US economic data boosts stocks November 24, 2010 US stocks climbed today after data on the labour market and consumer spending signalled the economy was on an upswing. US consumer spending rose for a fourth straight month and a key inflation gauge was at a record low, while jobless claims fell more than expected, the government reported. A private survey found US consumer [...]
Rolls-Royce wins new £755m Emirates order November 24, 2010 UK engine maker Rolls-Royce has secured new contracts worth a total $1.2bn (£755m) with Dubai-based Emirates airline to service engines on 50 of its aircraft fleet. Rolls-Royce will provide TotalCare long-term services support for Trent 700 engines in 29 of Emirates’ Airbus A330 aircraft and Trent 800 engines in 21 Boeing 777 aircraft. The news [...]
