Shell signs deal to develop £4bn petrochemical complex in Qatar December 4, 2011 ROYAL Dutch Shell signed a deal with Qatar yesterday to develop a $6.4bn (£4.1bn) petrochemicals complex in Ras Laffan in the Gulf Arab state. Qatar’s energy minister, Mohammed al-Sada, and Shell’s chief executive Peter Voser signed the heads of agreement in the Qatari capital Doha. The deal is the latest in a series of Middle [...]
Weak Europe knocks firms in the capital December 4, 2011 OPTIMISM about the state of the economy has plummeted among London’s businesses, the Confederation of British Industry’s (CBI) bi-yearly business prospects survey showed today. Most firms – 55 per cent – cited the threat of a double-dip recession over the next year as their major concern. Only 13 per cent of firms in the capital [...]
Olympus hid £1.1bn loss: source December 4, 2011 A PANEL appointed by Olympus to probe the accounting scandal engulfing the Japanese firm estimates that Olympus hid investment losses totaling 130bn yen (£1.1bn) at the peak of the cover-up, a source familiar with the investigation said. The source said the panel’s report, to be issued as early as tomorrow, would state that former executive [...]
Report says expats fear economic woes December 4, 2011 FOREIGNERS living in Egypt and southern Europe reported the most widespread weakening in the local economy during the last year, according to new research from HSBC. Expats in Egypt (100 per cent), Spain (97 per cent), Bahrain (94 per cent) and Italy (88 per cent) were among those most likely to report a deterioration, the [...]
£50bn more QE now would give shock boost to Britain, says business group December 4, 2011 PRINTING more money would boost the economy just when a stimulus is most needed, the British Chambers of Commerce (BCC) argued yesterday, calling on the Bank of England’s Monetary Policy Committee (MPC) to announce more quantitative easing (QE) at Thursday’s meeting. Low economic growth and further fiscal austerity mean monetary policy is the most important [...]
Week ahead’s industrial data likely to be gloomy December 4, 2011 MANUFACTURING figures across Europe are released this week, and economists expect a gloomy outlook. October’s figures are expected to show an oncoming recession in the Eurozone and weakness in the surrounding economies. Barclays Capital predicts Italian industrial output – data out on Thursday – will be flat in the month to October, “consistent with a [...]
CITY MOVES | WHO’S SWITCHING JOBS December 4, 2011 Tenemos The banking software provider has appointed former SAP executive Dr Bernd-Michael Rumpf as global head of the company’s customer services group, reporting to chief executive Guy Dubois. Bernd-Michael previously spent 12 years at SAP, where his executive roles included head of field services and support. Prior to that, he was chief executive of SAP [...]
BEST OF THE BROKERS December 4, 2011 COMPASS GROUP Goldman Sachs rates the food and support services group as a “buy” and increases its target price from 695p to 705p, as well as updating its estimates. The broker expects earnings per share of 43.74p in 2012, rising to 48.99p in 2013, but sees several downside risks to both its view and price [...]
EU summit the new focus as investors waver over the euro December 4, 2011 LAST week saw an extraordinary turnaround in equity markets. The index bounced off 5,100 and shot higher with barely a backward glance. The FTSE 100 tacked on more than eight per cent over the period and on Friday it tested significant resistance at 5,600. This marks the 61.8 per cent Fibonacci retracement of the sell-off [...]
WALL STREET WEEK AHEAD December 4, 2011 THE Eurozone will once again serve as the source of Wall Street’s angst, as investors look to a summit of the region’s political leaders for decisive solutions for the ballooning debt crisis. Stocks posted their best week in more than two years last week, driven by central bank efforts to provide cheaper dollar loans to [...]
