BP and CNPC in cut-price Iraq oil deal June 30, 2009 AN ALLIANCE led by UK oil giant BP yesterday secured a six-year contract to develop Iraq’s biggest oil field, but had to agree to a fifty per cent cut in the fees it had been asking for. In a consortium with China National Petroleum Corporation (CNPC), BP accepted a fee of $2 (£1.20) for each [...]
Michael Jackson’s death gives boost to YouTube June 30, 2009 FOLLOWING the untimely death of Michael Jackson, fans of the pop sensation were brought together by one man’s music. Whereas in a previous age people might have rushed to buy re-issued records or CDs, in the internet age it translated into a surge of people looking online for Jackson’s music. As well as music retailers, [...]
Capital Pub Company shrugs off the gloom as sales lift in London boozers June 30, 2009 CAPITAL Pub Company, which runs a chain of non-branded pubs in London, yesterday provided a glimmer of hope for the pubs sector by reporting a seven per cent lift in pre-tax profits to £2.1m. The group, which owns a portfolio including the Anglesea Arms in South Kensington and The Marquis of Granby on Shaftesbury Avenue, [...]
BG Group spends $1.3bn on Exco shale gas stake June 30, 2009 BG GROUP said yesterday it would pay Dallas-based Exco Resources $1.3bn (£789m) for an interest in shale gas resources, as oil and gas firms continue to snap up assets before an economic recovery drives prices higher. The companies said that each would own 50 per cent of a venture to which Exco is contributing 120,000 [...]
PwC: Six companies eyeing LDV June 30, 2009 Administrators for van maker LDV said yesterday at least six companies are still considering investing in the company. PricewaterhouseCoopers said an announcement was likely at the end of July over the future of the firm and what suppliers would receive. LDV went into administration last month after white knights WestStar pulled out, saying they couldn’t [...]
IHG reshuffle will save money June 30, 2009 InterContinental Hotels said yesterday its planned reorganisation of its Asian operations would mean cost savings for the group – but declined to say howmuch much. The world’s largest hotel operator said 115 Chinese operations would now be managed separately from the rest of its Asia Pacific operations as part of a regional revamp.
Businesses caught in red tape June 30, 2009 Smaller businesses in the construction sector lose more than £1.1bn every year due to government red tape, new figures have shown. Research carried out by business lobby and support group the Forum of Private Business (FPB) found that Britain’s small and medium-sized construction firms spend £1,157m each year complying with legislation.
Cisco could take on Microsoft June 30, 2009 Cisco Systems is considering offering Web-based alternatives to Microsoft’s popular Office software as the networking giant expands on the internet. Cisco Senior Vice President Doug Dennerline said his company may develop a service that would be specifically targeted at business users. Internet alternatives to Office – such as Google Docs – cropped up five years [...]
BA TALKS TRUNDLE ON June 30, 2009 BRITISH AIRWAYS will today re-start last ditch talks with its unions in a desperate bid to avert strike action, having failed to reach agreement before yesterday’s self-imposed deadline. It is thought that Unite and other unions could not agree with BA on a range of issues, including compulsory redundancies. Willie Walsh, the airline’s chief executive, [...]
Turner sketches capital rules June 30, 2009 LORD Adair Turner, the chairman of the Financial Services Authority (FSA), yesterday told bankers to prepare for “radical change” under the future regulatory regime, including the requirement to hold much higher capital ratios. Speaking at the annual British Bankers’ Association (BBA) conference, the FSA supremo said he supported US Treasury secretary Tim Geithner’s proposal that [...]
