LONDON 2012 IMAGE OF THE WEEK July 19, 2012 A GOLDEN BMW convoy will journey across London between the 20 and 25 July. If you want the chance to experience the Games, spot a golden BMW, snap a picture and share it via Twitter @GoldenBMW to win a pair of tickets to the Games every day. Between now and the start of the Olympics, [...]
Avocet names new chief executive July 19, 2012 West Africa-focused Avocet Mining has named engineering veteran David Cather as its new chief executive, as it seeks to reassure the market on its operations and boost shares battered by reduced output outlook and worries over expansion plans. The miner said yesterday it had accepted Brett Richards’ resignation, appointing mining engineer Cather, who joined the [...]
Gulf Keystone lifts oil estimate July 19, 2012 Gulf Keystone yesterday upgraded its oil estimates for the for the Shaikan field in the Kurdistan Region of Iraq to a mean value of 13.7bn barrels. The field has between a probable value of 12.4bn barrels to a proven value of 15bn barrels of oil-in-place, giving an average of 13.7bn, compared to the previously announced [...]
Heritage Oil gets forecast boost July 19, 2012 The Nigerian oil mining lease in the process of being bought by UK independent Heritage Oil has 58 per cent more proved and probable reserves than previously estimated, Heritage said yesterday citing a report by industry specialists RPS Energy Consultants. The independent report, commissioned to assess OML 30, has increased the block’s proved and probable [...]
Poor economic data knocks US recovery hopes July 19, 2012 AMERICA’S recovery is struggling to gain momentum according to several pieces of economic data that disappointed analysts yesterday, including a sharp upturn in the number of new claims for unemployment benefit. Initial claims for state unemployment benefits increased 34,000 last week, reaching a seasonally adjusted 386,000, the US Labor Department revealed. The news came after [...]
Spain’s borrowing costs climb after disappointing bond sale July 19, 2012 TEN-YEAR Spanish bond yields rose above the psychologically worrying seven per cent line yesterday, after the country paid euro-era record yields for five-year funding as investors remain concerned about its finances and growth prospects. Spain sold at the top of its €2bn to €3bn target range, but borrowing costs for two-, five- and seven- year [...]
Resounding victory for Merkel in vote over Spanish bailout July 19, 2012 ANGELA Merkel won yesterday’s key vote on an aid package for Spanish banks with a huge majority, suggesting that opposition in Germany to Eurozone bailouts is not as virulent as has been suggested. The vote in the Bundestag was carried with 473 voting in favour, compared to 97 voting against – though the dissenters included [...]
Deep discounts mitigate sharp retail sales fall July 19, 2012 RETAILERS were hit by bad weather in June, as consumers bought less food to barbecue and spent less than expected on the Queen’s Diamond Jubilee, according to data released by the Office for National Statistics (ONS) yesterday. The ONS’s retail sales index inched up 0.1 per cent by volume in June, compared to May, but [...]
Slump in business borrowing is due to lack of demand says Bank July 19, 2012 LENDING to businesses slumped in May, despite decent credit conditions, according to Bank of England data released yesterday. Net lending was down £1.7bn in May, a fall that put net credit 3.1 per cent lower than the same month last year, and £10.6bn lower than at the end of 2008. Borrowing by small and medium [...]
Consumers hit by housing market woes July 19, 2012 MORTGAGE lending dived in June, while private rents climbed for the third month in a row, according to data released yesterday by the Council of Mortgage Lenders (CML) and today by LSL property services. Gross mortgage lending was down five per cent at £11.9bn, compared to £12.5bn in May and £12.6bn in June last year, [...]
