Norwegian strike lifts oil prices June 27, 2012 An oil workers’ strike in Norway, the world’s eighth largest oil exporter, has propped up Brent crude, pushing the price to nearly $94 a barrel in yesterday’s trading. The labour minister, Hanne Bjurstroem, yesterday said that the government was far from intervening in the dispute. The government has the authority to step in to force [...]
Brazil unveils stimulus measures June 27, 2012 Brazil unveiled a new round of stimulus measures yesterday, pledging to boost government purchases and lower subsidised lending rates for companies in another bid to revive its economy. It is hoped the new measures, which call for government purchases to rise by 6.6bn reais this year, will shield Brazil from the global economic slowdown.
Yule Catto hit by weakening demand in Asia June 27, 2012 BRITISH chemicals maker Yule Catto saw its share price plunge yesterday after it announced that it expects its business to be hurt by a volatile euro and weakening demand in Asia. Yule Catto shares plummeted by 21.4 per cent making them one of the biggest percentage losers on the London Stock Exchange. The news undermines [...]
Bunzl acquires US distribution firm as revenues head upwards June 27, 2012 GLOBAL distribution and outsourcing company Bunzl said yesterday it had bought Service Paper Company in the United States while separately issuing an upbeat trading statement. Service Paper distributes disposable supplies to the grocery, food service, food processor and industrial packaging sectors throughout the Pacific Northwest. Revenues of the business acquired for the year ended 31 [...]
Tepco to receive £8bn injection June 27, 2012 Tokyo Electric Power (Tepco) shareholders voted yesterday to approve the Japanese government’s 1 trillion yen (£8bn) capital injection, to avert the collapse of the utility in the aftermath of the Fukushima nuclear crisis. The capital injection will hand control of Tepco to the government. It brings total state support for the company to 3.5 trillion [...]
Xtract suspends share trading June 27, 2012 Shares in Xtract Energy were suspended yesterday. The company said it had received cash demands from Noreco, the operator of its Danish Luna well, in relation to cost overruns on the drilling of the well. The company said in a market statement that its financial future was uncertain. It said: “We are exploring various potential [...]
Italians clarify drilling rules June 27, 2012 Mediterranean Oil & Gas said yesterday it would pursue plans for a concession in the Central Adriatic after the Italian government clarified rules on offshore drilling. Italy put in place offshore drilling restrictions in 2010 as a defensive measure after BP’s Gulf of Mexico spill. Changes to these rules now mean restrictions on offshore exploration [...]
WHO’S SWITCHING JOBS June 27, 2012 LDC The private equity house has announced that Keith Holdt has been appointed as investor director in its value enhancement group. He joins from Swiss Post Solutions, where he was head of global business development and sales. Holdt previously spent eight years with IBM. Lloyds Banking Group Andrew Bester has been appointed chief executive, wholesale [...]
BEST of the BROKERS June 27, 2012 ASHTEAD Canaccord Genuity said fourth quarter results published by the industrial equipment firm Ashtead last Thursday were better-than-expected and as a result, it is raising its target price by eight per cent to 285p and retaining its “buy”stance. The broker has upgraded its full year profit-before-tax forecast by nine per cent to £163.5m and said [...]
Boosted by bank and commodity stocks, FTSE breaks its losing run June 27, 2012 BRITAIN’S leading shares bounced back yesterday, snapping a four-session losing streak, with commodity and banking stocks squeezed higher as worries over the global growth outlook were eased by some upbeat US data. Volumes were again low, however, as most investors preferred to remain on the sidelines ahead of a crucial European summit. The FTSE 100 [...]
