Output falls at Russian steel producer Evraz April 16, 2012 EVRAZ, Russia’s largest steel producer, said yesterday its steel production in the first quarter of 2012 fell 1.4 per cent year-on-year to 4.33m tonnes. Production of crude steel increased five per cent compared to the fourth quarter on the back of growth in Russia and in the US, while operations in Ukraine and Europe decreased. [...]
AMEC ORDER BOOK BOOSTS GROWTH April 16, 2012 ENGINEERING services group Amec confirmed yesterday it was on course to fulfil its revenue growth target over the year. The FTSE 100 company said its strong order book put it on target for a double digit underlying revenue lift. “We continue to see healthy demand for our services and investment in our end markets,” said [...]
Total says leak operation on target April 16, 2012 French oil major Total said yesterday it was making “significant progress” in its clean-up of a leak from its Elgin platform in the North Sea. The platform was evacuated after a gas leak was identified on 25 March. Tests had so far found that fish in the area have not been adversely affected by the [...]
Cobalt falls on Angola claims April 16, 2012 Cobalt International Energy said yesterday it “strongly refuted” allegations of wrongdoing after reports that three Angolan officials held concealed shares in an oil venture linked to the company. New York listed shares in Cobalt shares dropped as much as 10 per cent yesterday after allegations of a relationship between Angolan officials and Nazaki Oil and [...]
Max makes better oil discovery April 16, 2012 Oil and gas explorer Max Petroleum yesterday reported better than expected production test results and development plans for its Uytas Field in Kazakhstan. It said it has identified 185m barrels of oil at the site – more than estimated previously. The company said in a statement: “Interpretation of 3D seismic data acquired in late 2011 [...]
Franco-German row breaks out over ECB’s role April 16, 2012 GERMANY has rebuffed French President Nicolas Sarkozy’s call for a debate on the European Central Bank’s (ECB) role in promoting growth yesterday, reaffirming its attachment to ECB independence. Sarkozy told some 100,000 supporters on Sunday that Europe needed to rethink the ECB’s role in supporting economic activity. “If the ECB does not support growth, we [...]
Surging exports outstrip rising imports to boost euro growth April 16, 2012 THE EUROZONE’S trade with the rest of the world showed surprising strength in February, driven by French and German exports of cars and machinery, official figures showed yesterday. However, imports remained relatively weak as European households struggled through the bloc’s economic slump. Exports from the 17 countries surged 11 per cent to give a trade [...]
Call for flexibility on UK minimum wage April 16, 2012 THE MINIMUM wage should be varied by region to reflect the different costs of living in different areas, a think-tank claimed today. The Resolution Foundation praised the flexibility of the minimum wage, which has declined in real terms in reaction to the UK’s recent economic weakness. This year’s planned increase from £6.08 to £6.19 will [...]
Firms fear new tax system is rushed April 16, 2012 THE PILOT for HM Revenue and Customs’ (HMRC) new real time information (RTI) system was launched last week, but a survey out yesterday shows most firms want its full implementation to be delayed. RTI is designed to reduce errors in the pay as you earn system of income tax payments when workers change jobs, and [...]
FED’S PIANALTO: CHOPPY RECOVERY AHEAD April 16, 2012 CLEVELAND Fed president Sandra Pianalto yesterday warned recent disruption to the downward trend in unemployment highlights the “uneven pattern of economic activity.” She described the improvements in the labour market as “modest,” and said the economy has “moved from a walk to a trot, but [is] far from a gallop.”
