Essar misses forecasts as tax case hits February 27, 2012 ESSAR Energy yesterday reported earnings which fell short of forecasts in a year blighted by a long-running battle with Indian tax authorities. The FTSE 100 company is facing twin setbacks in India, its key market for oil products and electricity, due to delays in government approval to mine cheaper coal from its own resources and [...]
Vedanta boosted by plan to cut debt and generate cash February 27, 2012 INVESTORS yesterday welcomed Vedanta’s proposed restructuring to improve access to cash and reduce debt, saying the pressure is now on the company to implement the plan after a similar exercise failed more than three years ago. Its stocks overall have underperformed the British sector by about 25 per cent since the start of last year, [...]
EXXON LIFTS LID ON KURDISTAN PLANS February 27, 2012 EXXON Mobil, led by chief executive Rex Tillerson (pictured), has finally disclosed its plans to explore for oil in Iraq’s Kurdistan. The news, in the company’s annual report, broke months of silence over the investment. “Exploration and production activities in the Kurdistan region of Iraq are governed by production-sharing contracts negotiated with the regional government [...]
Aminex lifted by Tanzania find February 27, 2012 Aminex shares lifted as much as 10 per cent yesterday after the oil explorer said it made a gas discovery at the Ntorya-1 exploration well in Tanzania, along with partner Solo Oil. The company has discovered a three metre net gas bearing pay zone in its Ruvuma basin onshore in Tanzania and a 16.5 metre [...]
UN: Iran nuclear machinery old February 27, 2012 Iran is still relying on old technology to expand its nuclear programme and is “still struggling with the advanced centrifuges”, the UN’s nuclear watchdog has said. Iran is stepping up its uranium enrichment, a move that has sent oil prices higher particularly in recent weeks. But the report claimed that the old machinery could hamper [...]
BP shares up as legal fight is put on hold February 27, 2012 BP SHARES were among the highest climbers on the FTSE 100 in early trading yesterday after the trial to decide who should pay for the 2010 Gulf of Mexico oil spill was delayed by a week. The postponement gives BP more time to cut a deal with tens of thousands of businesses and individuals affected [...]
Transocean books $1bn Gulf charge as its losses worsen February 27, 2012 TRANSOCEAN took a $1bn (£632m) charge related to the 2010 Gulf of Mexico oil spill yesterday, the clearest indication yet that the contract driller is preparing to settle the case. Shares of Transocean, owner of the world’s largest offshore drilling fleet, rose five per cent on its solid quarterly results, and the prospect of closing [...]
The new kids February 27, 2012 ALL eyes were on Nokia yesterday morning, as delegates at the Mobile World Congress in Barcelona waited with bated breath for its latest release. Some were hoping for a long-rumoured tablet, which never materialised. What we got was a cheaper handset in Nokia’s Lumia range, the 610. It’s a solid enough device, with enough curves [...]
CITY VIEWS: IS PAYING WITH YOUR MOBILE PHONE THE NEXT BIG THING? February 27, 2012 CAORINNA BRIDGES FRIENDS LIFE “If someone stole your phone, couldn’t they could just use it? It would be like losing everything at once. I guess it could work, but I think most people would rather have things separate.” PAUL CLIFFORD SCHRODERS “It has been in the pipeline for ages, so I cannot see why they [...]
Vodafone CEO in broadside at regulators February 27, 2012 VODAFONE chief executive Vittorio Colao yesterday said pressure from regulators could strangle investment in the mobile industry and leave Europe floundering behind the US. He said radical reform of the “auto-pilot” regulation facing European operators could be the difference between the industry returning to growth or starting a downward spiral that could see Europe become [...]
