Cairn posts record sales March 22, 2011 CAIRN ENERGY posted record full-year sales and raised hopes that its long-running disposal of its Indian unit will get government approval yesterday. The Edinburgh-based oil and gas explorer agreed last August to sell up to 51 per cent of Cairn India for up to $9.6bn (£5.9bn) to rival Vedanata – but is still waiting for [...]
ANALYST VIEWS: WHAT NEXT FOR CAIRN AFTER THESE RECORD RESULTS? March 22, 2011 HOWARD WHEELDON | BGC PARTNERS It has been a tough period for Cairn, but it is worth investors having faith in this well run company. India needs to show foreign investors that it can sort this dispute out, and Cairn needs the cash to invest in the projects that it is developing elsewhere. JONATHAN JACKSON [...]
Orders from UK factories bounce back March 22, 2011 BRITAIN’S manufacturing sector received another boost yesterday, as a leading business survey revealed “above normal” orders for the first time in three years. Yet spiralling prices continue to haunt the industry, with firms expecting inflationary pressures to worsen in the coming months. Over a quarter – 26 per cent – of respondents said that orders [...]
Abyss looms for Portugal if austerity budget fails vote March 22, 2011 PORTUGAL hovers on the brink of “an abyss” today, according to the leader of the country’s ruling Socialist Party Francisco Assis. He gave the warning yesterday after the government failed to strike a deal on the austerity budget that it must pass today in order to stave off an EU bailout. Negotiations were still ongoing [...]
US house prices continue to slide March 22, 2011 America’s housing slump is continuing, according to data released yesterday by the Federal Housing Finance Agency (FHFA). US house prices dropped 0.3 per cent from December to January, the FHFA said. Furthermore, the previously reported 0.3 per cent dip in December was revised down to a significant one per cent fall. In January, prices were [...]
No recession from energy prices March 22, 2011 Rising energy prices will have only a “modest impact” on growth and inflation, the Organisation of Economic Co-operation and Development (OECD) said yesterday. A $10 (£6.10) hike in oil prices would knock activity in the OECD area by just 0.2 per cent in the second year after the shock, its model has suggested. However, if [...]
UK still downbeat over economy March 22, 2011 Britons have a far gloomier outlook on the economy than peer countries, a global poll by Ipsos MORI has shown. Just 12 per cent of respondents in the UK rate the economy as “good” and even less – 11 per cent – expect it to improve over the next six months. Two thirds of Germans [...]
Fed officials optimistic on growth March 22, 2011 The US recovery is gathering strength, two Federal Reserve officials indicated yesterday. Sandra Pianalto spoke of a “virtuous cycle of growth” in the economy, while Richard Fisher said that the Fed should rule out any quantitative easing beyond June of this year.
Punch splits in two in bid to lower debt March 22, 2011 PUNCH Taverns is splitting its business in two in a bid to tackle its crippling debt pile. The pubs company is splitting off its managed pubs arm into a company set to be known as “Spirit”, separate from its leased pubs arm to create two individual stock market-listed businesses. The managed pubs business, which includes [...]
Google and BRC in web plan March 22, 2011 THE British Retail Consortium (BRC) and Google are tomorrow set to reveal plans for a new quarterly report which will monitor online retail sales. John Gillan, Google’s senior industry retail head, will unveil the BRC – Google Online Retail Monitor (ORM) tomorrow. The ORM will measure traffic for the part of the retail sector operating [...]
