Energy giant hit by more fuel trader departures May 31, 2010 THE HEAD of BP’s fuel oil trading team has quit the oil giant in the same month that a number of US traders also left the company. The resignations from BP’s fuel oil team included the departure of three traders from its US office, including the team leader, and the head trader in London. The [...]
Spill could hurt the Democrats May 31, 2010 THE GULF of Mexico oil spill could damage the Democratic Party’s electoral chances in November’s mid-term Congressional elections, after Barack Obama’s handling of the crisis was widely criticised. Late last week Obama denied claims that BP had shown more initiative than the government in regard to the spill. And he said it was “not true” [...]
Europe stocks hold steady in spite of Spain May 31, 2010 EUROPEAN equities held their own yesterday despite fears that a key downgrade of Spain’s sovereign debt before the weekend would weigh heavily on the markets. The FTSE Eurofirst 300 index of top European shares closed up 0.3 per cent at 1,000.55 points, ending its worst-performing month since February last year, while the euro recouped losses [...]
Eurozone confidence falls as debt worries start to spread May 31, 2010 LINGERING hopes that the EU sovereign debt crisis had not yet begun to affect the real economy were blown out of the water yesterday, as the eurozone economic sentiment monitor recorded an abrupt fall in May. Economic sentiment in the 16-country Eurozone area fell to 98.4 in May, down from 100.6 in April and below [...]
China: Europe’s debt troubles may derail global recovery May 31, 2010 CHINA yesterday issued a stark warning to world leaders, cautioning that the burgeoning sovereign debt crisis in Europe could lead to a double-dip recession across the globe. Chinese premier Wen Jiabao, addressing business leaders during an official visit to Japan, issued his warnings a day after France admitted it will struggle to keep its top [...]
Rolet slates ban on short selling May 31, 2010 XAVIER Rolet, the chief executive of the London Stock Exchange, has slammed Germany’s ban on naked short-selling as “mistaken” and “counterproductive”. Rolet told Italian business daily newspaper Il Sole 24 Ore that the German move is “a mistaken decision that risks having an effect which is the opposite of what is desired”. “I would in [...]
ECB bond buys come under fire May 31, 2010 ECB POLICYMAKER and Bundesbank president Axel Weber has urged a tight cap on the European Central Bank’s government bond buying programme, saying extraordinary steps taken to ease the debt crisis posed a risk to its main goal of price stability. The ECB abandoned a long-held resistance to buying government debt in May, helping to calm [...]
BIGWIGS OF PROPERTY GETTING READY TO BRING DOWN THE HOUSE May 31, 2010 DIG OUT your fishnets and polish up your dancing shoes, ladies and gents, because the most show-stopping event in the property calendar will be upon us in just two days. On Thursday, LandAid’s Party near the Park will be taking place again at Old Billingsgate Market, with hundreds of senior figures from the real estate [...]
BILL OF THE WEEK May 31, 2010 After a gruelling week on the markets, this group of discerning businessmen headed out to the Royal China Club restaurant on Baker Street last Friday to treat themselves to a slap-up lunch. No expense was spared on the grub front, as the group ordered a delicious Scottish lobster each, along with plates of fillet steak, [...]
Phoenix float almost there May 31, 2010 PHOENIX Group is set to announce its premium listing on the London Stock Exchange this week . It has been involved in crunch talks with investors, including its founder, pizza entrepreneur Hugh Osmond, over a number of special shares. The contingent rights were issued when investors agreed to take a 70 per cent hit on [...]
