Bowleven jumps on well news June 9, 2011 Shares in Bowleven jumped 8.6 per cent after the Africa-focused oil and gas explorer said its Sapele-1 well off the coast of Cameroon flowed oil at rates which it believes indicate a commercial development is possible. The company is waiting for the results of tests at the second Sapele well.
Wincanton axes its dividend June 9, 2011 Haulier Wincanton suspended dividend payments for at least a year after a slowdown at British and French businesses hit profits, prompting it to sell some European operations to cut debt. Wincanton, which transports goods such as food, documents and materials for recycling around Britain and mainland Europe, reported a pre-tax loss of £25.9m.
Visa buys mobile payments firm June 9, 2011 Visa said it will acquire South African firm Fundamo for $110m (£67m), and announced a five-year agreement with UK-based Monitise, as it looks to grow its new technology-enabled payments business. Payment processors – such as Visa and rival Mastercard – have been increasingly looking for growth through new gateways.
Dow recovers despite weak US jobs data June 9, 2011 RISING numbers of fresh benefit claims and lower than expected wholesale inventories combined to produce another gloomy day for the American economic outlook. Yet stocks in New York pared recent losses, as a narrowed US trade deficit was seen as one positive point in a recent string of weak economic data. Imports from Japan tumbled [...]
Rates held for Eurozone but hike in July signalled June 9, 2011 INTEREST rates in the Eurozone were held at 1.25 per cent yesterday, yet central bank chief Jean-Claude Trichet signalled a move to raise rates next month. The European Central Bank (ECB) head used the key code-words “strong vigilance” in his statement, indicating monetary tightening to come. The euro initially rose on the comments before retreating, [...]
One million on benefit for decade June 9, 2011 Over a million people across the UK have spent the last decade on benefits, the Department of Work and Pensions revealed today. In London, 126,500 people have spent 10 years on either jobseeker’s allowance, incapacity benefit or income support. The figures were released as employment minister Chris Grayling launched a new programme in an attempt [...]
QE could still worsen inflation June 9, 2011 Quantitative easing in the US could still have the effect of stoking inflation, Federal Reserve hawk Charles Plosser warned yesterday, at a meeting in London. “There’s about $1.5 trillion (£912bn) of what we call excess reserves in the banking system: they’re just sitting there, they’re not creating inflation, at least not yet. But they do [...]
First time buyer mortgages rise June 9, 2011 The number of mortgages available to first time buyers has nearly trebled in the last two years, according to the website Moneyfacts. Today there are 183 deals for people looking to get on to the property ladder, compared to just 62 this time in 2009.
Japan recession is confirmed June 9, 2011 Revised data showed Japan’s economy shrank 0.9 per cent in the first quarter, unchanged from the initial estimate as inventory adjustments offset weaker corporate spending, but analysts said a recovery is on track as industrial production rebounds. Manufacturers are making progress in restoring supply chains after the devastating March earthquake, fuelling hopes for an early [...]
CITY MOVES | WHO’S SWITCHING JOBS June 9, 2011 Barclays Wealth Calum Brewster has been appointed as a director within Barclays Wealth’s wealth management and private banking business, based in Glasgow. Brewster will join on 21 June from Lloyds Banking Group, where he is head of customer experience and strategy in the life pensions and investment division, responsible for a team of 150 staff. [...]
