Tullow Oil discovers oil at offshore Norwegian site September 6, 2013 Tullow Oil has announced the discovery of oil at the Wisting Central exploration well, offshore Norway, the first ever oil discovery in the Hoop-Maud Basin in the Barents Sea (release). Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered 50-60 metres of net light oil pay in good [...]
It’s time we ended the pretence that planning rules come without a price September 6, 2013 MOST agree that the UK housing market has long been stuck in an affordability crisis. Despite a fall in prices since 2007, Nationwide recently calculated that the typical house now costs 5.1 times average earnings, up from 3.9 a quarter of a century ago. In London, the ratio has risen from 5.7 to 7.7. And [...]
Innovation Diary: Success breeds success: Why startup networks are important September 6, 2013 BRITAIN is the best place in Europe to be an entrepreneur. This, at least, is the conclusion of a study released by Ernst & Young last week. While the UK lags behind the US, South Korea and Australia, the G20 Entrepreneurship Barometer credited Britain’s regulatory framework, its tax system, its culture, and its financial sector [...]
Walkie Talkie has few design solutions as beam warms shops to 70°C | City A.M. September 6, 2013 EXPERTS yesterday said the hot ray of light reflected by the Walkie Talkie is on an “unprecedented” scale – as City A.M. found the heat on Eastcheap in mid-afternoon is hitting 70°C. “I’m flabbergasted,” said Dr Philip Oldfield, an expert in tall buildings at the University of Nottingham’s Department of Architecture, who warned other parts of [...]
Eggsclusive: We use the Walkie Scorchie light beam to fry an egg | City A.M. September 6, 2013 (Laura Lean/City AM) The developers of the Walkie Scorchie skyscraper – aka 20 Fenchurch Street – had hoped their building would be known for its striking design and its blue chip clients. But instead over the week City A.M. has revealed how the building has begun emitting a curious ray of light, started melting cars, set [...]
Walkie Scorchie sets carpet on fire, cracks tiles and melts paint | City A.M. September 6, 2013 THE GREAT Fire of London began on Pudding Lane on 2 September 1666. And yesterday – exactly 347 years later – there was once again smoke in the vicinity, as the Walkie Talkie’s beam of hot light set the carpet of a nearby barber shop on fire. “We want the developer to fix it somehow,” Ali Akay of [...]
Carney snubbed as UK debt costs soar September 5, 2013 THE COST of the British government’s 10-year debt spiked to a two-year high yesterday, as markets read into fresh signs from the US and UK that easy money could start drying up sooner than expected. The rising price of the government’s borrowing pours more cold water on Bank of England governor Mark Carney’s plan to [...]
Lego outbuilds Hasbro as bricks click in Asia September 5, 2013 THE popularity of a toy tribe of animal warriors has helped make Lego the world’s second-biggest toy maker. The Danish maker of colourful mini-bricks, loved by children and hated by barefoot parents, yesterday credited its Legends of Chima range, with a 13 per cent rise in sales in the first six months of the year. [...]
London is still number one for forex trading September 5, 2013 THE CITY has extended its dominance as the world’s No1 location for trading in foreign exchange markets, according to a comprehensive data set published yesterday by the Bank for International Settlements (BIS). Nearly 41 per cent of global forex trading goes through the intermediation of dealers in the UK – by far the highest market share out [...]
MPs say the civil service is a failing organisation September 5, 2013 BRITAIN’S civil service is a “failing organisation, in which most people know the system is failing,” according to a blistering report released today by MPs. The Public Administration Select Committee says the government’s existing plans to modernise Whitehall – generally considered to be the most ambitious set of civil service reforms in a generation – are [...]
