EU urged to drop barriers to trade with poorer countries November 12, 2012 A WESTMINSTER think tank will today call on Brussels to help development in poorer countries by scrapping non-tariff barriers to trade. The Institute for Economic Affairs, which argues in favour of free trade, will also urge governments in developing countries to boost growth by slashing measures that stifle international trade. “There is an urgent requirement [...]
Open borders to help solve skills shortage November 12, 2012 INFLEXIBLE labour markets mean that many countries suffer from a combination of high unemployment and considerable skills shortages, the recruitment firm Hays has said. Governments could help solve the “paradox” by reforming restrictions on immigration, Hays said while launching its latest global skills index yesterday. “Governments should focus on the skills their economies lack and [...]
India’s economic woes worsen November 12, 2012 India’s economic gloom deepened yesterday with a surprise contraction in industrial production, a fall in exports and higher retail inflation. Industrial production shrank an annual 0.4 per cent in September, according to the Central Statistics Office (CSO). Exports fell an annual 1.6 per cent to $23.2bn (£14.6bn) in October, while the consumer price index rose [...]
OECD bullish on UK prospects November 12, 2012 Growth is due to pick up in the new year in the UK, according to OECD predictions released yesterday. The Paris-based group’s leading indicator ticked up to 100.2 for the UK in September from 100.1 in August, where 100 represents the long-term average. The indicators continue to forecast weak growth across the Eurozone and in [...]
Sudden fall in charitable giving November 12, 2012 Donations to charity fell by 20 per cent in real terms during 2011-12, according to a report released this morning by the National Council for Voluntary Organisations (NCVO). The British public gave £1.7bn less to charity than the previous year, it said. “I’d ask people to commit to regular donations through direct debit, and give [...]
Rusal drops to a loss on weak metal outlook November 12, 2012 ALUMINIUM producer Rusal made a net loss of $118m (£74.3m) over the three months to September, against a profit of $432m a year earlier, as it eyed a rebound in consumption of the metal in the fourth quarter. Revenue came in at $2.56bn during the quarter, down from $3.16bn over the same period in 2011, [...]
Explorers San Leon and Aurelian agree £150m all-share merger November 12, 2012 OIL AND gas explorer San Leon Energy is to acquire fellow Aim-listed explorer Aurelian in an all-share merger worth around £150m. Under the terms of the tie-up – which represents a “compelling strategic and cultural fit” according to the boards of both companies – shareholders will receive 1.3 new San Leon shares for each Aurelian [...]
Heritage Oil exits Kurdistan as it sells interest to Genel Energy November 12, 2012 EXPLORER Heritage Oil yesterday confirmed it would exit its Kurdistan asset, by selling its remaining 49 per cent interest in a gas field to Genel Energy to repay a $294m (£185m) loan. FTSE 250-listed Heritage will sell its stake in the Miran gas field in a deal that will see it exiting Kurdistan completely and [...]
Cape dives on profit warning as its chief financial officer departs November 12, 2012 SHARES in energy support service provider Cape plunged yesterday as it issued a profit warning, prompting the departure of its chief financial officer. Finance director Richard Bingham stepped down with immediate effect. It is understood he was close to the former chief executive, and the latest profit warning was a catalyst to his departure. Cape, [...]
What are your thoughts about Cape’s trading statement? November 12, 2012 ANDY HANSON | NORTHLAND CAPITAL PARTNERS The issues now appear more than just simply deterioration in trading, and raise questions on the internal controls in the business first highlighted with issues experienced on a project in the UK followed by the larger cost overrun in Algeria. SANJEEV BAHL | NUMIS SECURITIES We have placed our [...]
