Production jump at Dragon Oil October 23, 2012 ■ Aim-listed Dragon Oil yesterday announced a 13 per cent increase in production over the third quarter to 69,600 barrels of oil per day, up from 61,500 barrels last year. Over the three months to September, three wells were put into production. Around $91m (£57m) was spent on infrastructure and drilling over the period. The [...]
Capital Drilling warns on revenue October 23, 2012 ■ Emerging market-focused Capital Drilling yesterday warned on its full-year revenue, as a result of industrial action in Egypt and a weaker than expected performance in Tanzania, sending its shares down 17 per cent to close at 39p. Capital Drilling derives 40 per cent of its revenues from these two key countries. The drilling company [...]
EU airlines must pay for delays October 23, 2012 ■ European Union airlines must pay compensation for delayed flights unless the delay was caused by circumstances beyond their control, the bloc’s highest court said. Travellers should be recompensed for delays of more than three hours, the European Union Court of Justice ruled yesterday, reaffirming a right established three years ago in a case involving [...]
Who’s switching jobs October 23, 2012 BT Dan Fitz has been appointed company secretary of BT Group. He is currently group general counsel, and replaces Andrew Parker. Fitz has also previously served as group general counsel at Misys, and held the same position at Cable & Wireless. BlueBay Asset Management Erich Gerth has been appointed global head of business development at [...]
Best of the Brokers October 23, 2012 DIRECT LINE Nomura has begun to cover the newly listed firm with a “reduce” rating and a target price of 174p. Nomura said it was confident in Direct Line, but this was already factored into the price. LLOYDS Ian Gordon at Investec has advised investors to sell the bank’s shares and “seek refuge” in Barclays, claiming [...]
Fresh plunge on Wall Street on grim results October 23, 2012 US stocks fell yesterday, driving the Dow industrials to the biggest drop since 21 June, as weak results from index members DuPont and United Technologies showed profit growth is slowing. This earnings season has so far produced a string of disappointments from companies falling short of Wall Street’s expectations. With results in from 29 per [...]
Further earnings gloom sends the FTSE to its biggest drop in a month October 23, 2012 BRITAIN’S top share index fell for a third session yestrday, weighed down by concerns over weak earnings and the Eurozone crisis after a failed attempt last week to break through technical resistance levels. The blue-chip FTSE 100 posted its biggest one-day drop in nearly a month, bringing the index to its lowest levels in a [...]
Volkswagen gives you two-in-one October 23, 2012 Few cars become iconic in their own production lifetime; they have to be unusually good and dearly loved by a loyal customer base. Over the years, Volkswagen has achieved this several times: there was the Beetle, of course; then the sporty Golf GTI, which single-handedly created the hot hatchback segment when it was introduced back [...]
CAR TALK October 23, 2012 Jeep’s new S-Limited model features a powerful audio system Jeep has announced the launch of a new Grand Cherokee “Sports Line” version, the S-Limited. Powered by a 3.0-litre V6 CRD diesel engine, the S-Limited has muscular looks with a distinctive black grille, rear light bar and black gloss alloys. Inside, a 825-watt Harman-Kardon audio system [...]
The Fed has created golden opportunities October 23, 2012 MONETARY expansion has inadvertently given commodity prices a huge boost – but should traders focus on the spot commodity or gold mining equities? With the creation of QE Infinity – the open-ended quantitative easing programme unveiled last month by the US Federal Reserve – traditional monetary policy is now nothing but a speck on the [...]
