Valero prepares for US shutdown October 27, 2009 Leading US refiner Valero Energy said yesterday it would shut down some of its plants due to poor margins in the economic downturn. Its Delaware refinery will close for an extended period at the start of November. And its Louisiana refinery will also undergo a plantwide shutdown during overhauls of crude units and coking units [...]
Sinopec rebuffs Jubilee rumours October 27, 2009 Sinopec, the Chinese petrol company, said it was not aware of discussions with Ghana National Petroleum to jointly bid for the Jubilee offshore oil field, after much speculation yesterday. It had been thought that Sinopec had proposed a joint venture for the field.
Investors back Delta Lloyd’s IPO October 27, 2009 Investors have already placed enough orders to back Delta Lloyd’s €1.2bn initial public offering (IPO) with about a week to spare, pointing to decent demand for the flotation.
Money Dashboard secures 1m October 27, 2009 Money Dashboard, a personal finance website that helps people keep track of their money, said yesterday that it had secured a further £1m in investment ahead of its beta testing launch date next month. The service connects to a user’s online financial accounts and allows them to view all of their transactions in one place. [...]
Real’s rise cannot be stopped by inflows tax October 27, 2009 SINCE 2007, we have been repeatedly told that the US dollar needs to weaken in order to rectify the global imbalances that were, at least partially, to blame for the economic downturn. But not everybody has welcomed the greenback’s recent decline. European officials have already been making noises about how the strength of the euro [...]
THE TIPSTER October 27, 2009 NORWAY’S Norges Bank has been widely tipped as the next central bank to raise interest rates thanks to rising inflation rates in the Scandinavian oil producer. Norges Bank’s decision is due at 1pm UK time on Wednesday. FX traders should look at going long on Norwegian krone-Japanese yen as the yen is expected to suffer [...]
Citi rainmaker King joins Barclays Capital October 27, 2009 BARCLAYS Capital, the fast-growing division of Barclays that includes the US operations of fallen Lehman Brothers, has hired former Citigroup deal maker Tom King. King, who quit Citigroup five weeks ago saying he wanted to “pursue other interests”, was named co-head of corporate finance reporting to head of global investment banking Hugh “Skip” McGee. The [...]
Chipmaker Arm says it will grow faster than rivals October 27, 2009 MICROCHIP designer ARM met expectations for third-quarter revenue and earnings yesterday and said it expects to outperform a recovery in the industry next year. “Despite pressure on customers’ R&D budgets this year, demand for ARM’s processors and physical IP technology remains strong, with a record numbers of licences signed in the third quarter,” said finance [...]
New head of UBS wealth unit rebuffs disposal talk October 27, 2009 ROBERT McCann, the new head of the battered US wealth management unit of Swiss bank UBS, said he aims to stem client withdrawals and has no plans to sell the business. McCann, a Merrill Lynch veteran who led the brokerage’s wealth management business until early this year, took up his new $850,000-a-year post yesterday and [...]
Hargreaves pockets profits October 27, 2009 City firm Hargreaves Lansdown yesterday revealed that its chief executive Peter Hargreaves, who started the financial-services firm from his Bristol flat in 1981, will see his pay package increase by 26 per cent this year. Hargreaves will trouser a total of £1.01m – including his £600,000 performance-related bonus. Stephen Lansdown, co-founder will take home a [...]
