Leni soars after Trinidad buy October 22, 2012 ■ Shares in Leni Gas & Oil rose by more than 30 per cent yesterday after the London-listed exploration firm said it had completed the acquisition of the Goudron oil field in Trinidad. The field is believed to contain up to 7.2m barrels of oil reserves, and the company expects to see revenues from the [...]
G4S wins Oslo airport contract October 22, 2012 ■ G4S, the world’s biggest security group, said yesterday it had won a £250m contract with Oslo airport to provide services from cargo checks to gates and ground security. G4S said the contract would run for six years at the Norwegian airport, which handles 21.1m passengers annually. The deal comes days after G4S won a [...]
US corporate results round-up October 22, 2012 Caterpillar says sales growth is crawling THE world’s largest tractor and excavator manufacturer Caterpillar slashed its full-year profit forecast yesterday, saying dealers were pulling back on orders because of the sluggish economy. It now expects revenues of $66bn (£41.2bn), down from $68bn to $70bn predicted earlier. Third quarter profit was $1.7bn, compared to $1.14bn reported [...]
Financial crisis sees over 50s lose thousands October 22, 2012 THE FINANCIAL crisis has knocked 10 per cent off the average wealth of Britons aged 50 and over, according to figures released this morning by the Institute for Fiscal Studies (IFS). People in the 50-plus age bracket are £60,000 worse off, on average, as a result of the crisis, with wealthier individuals hit the hardest. [...]
Japanese exports plummet, hit by euro crisis and Chinese rift October 22, 2012 WEAK demand in Europe has contributed to a severe weakening of Japan’s level of exports, official data revealed yesterday. Shipments to the European Union dropped a staggering 21.1 per cent as the continent’s debt crisis remains entrenched. Overall, Japan’s exports tumbled by 10.3 per cent in the year to September, their sharpest decline since the aftermath [...]
Tech firms overtake financials in the City office rental market October 22, 2012 LANDLORDS in the Square Mile have seen a surge in demand from tech firms since the start of the year, with office take-up increasing by 39 per cent, according to estate agents Knight Frank. Technology, media and telecoms (TMT) firms acquired 931,000 square feet of offices in the first nine months of 2012, compared with [...]
Overseas demand boosts east London housebuilder Telford October 22, 2012 TELFORD HOMES, the London-focused residential developer, yesterday said demand from UK and overseas buyers means it will report a better-than-expected rise in first half profits. The east London housebuilder said the Olympics had helped to boost London’s profile, attracting overseas investors as well as owner-occupiers to its schemes. Foreign investors buying up property to rent [...]
US Congress ponders slower cuts October 22, 2012 ■ Some politicians in the US Congress are considering replacing across-the-board $109bn (£68bn) spending cuts with targeted savings of just $55bn, according to aides familiar with the discussions. The move would be part of a bid to help avoid a so-called fiscal cliff, whereby sudden consolidation could harm America’s economic recovery. The automatic spending cuts [...]
Global gloom predicted to roll on October 22, 2012 ■ The world is set to suffer another year of sluggish growth, according to Capital Economics’ latest economic outlook, released yesterday. The worst of the Eurozone crisis is yet to come, Capital said, with its economy set to shrink by 2.5 per cent next year and a further one per cent in 2014. Japan is [...]
House prices declined since July October 22, 2012 ■ House prices have fallen this month compared to their value three months ago, the property website Zoopla said yesterday. Its data shows prices rising by a sub-inflation level of 1.5 per cent compared to October 2011, and lower compared to July 2012. Nationwide, the market has been “relatively flat”, said Zoopla’s Lawrence Hall, adding: [...]
