Former Tesco boss cuts till rolls December 4, 2011 Lord MacLaurin, the former chief executive and chairman of Tesco, is investing in a British start-up championing paper-less receipts. MacLaurin, who helped pioneer Tesco’s Clubcard, is backing Paperless Receipts, which sends digital receipts to personalised websites.
Iran: oil price could soar to $250-a-barrel December 4, 2011 IRAN yesterday warned the West that any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy. “As soon as such an issue is raised seriously the oil price would soar to above $250 (£160) a barrel,” foreign ministry spokesman Ramin Mehmanparast (pictured below) said [...]
Petrol congress meets amid Middle East unrest December 4, 2011 THE TWENTIETH World Petroleum Congress kicks off in the Qatari capital of Doha this week, aiming to boost dialogue among stakeholders in the petroleum industry and beyond. It is the first time the triennial event has ever been held in the Middle East. It could not have come to the region at a more crucial [...]
Shell signs deal to develop £4bn petrochemical complex in Qatar December 4, 2011 ROYAL Dutch Shell signed a deal with Qatar yesterday to develop a $6.4bn (£4.1bn) petrochemicals complex in Ras Laffan in the Gulf Arab state. Qatar’s energy minister, Mohammed al-Sada, and Shell’s chief executive Peter Voser signed the heads of agreement in the Qatari capital Doha. The deal is the latest in a series of Middle [...]
Weak Europe knocks firms in the capital December 4, 2011 OPTIMISM about the state of the economy has plummeted among London’s businesses, the Confederation of British Industry’s (CBI) bi-yearly business prospects survey showed today. Most firms – 55 per cent – cited the threat of a double-dip recession over the next year as their major concern. Only 13 per cent of firms in the capital [...]
Olympus hid £1.1bn loss: source December 4, 2011 A PANEL appointed by Olympus to probe the accounting scandal engulfing the Japanese firm estimates that Olympus hid investment losses totaling 130bn yen (£1.1bn) at the peak of the cover-up, a source familiar with the investigation said. The source said the panel’s report, to be issued as early as tomorrow, would state that former executive [...]
Report says expats fear economic woes December 4, 2011 FOREIGNERS living in Egypt and southern Europe reported the most widespread weakening in the local economy during the last year, according to new research from HSBC. Expats in Egypt (100 per cent), Spain (97 per cent), Bahrain (94 per cent) and Italy (88 per cent) were among those most likely to report a deterioration, the [...]
£50bn more QE now would give shock boost to Britain, says business group December 4, 2011 PRINTING more money would boost the economy just when a stimulus is most needed, the British Chambers of Commerce (BCC) argued yesterday, calling on the Bank of England’s Monetary Policy Committee (MPC) to announce more quantitative easing (QE) at Thursday’s meeting. Low economic growth and further fiscal austerity mean monetary policy is the most important [...]
Week ahead’s industrial data likely to be gloomy December 4, 2011 MANUFACTURING figures across Europe are released this week, and economists expect a gloomy outlook. October’s figures are expected to show an oncoming recession in the Eurozone and weakness in the surrounding economies. Barclays Capital predicts Italian industrial output – data out on Thursday – will be flat in the month to October, “consistent with a [...]
CITY MOVES | WHO’S SWITCHING JOBS December 4, 2011 Tenemos The banking software provider has appointed former SAP executive Dr Bernd-Michael Rumpf as global head of the company’s customer services group, reporting to chief executive Guy Dubois. Bernd-Michael previously spent 12 years at SAP, where his executive roles included head of field services and support. Prior to that, he was chief executive of SAP [...]
