CITY MOVES | WHO’S SWITCHING JOBS August 1, 2011 Oracle Coalfields The mining company, which is developing a 1.4bn tonne coalfield in Pakistan’s Sindh Province, has appointed Adrian Loader, the former president of Shell Canada, as chairman of the board of directors. Loader’s former board appointments include Alliance-Unichem, Alliance-Boots and Candax Energy. He is currently a director of Holcim, a member of the Garda [...]
Shell doubles its takings as it warns the end of low cost oil July 28, 2011 ROYAL Dutch Shell’s chief executive yesterday declared the end of low cost oil and gas, warning that companies were entering a world where finding hydrocarbons was going to be “more complex”. Peter Voser was speaking as the company revealed a 77 per cent rise in second quarter profits, fuelled by higher oil prices and the [...]
BAT earnings up thanks to hike in prices July 27, 2011 BRITISH American Tobacco yesterday reported an increase in earnings after it raised its prices to counter a tough sales environment. Cigarette volumes were down to 344bn in the six months to June, from 348bn year-on-year. But profit before tax was $2.8bn (£1.7bn) over the same period, up from $2.3bn. Revenue edged up by two per [...]
The City needs to think global July 24, 2011 THE hacking scandal has dominated the headlines in recent weeks, but unfortunately that does not mean the challenges facing the global economy have disappeared – far from it. Concerns continue over the UK recovery, the Eurozone crisis, and the protracted discussions on raising the US debt ceiling remain, even if the media spotlight has shifted [...]
FOREIGN EXCHANGE AS MOSCOW MOVES TO BECOME WORLD-CLASS July 21, 2011 CAN MOSCOW ever become a world-class financial centre? BP may have had its fingers burned over the ill-fated Rosneft deal, but Anglo-Russian relations are being improved behind the scenes following a Moscow-London foreign exchange to set up the Moscow International Finance Centre (MIFC). First, Lord Mayor Michael Bear – the co-chairman of the MIFC Liaison [...]
PROPERTY NEWS July 21, 2011 WEST AND SOUTH WALES An influx of foreign investment has led to a competitive property market emerging along the West and South Wales coast, says County Homesearch. Wealthy buyers from Russia, China and the Middle East are showing interest in traditional coastal towns. The sea views and value for money make the area ideal for [...]
Kingfisher sales hit by weak UK July 21, 2011 Kingfisher, Europe’s biggest home improvement retailer, posted a small fall in underlying second-quarter sales as a hit to its British business from the closing down sale of a rival outweighed solid growth in France. The group, which runs market leader B&Q in Britain as well as the Castorama and Brico Depot chains in France and [...]
Coca-Cola surprises on emerging market sales July 19, 2011 US DRINKS giant Coca-Cola yesterday reported a slowdown in sales in North America, but still posted better-than-expected earnings on strength in emerging markets such as China and Russia. Coke reported net income of $2.8bn (£1.12bn), or $1.20 per share for the quarter to 1 July up from $2.37bn a year earlier. Excluding one-time items, earnings [...]
When it makes sense for the Top Dog to pitch July 18, 2011 FEW need reminding how treacherous current conditions in Europe’s equity markets are. Russia’s Valinor recently became the 25th pulled listing in Europe, Middle East and Africa so far this year and a 15 per cent downwards repricing of the Spanish bank Bankia yesterday underlined the fragility of investor appetite for new issues. So it is [...]
Vallares eyes Russian deals worth £8bn July 17, 2011 TONY Hayward, the former chief executive of BP, is considering a bid for two major Russian oil producers in a deal that could be worth around £8bn. Vallares, Hayward’s investment vehicle, has held early stage talks with Bashneft, one of Russia’s biggest oil producers, as well as Russneft, a smaller rival, City A.M understands. Both [...]