Month: September 2021

Barclays pays in trade case

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorBrake For ItThe Most Worthless Cars Ever MadeBrake For ItTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald BARCLAYS last night struck a $298m (£192m) deal with US authorities over charges it violated trade sanctions.The shock announcement came just 24 hours after the judge who endorsed the settlement branded it a “sweetheart deal” which the government should be concerned about.The banking giant was in the dock over allegations it broke the Trading with the Enemy Act and Emergency Economic Powers Act by conducting $500m worth of deals with Cuba, Iran, Libya, Sudan and Myanmar between 1995 and 2006.Judge Emmet Sullivan grudgingly approved the agreement after an hour-long hearing but slammed the culture in which bankers can “come into court, plead guilty, go back on the subway, go home and watch soap operas and life goes on”. He was furious the bank did not plead guilty despite accepting some of its staff had changed the wording on several transfers to hide their origin. He was also angry that the fine would be paid by shareholders instead of executives.Under the deal reached with the US Justice Department, Barclays will pay $149m to the US government and a separate $149m in a deferred prosecution agreement with the district attorney. KCS-content Share Wednesday 18 August 2010 8:35 pm whatsapp Show Comments ▼center_img whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Barclays pays in trade case Tags: NULLlast_img read more

A third of Britons raid savings

first_img More From Our Partners 980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com KCS-content Share whatsapp whatsapp Tags: NULL A third of Britons raid savings Nearly a third of UK adults have dipped into their savings in the last year to cover shortfalls in their income, according to a survey by investment firm Schroders. Savers have taken out an average of £4,600 each, totalling £60bn, as the record low in interest rates means fewer returns on prudence. People nearing retirement are the most likely to raid their savings accounts, said the survey. “The amount of capital being drawn down suggests that it is not just rainy-day funds that are being drained, but a significant proportion of individuals’ long-term savings,” said Robin Stoakley of Schroders. Around 34 of per cent of women will spend their savings, compared to 28 per cent of men. Show Comments ▼ Sunday 22 August 2010 10:06 pm last_img read more

Steel demand forecast to hit new record

first_img Share Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Steel demand forecast to hit new record whatsappcenter_img whatsapp John Dunne Show Comments ▼ Global steel demand is expected to reach record highs next year – surging above levels before the global downturn took its toll. The World Steel Association predicts world demand will jump 5.3 per cent in 2011 to reach 1.34bn tonnes.The last time it was that high was the first half of 2008.It said China was fuelling the demand, but that Europe was also consuming high volumes of steeMeanwhile in 2010, steel demand is likely to rise by 13.1 per cent to 1.27bn tonnes, the association said. Monday 4 October 2010 2:30 amlast_img read more

The accountant who sees EU rules as a chance to transform his firm

first_img whatsapp Tags: NULL KCS-content Show Comments ▼ The accountant who sees EU rules as a chance to transform his firm center_img For a man less than three months away from retirement, BDO’s policy board chairman – in effect, the firm’s international chairman – can’t wait to get into the issues. And to be fair, there is much for Dermot Mathias, who joined the accountancy giant 37 years ago, to discuss. What excites him most is the possibility of a Brussels-inspired regulatory revolution. The European Union’s financial services commissioner Michel Barnier released a two-month consultation paper last week about the industry. As one would expect, it raised questions about audit quality in light of the financial crisis, where accountancy firms passed the accounts of banks like Northern Rock, Lehman Brothers and the Royal Bank of Scotland that then went bust or had to be rescued by government.The Big Four global accountancy firms – PricewaterhouseCoopers (PwC), Ernst & Young, Deloitte and KPMG – audit 70 per cent of Europe’s largest 350 firms. Barnier wonders whether they may have too cosy a relationship with their clients, at the expense of investors who may therefore be presented with financial statements that lack rigour or at least relevance. Barnier asks a number of questions, including whether auditors should remain with the same clients for decades, whether regulators should pick auditors for very big firms, whether internal control assessments ought to be added to financial statements, and whether smaller audit firms should face less onerous rules than their big rivals.But Barnier is clear things should change. He said: “The status quo is not going to be an option for the EU. We want to strengthen this profession and its credibility.” Mathias, 61, does not agree with everything Barnier proposes, but he obviously welcomes the general thrust of opening up the Big Four to competition, as his firm BDO along with rival Grant Thornton occupy the two spots just outside the elite quartet.“Having four big players is unhealthy,” says Mathias, taking off his jacket and hanging it on the back of a chair in a bright first-floor meeting room in BDO’s Baker Street headquarters. “In other areas of business, having four dominant companies is not too much of a problem. But in our industry, because of the conflicts of interest that often arise out of the range of work professional service firms perform, clients may only be faced with a choice of two or just one firm to choose from. Now, I would say this, because its in my interest, but there are others in the market who say this also.”Mathias last week handed over his UK senior partner role to audit partner Simon Bevan, and at the end of the year will hand over his international chairman’s role to BDO’s German head Holger Otte. BDO’s network of 95 firms employs 46,000 in 110 countries and last year posted sales 2.3 per cent down at $5bn (£3.1bn).Mathias agrees with Barnier that internal controls and corporate governance issues should be included in audit reports. The impetus for this comes from recent probes into bank failures where it emerged that senior staff were nominally in charge of more junior workers who constructed complex financial instruments that their line managers could not understand, and in some instances even destroyed the firm. The BDO boss also thinks that having regulators choose the auditor for key companies and having limits on the amount of audit work the Big Four can do among Europe’s biggest 350 firms are “ideas worth considering”.What Mathias is admitting to here is that despite efforts to grow the business in the six years he has been in charge, it still lags far behind the Big Four in scale as well as elite clients. In the last three years BDO has tripled its staff in China to 5,000 and has moved into number five positions in other fast growing markets like Russia and Brazil. Overall, since 2007 the group has boosted its staff from 31,500 to 46,000.By contrast PwC employs 161,700 staff and last year reported worldwide sales of $26.6bn. And despite the hundreds of clients BDO has, it does not audit any bank. Audit works accounts for 60 per cent of the group’s revenue. Mathias says: “It is clear that market forces have not been sufficient to fill the gap. We have grown, but I can’t say that we have rapidly closed the gap on the Big Four.”However, critics say that second tier firms like BDO and Grant Thornton are crying wolf – and that they are actually not prepared to take on the enormous amounts of high quality staff they would need to audit the world’s biggest companies. Instead, the critics argue, they are quite happy to earn a decent living from lucrative restructuring, tax and other advisory services, while not really trying that hard to grab the largest clients with subsidiaries all over the world.But Mathias rejects this. He says: “We have grown significantly over the last three years. And we are ready to take on the audits of more complex businesses.”Some radical critics of the accountancy profession say that one or more of the Big Four should be broken up to allow more competition. But Mathias does not agree. The move might lead to market instability, he says, cutting down the options of big firms. Going from a Big Four to a Big Three would simply mean less competition. And, Mathias adds, a break up would be simply be impractical. He explains: “It is very difficult to see how this could work. These units are separate legal entities in the countries they are incorporated in. If the EU were to break up a Big Four firm over here, they could still operate in the US and in fast growing economies in Asia.”Some observers say the accountancy profession has come up seriously short twice in the last ten years. First, in 2001 and 2002, through its role in the WorldCom and Enron accounting scandals. Indeed, the latter turned the Big Five into the Big Four when Arthur Andersen went under. And in 2007 and 2008 auditors passed the accounts of a string of banks that turned out to have been highly exposed to changes in market conditions, especially the money markets. Defenders of the profession argue that there are limits to what can ever be included in an audit statement – and that nobody could forsee how practices that were signed off by regulators, experts and everybody else suddenly turned out to have been so disastrously misguided. Others blame mark-to-market accounting rules.Aside from the EU’s paper, the UK’s Financial Reporting Council is also investigating Ernst & Young’s role in auditing Lehman Brothers, which failed in 2008. Mathias’ final worry is that audit statements, which are already overcomplicated, will become more so as a result of new regulation that is bound to come as a reaction to the financial crisis. He says: “Financial statements are governed by strict rules and have become increasingly complex. They have almost become opaque, and a barrier to communication with investors.”The BDO chief adds: “We need to converge international reporting standards, and then simplify them. There has been a lot of hard work done on this already since International Financial Reporting Standards were introduced some eight years ago. If the will is there, this could happen in two to three years. The issues are well understood. However, new regulations may make statements even more difficult to read.”For a man who is getting ready to pack up his tent, Mathias has a lot to say. He has moved his firm on greatly in the last few years, but there is still a lot for his successor to do. Yet just as a regulatory onslaught destroyed Arthur Andersen, a fresh revolution instigated this time by the EU authorities might give BDO the chance to grab the brass ring. And from his easy chair, no one will be cheering harder for his old firm than Mathias.CV | DERMOT MATHIASAge: 61Work: Mathias joined the firm in 1973 and qualified in 1976. He was made partner in 1980 and after a period in management consultancy, joined the corporate finance group, becoming head of corporate finance in 1990. He has been involved with the firm’s strategic development and management for the last fifteen years. Became senior partner in 2002Education: University of SurreyFamily: Married, two daughtersLives: Homes in Oxfordshire and Cornwall Hobbies: Walking in the countryside, skiing and national hunt racing whatsapp Share Monday 18 October 2010 7:33 pmlast_img read more

Algo crackdown is an awful idea

first_img HIGH frequency traders are getting a bad press at the moment. They have been widely blamed for the so-called “flash crash” on 6 May, and the latest noises coming out of the European Commission suggest that when its review of the Markets in Financial Instruments Directive (MiFID) is finalised next year it may well look at curbing the activities of these traders, who trade using computer algorithms, or algos, largely without human intervention. The EC would be wrong to do so. High frequency trading is a big deal. Statistics released by the New York Stock Exchange show that in one week in late May this year up to 60 per cent of trades on the exchange were down to high frequency and algorithmic traders. Many in the markets have been calling to curb the influence of these traders by slowing down speeds, limiting the numbers of orders and restricting co-location (the practice of locating a trader’s computers alongside exchange servers) as well as increasing the use of circuit breakers such as automatic pauses and introducing limit up/limit down technology.It is fashionable to look at ways of curbing the high-frequency traders’ activities, but in fact they are simply a natural progression from the move to screen-based electronic trading in the mid 1980s. They steal a head start on their competitors by using technology and leveraging off the inefficiencies inherent in European markets. When Luddism and a sneaking feeling that there is something somehow wrong in algorithmic trading is left to one side, it’s hard to see what is wrong with them. Algos are not even as bad as their opponents say. Apocryphal stories immediately after the US flash crash blaming it all on the algorithmic and high frequency traders for “turning off their algos” at the crucial time and causing or exacerbating the free-fall do not appear to have been true. In fact, the CFTC/SEC joint report into the flash crash, which was issued on 30 September 2010, not only points to a large order placed by a broker via an algorithmic programme as a probable tipping point in the crash, it also says that early sell pressure was absorbed by algorithmic and high frequency traders. The evidence suggests that high-frequency trading adds significant liquidity to the markets and is therefore beneficial. And anyway, the EC is in no position to grumble about these traders. Xavier Rolet, CEO of the LSE, has observed in numerous speeches that algorithmic and high frequency traders were created by the regulators. MiFID swept away the monopolies previously enjoyed by incumbent exchanges leading to today’s proliferation of alternative trading venues which in turn spurred a technological arms race and price war between competing venues. This opened the doors to algorithmic and high frequency trading strategies while (largely) de-regulating proprietary trading. The result of increased competition and the changes to the execution landscape has doubtless surprised both legislators and regulators. But they might spend their time more profitably worrying about how to maintain liquidity and improve price discovery in the European markets, which have been damaged by its fragmentation, and exacerbated by the decision not to introduce a US style consolidated tape that shows the best price across all trading venues. Some of the ideas around high frequency trading are good – circuit-breakers, for example, would prevent automated trades from running away with themselves. But a wide-ranging clamp-down would be both hypocritical and anticompetitive. No doubt the creators of MiFID are surprised by some of the consequences of the market’s deregulation, but that is the nature of a free market. Any moves to curb high frequency trading in the review would be a backward step. Vincent Mercer and William Garner are financial services partners at Speechly Bircham whatsapp Algo crackdown is an awful idea Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Show Comments ▼ Tags: NULL Tuesday 19 October 2010 7:19 pm Share KCS-content whatsapplast_img read more

SMEs should go green for growth

first_imgSunday 14 November 2010 10:22 pm Tags: NULL SMEs should go green for growth whatsapp The CBI and Lloyds Banking Group are urging small and medium-sized companies to take advantage of low-carbon opportunities ahead of a major climate change summit on Wednesday. With the global market for low-carbon goods and services expected to be worth around £4 trillion by 2015, SMEs need to act now to develop products and services, as well as taking steps to improve energy efficiency. The CBI’s climate change summit, sponsored by Lloyds, brings together speakers including energy and climate change secretary Chris Huhne, CBI director general Richard Lambert and Indian environment and forests minister Shri Jairam Ramesh. Sharecenter_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Show Comments ▼ KCS-content last_img read more

Ocado sales on track despite weather

first_img John Dunne Monday 10 January 2011 2:53 am Online grocer Ocado reported a 26.7 per cent rise in December sales as the popularity of internet shopping and upmarket foods helped it to thrive despite disruption from severe winter weather. The loss-making group, whose shares have been on a roller-coaster ride since they floated in July, said the rise in December gross sales followed an increase of 27.4 per cent in the last quarter of its financial year ending 28 November.Most analysts had expected fourth-quarter and December sales growth to be slightly below the 29.5 per cent reported in the third quarter as the group annualised the introduction of Sunday deliveries and grappled with some harsh weather.Gross profit margins remained stable and earnings before interest, tax, depreciation and amortisation (EBITDA) were in line with its expectations, the group said.Ocado, which sells the products of upmarket grocer Waitrose, cut the price of its initial public offering by almost a quarter and then saw its shares almost halve as investors worried when it might convert strong sales growth into profit.But the stock has since bounced back above its 180 pence flotation price, helped by periodic speculation it might attract a bid from a food retailer yet to offer a full internet service, such as Marks & Spencer or Wm Morrison. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Ocado sales on track despite weather center_img whatsapp Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Tags: NULLlast_img read more

BP suffers as leak shuts key pipeline

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald BP SHARES slumped more than two per cent yesterday morning after the news at the weekend that the Trans-Alaska Pipeline is closed while a leak is repaired. BP has shut down 95 per cent of oil production linked to a pumping station at Alaska’s North Slope after a leak was found on Saturday. The 800-mile Trans-Alaska pipeline has been closed while repairs are carried out. The pipe normally carries 620,000 barrels per day, or nearly 12 per cent of US crude output, from North Slope to the Valdez port in the southern Alaska. BP shares recovered some losses throughout trading yesterday to close down 1.25 per cent at 486.35p. BP is the biggest shareholder in Alyeska, the company that runs the pipeline, while oil majors ExxonMobil and ConocoPhillips own smaller stakes. BP also operates 15 oil fields in northern Alaska, which rely on the pipeline for transportation. The shutdown helped push oil prices up more than one per cent yesterday.The Alaska Department of Environmental Conservation said yesterday there was no restart date planned for the pipeline, but that work to bypass the leaking pipe was ongoing. “Particularly for BP, it is really important to fix this quite soon,” said Hannes Loacker, oil analyst at Raiffaisen Bank International.“This company sold a lot of assets and it’s probably facing a small production decline.”•BP and the China National Offshore Oil Corp (CNOOC) signed an agreement on deepwater exploration in the South China Sea yesterday. A BP spokesman said it was a cooperation agreement with CNOOC to explore in block 43-11 in the South China Sea. KCS-content Monday 10 January 2011 8:21 pm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Sharecenter_img Show Comments ▼ whatsapp BP suffers as leak shuts key pipeline whatsapp Tags: NULLlast_img read more

European car registrations rise

first_img Show Comments ▼ whatsapp Tags: NULL European car registrations rise Eurozone car registration rose 3.2 per cent in February boosted by France and Italy which recorded a jump in the annual automobile rate of 3.9 to 13.9 per cent and 3.5 to 5.0 per cent respectively. Germany’s new car registrations rose 17 per cent during the past month and Spain registered the strongest increase since September 2010, rising by 3.6 per cent. KCS-content center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeJournalPregnant Woman Takes a Nap – You Won’t Believe What She Discovered When She WokeJournalMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropMisterStoryWoman files for divorce after seeing this photoMisterStoryFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChattermoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldFamilyMindedThe Most Common Astrology Questions People AskFamilyMinded More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tuesday 1 March 2011 8:02 pm Sharelast_img read more

Chaucer talks continue as profit halves

first_img More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Share Tags: NULL FOR-SALE Lloyd’s insurer Chaucer posted a small profit yesterday and confirmed its takeover discussions were continuing.Chaucer confirmed it was in talks with potential bidders last month, which have been named as Guy Hands’ Terra Firma private equity firm and a US trade buyer, among others. Sources told City A.M. yesterday Hands was weeks away from formalising a bid.Chairman Martin Gilbert said talks were subject to due diligence. “It will take time to ascertain whether an offer for the business may be forthcoming,” he said. “We continue to hold discussions with interested parties with a view to maximising value for shareholders.”Chaucer, which covers areas such as marine, energy and aviation, saw pre-tax profit more than halve in 2010 to £34.8m from £75m in 2009. Including foreign exchange losses its pre-tax profit was £32.9m, below analysts’ £40m consensus forecast and down from £42m in 2009. It booked $85m (£52.2m) in catastrophe losses and its combined ratio widened to 99 per cent from 93 per cent in 2009. It also said it expected further losses from Australia’s January floods.But chief executive Bob Stuchbery said the firm’s new strategy was now “driving decision-making within Chaucer” and it was targeting rate rises in its global energy and UK motor insurance businesses in 2011.Chaucer’s shares closed down 0.85 per cent at 58.50p. center_img KCS-content Show Comments ▼ whatsapp Chaucer talks continue as profit halves Monday 7 March 2011 8:47 pmlast_img read more