Monthly Archives: January 2014

Keystone XL oil pipe plan clears hurdle

©Reuters Canda’s Keystone oil Pipeline The proposed Keystone XL oil pipeline from Canada to Nebraska has cleared a vital hurdle, as a US state department report said that production in the oil sands of Alberta could continue to grow even if the project was stopped, implying that approval was unlikely to have a significant impact on climate change. The department’s…

Europe and US align on derivatives action

US and European regulators have pledged greater co-operation as they introduce rules to tighten oversight of the global $700tn over-the-counter derivatives market, seeking to diffuse tensions between the two sides. Following a meeting on Thursday, senior regulatory bodies said they would intensify discussions on equal recognition of rules for monitoring derivatives markets infrastructure such as trade repositories and clearing houses….

Chipotle shares surge to record high

Chipotle Mexican Grill shares surged to a record high on Friday as the company shrugged off broader weakness in the dining sector and reported the fastest pace of sales growth in more than a year. The restaurant chain rose 11.74 per cent to $551.96 by the close of trading in New York, off highs set earlier in the day. The…

Investors pull $12bn from EM stocks

The four biggest global stock markets recorded sharp losses in January for the first time in four years, as weeks of turmoil in emerging markets spread to the developed world. Stocks in the US, UK, Europe and Japan have not posted simultaneous declines for January since 2010 when the eurozone debt crisis was at its height, prompting investors to warn…

Vedanta hurt by fall in Zambian copper production

Vedanta Resources has posted a 3 per cent decline in revenue for the last three months of 2013 as the company’s non-Indian zinc production fell 19 per cent and Zambian copper production dropped 17 per cent. Copper production in Zambia fell due to a suspension of mining at Vedanta’s Chingola open pit, combined with shortages of equipment and electricity at…

ICAP plans US electronic swaps venue

ICAP has applied to operate a US electronic swaps trading venue overseen by UK regulators, stepping up its moves to address sweeping US laws governing the over-the-counter derivatives market. The UK interdealer broker wants to turn its BrokerTec fixed income trading platform into a venue mandated to meet US swaps rules from London, according to documents filed with US and…

Renewed takeover talk boosts Imperial

Imperial Tobacco beat a weak London market yesterday after Goldman Sachs analysts reheated longstanding takeover speculation. Imperial is the smallest and lowest valued of the four multinational tobacco companies yet is the only one expected to deliver earnings growth, making it a potential target for a larger peer looking to improve pricing power, said Goldman, It set a £28.40 target…

EM sell-off hits thermal coal

Thermal coal prices slid to a 14-week low on concerns the sell-off in emerging markets will hit demand from utilities in countries such as India and Turkey. Thermal coal is seen by many analysts as the commodity most closely correlated to growth in emerging economies because it is the cheapest fuel source for power stations. The price of South African…

Salmond digs in on pound and Scottish taxes

©Reuters Scotland’s First Minister Alex Salmond has defied critics of his plans for a post-independence currency union with the rest of the UK, insisting such a pact would leave Edinburgh in full control of taxation. In an interview with the Financial Times, Mr Salmond waved aside concerns about the working of such a currency union, which were highlighted this week…

New Shell chief vows to stop the rot

Environmental organisations have waged a long campaign to block Shell from operating in the Arctic wilderness. The oil major has announced the suspension of its drilling plans there©AFP ‘Disappointing outcome’: Ben van Beurden, new chief executive, cited ‘the lack of a clear path forward’ in explaining Shell’s decision to refrain from further investment in its Arctic operations©EPA Unhappy new year:…