LONDON (Alliance News) - BG Group Friday said changes to the North Sea investment and tax regime set out in the UK Budget earlier in the week will now allow it to develop its Jackdaw high pressure high temperature project in the North Sea.
According to the Treasury, that'll create new jobs on the field, but BG has also confirmed a voluntary redundancy scheme for its Reading head office, after The Times said it will cut almost 300 jobs in the wake of the company's recent profit warning. BG rejected that report, saying no decision has been taken on job cuts.
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FTSE 100: Up 0.2% at 6,556.72
FTSE 250: Up 0.03% at 16,222.63
AIM ALL-SHARE: Down 0.04% at 859.73
GBP-USD: Down at 1.6502
EUR-USD: Up at 1.3795
GOLD: Up at USD1,339.91 an ounce
OIL (Brent): Up at USD106.90 a barrel
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Key UK Corporate News
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FTSE 100: ITV Chief Executive Adam Crozier's pay for 2013 was almost three times as much as the previous year, as he received more from vested share awards. Crozier got total remuneration of GBP8.4 million for 2013, up from GBP2.9 million in 2012.
FTSE 250: Balfour Beatty's Dubai-based joint venture has won a GBP214 million contract in downtown Dubai for the expansion of the world's largest shopping centre, the Dubai Mall.
AIM: Formation Group is a big gainer after Julius Properties reached a deal with housebuilder Redrow over a title issue relating to a mixed use development near Aldgate East tube station, London. The dispute had cast doubt upon Julius' ability to repay JV Finance Ventures Ltd's investment into the site. Formation holds a 36.9% stake in JV Finance Ventures. BrainJuicer is up after it reported an increase in profit and revenue in 2013, driven by strong growth in the UK and US. The firm said it plans to pay a special dividend of 12.0 pence per share and increased its final dividend by 33% to 3.0 pence per share. Minoan Group is doing well after the Local Municipality of Sitia in Crete reaffirmed its support for Minoan's project on the Mediterranean island. It is planning a luxury holiday resort on a 26 square kilometre site at Cavo Sidero in Crete, comprising holiday villages, golf courses, a marina, and a conference centre. 2ergo is a big faller after it sold its mobile coupon and loyalty business to Eagle Eye Solutions Group for GBP4.5 million in cash and shares and said it will now become an investment company called Broca PLC, focusing initially on the TMT sector.
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Top Economics And General
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The UK budget deficit widened more than expected in February, official data showed. Public sector net borrowing excluding interventions increased to GBP9.3 billion in February from GBP6.5 billion in the same period of last year, the Office for National Statistics said. In January 2014, PSNB showed a negative balance of GBP4.99 billion. The budget deficit was forecast to rise to GBP8.6 billion. For the financial year to date 2013/14, public sector net borrowing excluding temporary effects of financial interventions was GBP87.2 billion. This was GBP17.9 billion higher than the same period in 2012/13, when it was GBP69.3 billion.
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Fitch Ratings has maintained its 'AAA' ratings on the US and a 'stable' outlooky's ratings. Fitch affirmed the top notch rating after the federal debt limit was suspended in February in a timely manner and in a way that avoided casting uncertainty over the "full faith and credit" of the US.
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Ukraine's interim Prime Minister Arseniy Yatsenyuk has signed parts of a highly symbolic deal on closer political ties with the EU in Brussels, as Russia's upper house of parliament approved the annexation of Crimea. EU President Herman Van Rompuy said the signature of the political chapters of the association deal "shows our steadfast support for the course the people of Ukraine have courageously pursued," as well as symbolizing a "joint will" to take the relationship further. The agreement aims to encourage Ukraine to undertake political and economic reforms, while also supporting parliamentary elections scheduled for May 25.
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The EU added 12 Russians and Ukrainians Thursday to a list of people hit with travel bans and asset freezes over developments in Crimea, while Russia and the US traded sanctions on key individuals. "Sanctions are not a question of retaliation. They are a foreign policy tool," said Van Rompuy after a meeting in Brussels of the bloc's 28 leaders. "Our goal is to stop Russia's actions against Ukraine." The 12 new names, due to be published Friday, include some "really high-ranking" individuals, Van Rompuy said. It will bring to 33 the total number of people on the EU's sanctions list, which overlaps with US targets, according to French President Francois Hollande. The EU also took steps towards implementing "economic, trade and financial restrictions regarding Crimea," said European Commission President Jose Manuel Barroso. This would mean restricting "products from Crimea," said German Chancellor Angela Merkel. The bloc cancelled a planned June 3 summit with Russia, but stopped short of imposing economic sanctions. Such measures would come if Russia further escalates tension in Ukraine, the leaders warned.
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Fitch Ratings lowered its outlook on the Russia economy to 'Negative', from 'Stable', and confirmed a 'BBB' rating, citing the potential impact of the sanctions imposed by the US and the EU on the economy following the annexation of Crimea.
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Standard and Poor's Ratings Services downgraded Russia's rating outlook to 'Negative', citing the possible consequences of the EU and US sanctions on the country's creditworthiness following the incorporation of Crimea. The agency, however, confirmed its 'BBB/A-2' foreign currency and 'BBB+/A-2' local currency ratings on the economy.
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The US Thursday said Russia would only further isolate itself if it withdrew from the Iran nuclear talks because of US sanctions against Russia in the Ukraine crisis. Russia's Deputy Foreign Minister Sergei Ryabkov Wednesday said he hoped that Washington's sanctions against Russia over its military intervention in Crimea would not affect relations among the five permanent UN Security Council members and Germany during their talks with Iran.
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Syrian government troops have retaken an ancient crusader castle from rebels in the centre of the war-torn country, ending a three-month siege, Syrian state media reported Thursday. President Bashar al-Assad's forces killed dozens of rebels after seizing the 12th-century crusader Fort Krak des Chevaliers - also known as al-Hosn Castle - near the central province of Homs, state television said. Rami Abdel-Rahman, head of the pro-opposition Syrian Observatory for Human Rights, said at least 60 people, including 15 rebels, were "killed or injured" as they tried to flee to the Lebanese border.
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Thailand's Constitutional Court annulled the February 2 general election for failing to hold nationwide voting in every constituency on the same day, court officials said. The court's judges voted 6 to 3 to void the election, which was boycotted by the opposition Democrat Party and could not be held in 28 of 375 constituencies nationwide.
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Australian officials called for more aircraft to join an international posse of ships and planes scouring a 23,000-square-kilometre patch of the southern Indian Ocean for possible debris from a missing Malaysia Airlines plane. John Young from the Australian Maritime Safety Authority said a switch from radar searching to visual searching meant he needed more than the current group of aircraft from Australia, New Zealand and the US already engaged in the hunt. New Zealand volunteered to send more maritime surveillance planes to augment the 5-strong fleet.
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Afternoon Watchlist
15:00 EU Consumer Confidence Preliminary
20:30 US Fed Minneapolis's Narayana Kocherlakota speech
22:30 US FOMC Member Stein Speech
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Monday's Key UK Corporate Events
John Laing Infrastructure Fund Full Year Results
Centamin Full Year Results
Greencoat UK Wind Full Year Results
Allergy Therapeutics Half Year Results
Kentz Corporation Full Year Results
Plant Health Care Full Year Results
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Monday's Key Economic Events
01:45 China HSBC Manufacturing PMI Preliminary
07:58 France Markit Manufacturing PMI Preliminary
07:58 France Markit Services PMI Preliminary
08:28 Germany Markit Manufacturing PMI Preliminary
08:28 Germany Markit Services PMI Preliminary
08:58 EU Markit Manufacturing PMI Preliminary
08:58 EU Markit PMI Composite Preliminary
08:58 EU Markit Services PMI Preliminary
10:00 UK CBI Distributive Trades Survey
13:58 US Markit Manufacturing PMI Preliminary
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By Steve McGrath; steve.mcgrath@alliancenews.com; @stevemcgrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
16 Jul 2010 16:58
Formation Group Unit Succeeds In One Claim Against Stoneygate
LONDON (Dow Jones)--Formation Group Plc (FRM.LN), construction management services company, announced Friday in relation to the litigation being conducted through its wholly owned subsidiary, Proactive Sports Management Limited that it was successful in one of its claims against Stoneygate 48 Limite
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