Link to the article: Channel 4 News
By Kris Jepson
Updated on 30 April 2010
The prospect of an ecological disaster looms along America’s vulnerable Gulf of Mexico coastline as oil from a damaged BP well head begins to wash ashore. But BP’s head of group media tells Channel 4 News that the cause of the accident is still not known.
It is BP’s fourth major incident in the United States in as many years.
The rig exploded last Friday, killing 11 men. One week on, oil is still belching out of the open well hole, 5,000 feet below sea level, at the rate of 5,000 barrels a day.
Desperate efforts have been launched to try to protect the wildlife habitats along the coast.
President Obama has ordered a complete halt on oil exploration in the area.
The White House has suspended any new exploration in the Gulf pending the review of last week's explosion on the Deepwater Horizon oil rig.
Friday, 30 April 2010
Sunday, 25 April 2010
China gains clout at World Bank
Link to the article: Reuters
Apr 25 - The World Bank agreed to give emerging economies greater influence in the institution, a shift that puts China third in voting power behind the U.S. and Japan. Jon Decker reports.
Apr 25 - The World Bank agreed to give emerging economies greater influence in the institution, a shift that puts China third in voting power behind the U.S. and Japan. Jon Decker reports.
Friday, 23 April 2010
Greece asks EU-IMF for rescue loans
Link to the article: Channel 4 News
By Channel 4 News
Updated on 23 April 2010
Debt-laden Greece has formally asked for a 45bn euro emergency bailout from the International Monetary Fund and the European Union.
The first injection of funds is expected in under a month, yet the news did little to ease uncertainty in the financial markets.
City experts deemed the move a temporary sticking plaster for a long-awaited bailout.
"The true fact of the matter is that 45 billion isn't enough to sort out the Greek problem", David Morrison, market strategist at GFT Global said.
Indeed, shares in Greek banks crept up just 0.1 per cent before the markets closed.
Meanwhile, queries over how the loan would be paid and what delays might occur were raised.
"Concerns remain during this transitory phase as regards the terms that will be asked for the loans with markets also watching the process of aid approval," said analyst Nick Galousis at Kappa Securities in Athens.
By Channel 4 News
Updated on 23 April 2010
Debt-laden Greece has formally asked for a 45bn euro emergency bailout from the International Monetary Fund and the European Union.
The first injection of funds is expected in under a month, yet the news did little to ease uncertainty in the financial markets.
City experts deemed the move a temporary sticking plaster for a long-awaited bailout.
"The true fact of the matter is that 45 billion isn't enough to sort out the Greek problem", David Morrison, market strategist at GFT Global said.
Indeed, shares in Greek banks crept up just 0.1 per cent before the markets closed.
Meanwhile, queries over how the loan would be paid and what delays might occur were raised.
"Concerns remain during this transitory phase as regards the terms that will be asked for the loans with markets also watching the process of aid approval," said analyst Nick Galousis at Kappa Securities in Athens.
Friday, 9 April 2010
Innocent smoothie denies sell-out after Coca-Cola gets majority stake
Link to the article: Guardian
Innocent insists founders will keep operational control despite 58% of shares going to Coca-Cola.
The founder of Innocent smoothies denied last night he had sold out to Coca Cola despite allowing the US multinational to swallow a 58% stake in the small and ethically-minded British business.
Richard Reed said the existing directors would continue to control Innocent and their goal of bringing healthy drinks to a global market could only be enhanced by a transaction estimated to be worth £75m.
"I genuinely believe that this is not a selling out but a continuation of our work. There will be no change in the commitment to natural healthy food, to sustainability and to giving 10% of our profits to charity.
"We remain in full operational control of the business and we should be able to proceed towards our goal of taking Innocent to every country in the world," he added.
Innocent, which markets itself as Europe's favourite smoothie company, is the latest in a long line of UK firms falling into the hands of foreign ownership but is also another example of a business set up with high-minded goals that has been taken over by a very large and conservatively-run predator.
Cadbury, which had caused adverse comment by buying up the Green and Black chocolate firm, was itself recently bought up by Kraft of America while Body Shop has been acquired by L'Oreal and Pret a Manger by McDonald's.
Innocent has been working with Coke since the US group took an initial 18% stake in the business last year. The latest deal sees a further 40% of Innocent change hands, largely due to the disposal of shares by one of the original "angel" investors in Innocent.
But Reed and his co-founders, Adam Balon and Jon Wright, have also sold a small number of their shares giving Coke the 58% stake while protecting their ability to run the company in the way they want by legal agreement, they say.
Tuesday, 6 April 2010
Toyota sees sales surge amid safety woes after slashing prices
Link to the article: Guardian.co.uk
After the most testing year in the company's 73-year history, Toyota executives can perhaps afford to greet the new financial year with guarded optimism after last month's dramatic sales increases in the US and Japan.
The rebound was to be expected after the catastrophic collapse in sales prompted by the global recession, but the firm will be more encouraged by signs that its recent safety recall of more than 8.5m cars has so far failed to deliver the killer blow many had expected.
The world's biggest carmaker saw US sales rise 41% in March from a year earlier, having fallen 16% year-on-year in January and 9% in February.
Toyota attributed its March performance to a series of incentives that gave buyers discounts of up to $2,250 (£1,480) a vehicle last month.
The sweeteners, which included interest-free loans and discount leases, were introduced after the company's disastrous handling of complaints involving defective brakes and accelerators.
After the most testing year in the company's 73-year history, Toyota executives can perhaps afford to greet the new financial year with guarded optimism after last month's dramatic sales increases in the US and Japan.
The rebound was to be expected after the catastrophic collapse in sales prompted by the global recession, but the firm will be more encouraged by signs that its recent safety recall of more than 8.5m cars has so far failed to deliver the killer blow many had expected.
The world's biggest carmaker saw US sales rise 41% in March from a year earlier, having fallen 16% year-on-year in January and 9% in February.
Toyota attributed its March performance to a series of incentives that gave buyers discounts of up to $2,250 (£1,480) a vehicle last month.
The sweeteners, which included interest-free loans and discount leases, were introduced after the company's disastrous handling of complaints involving defective brakes and accelerators.
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