London close: China currency move lifts shares
21st Jun 2010 16:31
Footsie closed just shy of 5,300 as mining stocks advanced on higher commodity prices after China's decision to delink the yuan from the US dollar. Miners Vedanta, Rio Tinto, Xstrata, Antofagasta and BHP Billiton were among the best performers. BHP and Rio have agreed to increase iron ore royalti
Read moreLondon afternoon: Miners lead the advance
21st Jun 2010 14:20
China's decision to delink the yuan from the US dollar has provided UK stocks with a lift and calmed nerves ahead of tomorrow's hair-shirt Budget from chancellor of the exchequer George Osborne. Miners are the main beneficiaries of the optimism engendered by China's move, with Vedanta, Rio Tinto, X
Read moreLondon midday: Yuan move lifts equities
21st Jun 2010 12:06
Having just failed to make it eight consecutive gains in a row on Friday the blue-chip index is resuming its steady rise today as stocks are buoyed by news that China will allow the yuan more flexibility after a two-year peg against the dollar. It's hoped the decision will reinvigorate the Chinese
Read moreUganda Energy Min Says Heritage Oil Must Pay Capital Gains Tax
19th Jun 2010 08:01
KAMPALA, Uganda (Dow Jones)--London-listed Heritage Oil PLC (HOIL.LN) must pay capital gains taxes on its proposed sale of Ugandan assets, Uganda's energy and minerals minister said late Friday. According to Hilary Onek, the oil assets belong to the Ugandan people and as such, Heritage is oblige
Read moreBroker tips: Sainsbury, oil companies, BSkyB
18th Jun 2010 13:06
Wednesday's trading update from Sainsbury was in line with expectations, prompting Charles Stanley to reiterate its advice to clients to accumulate the shares. With Sainsbury management saying it is comfortable with consensus profit before tax forecasts of £655m for the current year Charles Stanley
Read moreBroker snap: Merger activity to pick up in oil sector
18th Jun 2010 12:42
Nomura Securities has picked up on increased mergers and acquisitions activity in the oil sector in recent weeks, with Africa-focused oil and gas company Afren and UK independent oil company Dana both announcing deals this month. "Stronger cash flow generation, owing to the higher oil price environ
Read moreUPDATE: Heritage Oil Asks Uganda For Arbitration In Tax Dispute
17th Jun 2010 16:27
(Adds comment from Ugandan official.) By Jeffrey Sparshott and Nicholas Bariyo Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN) Thursday said it would seek arbitration to resolve a tax dispute with Uganda's government that is holding up the sale of stakes in two oil
Read moreHeritage Oil Asks Uganda Govt For Arbitration In Tax Dispute
17th Jun 2010 15:55
By Jeffrey Sparshott Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN) Thursday said it is seeking arbitration to resolve a tax dispute with Uganda's government that is holding up the sale of stakes in two oil blocks to Tullow Oil Ltd. (TLW.LN). "Heritage has proposed
Read moreHeritage Oil Proposes Dividend Of 75P-100P After Uganda Sale
17th Jun 2010 14:38
LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN), an independent upstream exploration and production company, said Thursday it is proposing a dividend of 75 pence to 100 pence per share following the completion of the sale of its Ugandan interests. MAIN FACTS: -Government of the Republic of Ug
Read moreUganda Invites Middle East Resources To Bid For Oil Investment
13th Jun 2010 13:46
KAMPALA Uganda (Dow Jones)--The Ugandan president has asked Dubai-based Africa Middle East Resources to submit a bid and compete for investment opportunities in the country's upcoming oil sector, the presidency said Sunday. In a statement, a spokeswoman said President Yoweri Museveni extended th
Read moreUganda's Bunyoro Kingdom Wants Oil Revenues To Address Imbalances
11th Jun 2010 10:28
By Nicholas Bariyo Special to DOW JONES NEWSWIRES KAMPALA, Uganda (Dow Jones)--Uganda's Bunyoro Kitara Kingdom wants to be given legal rights to share oil revenues with the central government once production starts, to enable it address development bottlenecks that have caused historical imb
Read moreLondon open: BP revival lifts Footsie
11th Jun 2010 08:58
A revival by BP has started Footsie off on the front foot this morning after a surge by oil stocks on Wall Street overnight. BP is the best performer. The company yesterday reported the amount of oil is capturing from the Gulf of Mexico leak has risen to 15,800 barrels per day, though an upward rev
Read moreTullow Oil OK With Disclosure Of Uganda Oil Deal Details -Exec
11th Jun 2010 08:28
KAMPALA, Uganda (Dow Jones)--U.K.-based Tullow Oil PLC (TLW.LN) would not object to the disclosure of oil production sharing agreements signed with the Ugandan government, a company executive said Friday. According to Brian Glover, the general manager of Tullow Oil Uganda Ltd., the country's gov
Read moreUganda Oil Investments Hit $900M, To Pass New Oil Law -Fin Min
10th Jun 2010 16:55
KAMPALA, Uganda (Dow Jones)--Investments in Uganda's oil sector have hit up to $900 million as extensive oil exploration activities in the sector since 2006 continue, Uganda's finance and planning minister said Thursday. In a budget speech, Syda Bumba said more investments are anticipated as the
Read moreLondon close: Miners lift Footsie
9th Jun 2010 16:55
Footsie closed with strong gains after a volatile day for the leading share index. Mining stocks dragged the market higher as metal prices bounced on reports of an exports surge in China. A news agency is reporting that China's exports in May were 50% higher than a year earlier. That news has boo
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