PTT plots bid for Carrefour assets

first_img Show Comments ▼ Share John Dunne Friday 20 August 2010 2:48 am More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Tags: NULL PTT plots bid for Carrefour assets PTT, Thailand’s biggest energy company, said it plans to bid for French retailer Carrefour’s Thai assets, worth an estimated $600M (£386m), under a plan to diversify its businesses.Carrefour, Europe’s top retailer, wants to sell its Malaysia, Singapore and Thailand units at a potential price of $1BN to focus on core markets where it holds leading positions.In recent years, Carrefour has withdrawn from other Asian markets, including Japan and South Korea, to focus on growing markets such as China and India.“We are actually interested to see whether there’s an opportunity to link to our businesses,” Chief Financial Officer Tevin Vongvanich told Reuters.“We are studying the plan, but there are no further details or information on the timing at this point,” Tevin said.PTT joins an increasingly crowded field expected to bid for the assets in September.France’s Casino has hired Deutsche Bank and Royal Bank of Scotland Group to advise it on a potential bid for Carrefour’s Malaysia, Singapore and Thailand assets, two sources told Reuters in July.Leading Thai conglomerate Berli Jucker, owned by liquor tycoon Charoen Sirivadhanabhadi, expressed interest last month in bidding for Carrefour’s Southeast Asian operations.Singapore-listed Dairy Farm International, which owns Cold Storage and Giant superstores in Singapore and Malaysia, and Britain’s Tesco are also seen as potential bidders, sources said. Tesco and Dairy Farm have declined to comment.Casino owns 36 per cent of the Big C Supercentre chain, Thailand’s second-largest hypermarket operator by number of stores after British-owned Tesco Lotus. whatsapp whatsapplast_img read more

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Sanofi’s £12bn bid is rejected

first_img Share whatsapp Show Comments ▼ whatsapp FRENCH pharmaceuticals giant Sanofi-Aventis is poised to go hostile with its $18.4bn (£11.9bn) offer for Genzyme after the US biotechnology company again refused to enter talks.Genzyme rejected Sanofi’s $69-per-share approach for the second time yesterday. Boss Henri Termeer said the board was “not prepared to engage in negotiations… based upon an opportunistic proposal with an unrealistic starting price that dramatically undervalues the company”.Sanofi chief executive Chris Viehbacher described Genzyme’s response as “relatively unsurprising”. He said Sanofi would prefer to deal with Genzyme’s top brass but hinted the drugs maker was ready to take a hostile offer to the Massachusetts-based outfit’s shareholders, adding: “We are prepared to consider all alternatives to complete this transaction.”Sanofi hopes to leverage investor dissatisfaction surrounding manufacturing problems at Genzyme, which makes medicines to counter rare conditions such as Gaucher and Fabry disease. Termeer has been weakened in recent months by calls for his removal from investors including Carl Icahn, the activist fund manager.Analysts suggested Sanofi would have to put $70 per share on the table to enter discussions. The final deal price would be around $75 per share, or $20bn. Shares in Genzyme closed 3.39 per cent up at $69.91. KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Monday 30 August 2010 9:34 pm Sanofi’s £12bn bid is rejected Tags: NULL last_img read more

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CITY VIEWS: IS THE TUBE STRIKE THE START OF WIDESPREAD INDUSTRIAL ACTION?

first_img KCS-content NEAL TAYLOR | A.F.M.E“All the strikes will be about pay, no doubt, and they will never feel like they are paid enough. We’ve got to take it all with a pinch of salt, as the unions are going to do whatever they want. Luckily I’ve not been affected this time around ?– yet.”SAM DAVIDSON | BELL & CLEMENTS“I get the train straight to Fenchurch Street so won’t be caught up in this strike, but I wouldn’t be surprised if there were more. There seems to be an awful lots of strikes happening now, and they have lost quite a lot of their impact.”SCOTT HARRIS | DALLAS KIRKLAND“It’s a real pain for commuters, and it probably won’t get the striking workers what they want. The threat of strikes is frustrating if you’re trying to book a holiday abroad. The action is going to lower share prices, which is surely not going to help the workers. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com CITY VIEWS: IS THE TUBE STRIKE THE START OF WIDESPREAD INDUSTRIAL ACTION? Show Comments ▼ whatsapp whatsapp Tags: NULL Monday 6 September 2010 8:39 pm Sharelast_img read more

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Brussels calls for criminal punishments

first_img KCS-content Tags: NULL BRUSSELS may demand that countries impose criminal penalties for breaking some financial rules, in a bid to toughen up regulation across the European Union.In a second consultation paper yesterday about financial penalties, EU officials said there was too much variation in sanctions between countries.One proposal is for Brussels to set minimum penalties across the board – including the requirement of criminal sanctions for the most serious crimes. The consultation is open until 19 February.At the moment, banking sector penalties range from less than €150,000 (£126,000) in several countries, to unlimited fines in others. In the securities sector, only 18 countries have fines for insider trading. The maximum levels range from more than €1m to less than €200,000. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.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.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Wednesday 8 December 2010 9:20 pm whatsapp Brussels calls for criminal punishments Show Comments ▼ whatsapp Sharelast_img read more

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Inflation expectations at two year high

first_img whatsapp Inflation expectations at two year high Thursday 16 December 2010 6:56 am Britons expect a higher rate of inflation over the coming year than at any time since August 2008, suggesting concern about a looming sales tax rise and rising food prices, a Bank of England survey showed on Thursday.The Bank’s November inflation attitudes survey showed that the public expect inflation of 3.9 per cent over the next 12 months, up from an expected 3.4 per cent in August and the highest rate since August 2008.Inflation has been at least a percentage point above the Bank’s two per cent target since the start of the year, due in part to a rise in value-added tax in January as well as high commodity prices. Last month consumer price inflation unexpectedly rose to a six-month high of 3.3 per cent due to record increases in food and clothing prices.A further rise in VAT is due next month, and the Bank itself expects inflation of well over three per cent next year before it falls back to target early in 2012.Respondents in the Bank’s survey said they expected inflation in two years time be 3.2 per cent and in five years time to be at 3.3 per cent – the highest forecasts for these measures since the Bank first asked about them in February 2009.The Bank had not previously made the answers to these questions public.Bank Deputy Governor Charles Bean said earlier this week that the central bank was keeping a very close eye on inflation expectations in case they triggered a spiral of pre-emptive price rises and wage demands that could stop inflation falling.The survey was carried out by polling company GfK NOP in November and interviewed 2,057 people. Tags: NULL John Dunne Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Sharelast_img read more

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African Minerals finds more iron

first_img Tags: NULL whatsapp Share KCS-content Iron ore explorer African Minerals said its flagship Tonkolili project in Sierra Leone contains more iron ore than previously thought. The Tonkolili project holds 12.8bn tonnes of iron ore, according to the latest resource estimate, up from 10.5bn tonnes announced in February. The update incorporates the Numbara, Simbili, Marampon and Kasafoni deposits at Tonkolili. Resources-hungry China will be a key customer of the Sierra Leone project. Spot iron ore prices have risen 43 per cent this year. More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell 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.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.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgcenter_img African Minerals finds more iron Show Comments ▼ 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsapp Thursday 16 December 2010 7:40 pmlast_img read more

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City veteran Gunn thinks it will all come good at Rotala

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal 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 ItMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm City veteran Gunn thinks it will all come good at Rotala Wednesday 26 January 2011 8:55 pm Share KCS-content Show Comments ▼center_img CITY veteran John Gunn (pictured) said yesterday he hoped his near £3m investment in Aim group Rotala would come good at some point and result in a tidy nest egg for his family.The former head of British & Commonwealth, whose company collapsed after the £410m acquisition of Atlantic Computers, has been left exasperated by the gradual share price decline in Rotala, which has just announced the purchase of Preston Bus. Gunn is currently chairman of the Aim-listed group and a 25 per cent shareholder.Rotala’s shares have fallen from a high of 52p to as low as 25p over the past few months. Gunn says the disposal of shares by four institutions after the departure of four individual fund managers who were fans of the stock has not helped.Rotala is forecast to make a £1.9m profit in the year to November 2010.Says Gunn: “We were worth twice as much as we are now when we were losing money.”Gunn and chief executive Bob Dunn have agreed to subscribe a total of £265,000 in a share placing. whatsapp Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com whatsapplast_img read more

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COMPANIES KEEN TO HIT THE ROAD FOR EVENTS

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 PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius WITH the Bribery Act and its new rules on corporate hospitality fast approaching, firms could be forgiven for dialling back the perks and avoiding client entertainment for the time being. But according to research by Keith Prowse, the big events on the UK calendar are still pulling in the punters – with next month’s 100th anniversary of the Cheltenham Festival topping the list of occasions to which businesses are still keen to travel.Seventy-five per cent of businesses attending the annual meet (2011’s Festival kicks off on 11 March) travel more than 100 kilometres to attend – more than any other event surveyed. Of course Cheltenham’s case is no doubt helped by its relative distance from London – City firms would be hard pressed to make the trip across town to Lord’s or Twickenham quite as lengthy. In contrast the Aegon Championship tennis, held at the Queen’s Club in Baron’s Court, is the hospitality opportunity that attracts the greatest number of local businesses – 57 per cent of corporate attendees are located within ten kilometres of the historic courts. BANKERS BY CHANCESome City A.M. readers may remember the case of James Elgeti, the ambitious young Bath University student who stood outside Bank station last month with a stash of business cards and a sandwich board proclaiming: “You have the ability to kick-start my career in banking. Talk to me…”James clearly has his eye firmly on the prize, but for bank executives both old and new, it seems providence is more important than ruthless ambition when it comes to landing a spot at the top. After Lloyds’ results on Friday, outgoing chief executive Eric Daniels (right) entered the lions’ den – mingling with journalists keen to know his plans. Though Daniels steps down from his post this week, he will be employed by the bank until September – until then he’ll retain an office at 25 Gresham Street and cannot work elsewhere. But after that comes a period of indecision, with Daniels professing he’s unsure what he’ll do next. It’s likely to bring back memories of his post-college months, when the young graduate left college in the US with a management MA and little idea of what he wanted to do next. Daniels admitted that a move abroad was top of his agenda back in 1975 – and that the best opportunity happened to be with Citibank, with whom he spent five years in Panama and enjoyed stints in Argentina and Chile.It’s a sentiment that echoes a recent interview with HSBC chief Stuart Gulliver, where he confesses his first dream of being a barrister, which had to be abandoned due to financial constraints. Again, a desire to travel drove his career path – an HSBC trainee talked up the bank’s training scheme with tales of Indian adventures, so Gulliver applied, entered a trading room in Sharjah and never looked back.It just goes to show – even if you aim at nothing in particular, you might accidentally hit something very big indeed.VETS DINE FOR FUNDSIt may have begun life as a football team, but today the Stock Exchange Veterans Association is one of the City’s foremost charitable organisations. The group, headed by chairman Les Ames (above right) and vice chairman Les Polden will come together on 14 April for a dinner at The Brewery in Chiswell Street, with proceeds going to the association’s lengthy roster of beneficiaries. Sunday 27 February 2011 10:47 pm whatsapp whatsapp KCS-content Share COMPANIES KEEN TO HIT THE ROAD FOR EVENTS Show Comments ▼ Tags: NULLlast_img read more

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Oil price rises over Oman supply fears

first_img Oil price rises over Oman supply fears Monday 28 February 2011 3:06 am Show Comments ▼ whatsapp whatsapp Share 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 PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepediacenter_img Brent crude rose over one per cent to near $114 a barrel today (Monday) as protests in Oman fuels concern about security of supply from the Middle East and North Africa even as top exporter Saudi Arabia pumps more.Oman is the latest producer to feel the impact of the regional unrest, although its oil flow has not been affected. Revolt in Libya has cut as much as three quarters of the OPEC-member’s output, prompting Saudi Arabia to step in and plug the supply gap to Libya’s oil buyers.Brent crude rose by $1.15 to $113.29 a barrel. US crude rose $1.39 at $99.27 a barrel. Both benchmarks posted their highest weekly close in two and a half years last week.“There is the continued threat that conflicts will spread in the region that produces a large amount of oil in the world,” said Ben Westmore, a commodities economist at the National Australia Bank.“There’s been a bit of a contagion already,” he said.The worst-case scenario for oil markets would be an interruption to supply from Saudi Arabia. It holds most of the world’s spare crude output capacity, and without it there is no producer that could fill supply disruption such as that stemming from Libya.The impact on oil supply would also be severe if conflict were to spread to big suppliers such as Iran and Kuwait, Westmore said.Protestors blocked roads into the industrial area of Oman’s refined product export port Sohar on Monday. Product shipments continued unhindered, a port spokeswoman said.Oman is a small oil producer pumping around 850,000 barrels per day, but its crude forms part of benchmark pricing for more than 10 million barrels per day of crude shipped from the Middle East to Asia. Oman exports crude through the port at Mina al-Fahal. John Dunne More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.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.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULLlast_img read more

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Oil prices fall on output negotiations as Gaddafi launches attack on rebels

first_img KCS-content Tags: NULL Tuesday 8 March 2011 9:01 pm whatsapp Show Comments ▼ Share 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap OIL prices fell yesterday after the oil minister of Kuwait said that OPEC was in talks about an output increase.The commodity has surged on unrest in the Middle East, most recently driven by Colonel Gaddafi’s brutal oppression of anti-government protests in Libya.OPEC said it was considering an official hike in production for the first time in more than two years, allaying fears over security of supply. In London, Brent crude fell to around $113m a barrel on the news.Libya’s ongoing conflict has sent US crude prices to their highest level since September 2008, as investors continue to fret about potential supply disruption in the Middle East as unrest and protests spread.Gaddafi yesterday launched an assault to recapture towns held by rebels in the country. Reports suggest his forces have devastated Zawiyah, a refinery town just 30 miles from the capital Tripoli. Meanwhile, Prime Minister David?Cameron spoke with US President Barak Obama to plan an end to the violence in Libya.In a phone call yesterday afternoon, the two leader’s agreed to coordinate their efforts to end the fighting.A Downing Street spokesperson said:?“They agreed that the common objective in Libya must be an immediate end to brutality and violence; the departure of Gaddafi from power as quickly as possible; and a transition that meets the Libyan peoples’ aspirations for freedom, dignity, and a representative government.” whatsapp Oil prices fall on output negotiations as Gaddafi launches attack on rebels last_img read more

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