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China drives Volvo to record sales
Product revamp fuels success for Swedish group after decade of stagnation. Volvo has offered further evidence of its renaissance under Chinese ownership, posting a healthy rise in earnings that it says “cleared the way” for further investment in its global expansion. The Swedish carmaker sold a record 466,000 vehicles in 2014, up almost 10 per cent on the previous year, as China became its biggest single market for the first time, followed by Sweden and the US.
Falling oil price drags inflation down
Fed regards 0.1% drop in headline CPI figure as temporary factor. Tumbling oil prices have dragged US inflation into negative territory for the first time since 2009 – but, excluding the influence of energy costs on the index, there were signs of steadier price growth. The consumer price index fell 0.1 per cent on an annual basis in January, the Bureau of Labour Statistics said, driven “overwhelmingly” by the falling price of Petrol.
Tumbling oil price takes toll on offshore drillers
Offshore oils drillers have said that the number of deep water rigs “stacked” or scrapped is set to hit a two-decade high, and forecast that the industry slump caused by plunging crude prices could last another two years. A near 50 per cent fall in oil prices, to about $60 a barrel from more than $115 last summer, has contributed to a steep slide in the prices paid for the state-of-the-art ultra-deepwater rigs.
Auto Trader puts wheels in motion for a £2bn listing
The owners of UK’s biggest second-hand car sales website will sell a 40pc stake in the float. AUTO TRADER, the UK’s biggest website for second-hand car sales, has formally announced plans for a £2bn stock market flotation after snubbing a takeover approach.
Oil firms attacked for petrol price hike
Motorists are falling foul of oil company greed as petrol prices start to shoot up again, the AA has said. Service stations were slow to lower prices when world oil prices were falling but have been quick to raise them once the global price started to recover, Edmund King the AA president said.
Premier Oil hopes discovery will revive Falklands project
A London-listed oil company will kick off the first exploration programme in the Falkland Islands since 2012 next week, hoping to more than double the reserves of its struggling Sea Lion project. Premier Oil is spending $120 million on the four-well drilling campaign after the slump in crude prices left its plan to develop Sea Lion, the Falklands’ only commercial discovery to date, in limbo.
Manufacturers welcome Miliband’s pro-EU stance
Britain’s leading manufacturers applauded tough commitments made yesterday by Ed Miliband to keep the UK in the European Union. In some of his strongest comments yet on the debate over a referendum on Britain’s withdrawal from the EU, the Labour leader told the EEF federation of engineering companies “Our place lies within, not outside, the EU”. He added “ There is no greater threat to the long-term stability and prosperity of Britain and British business than leaving the EU”.
UK workers average £6,000 unpaid overtime
Workers put in almost £32bn worth of unpaid overtime last year, averaging over £6,000 each, according to new analysis. The TUC said one in five people regularly worked extra hours for no pay. The union repeated its call for employers to make sure their staff were not working excessively long hours.
£4bn to fuel green energy
More than £4bn in lucrative energy contracts was yesterday handed out to wind and solar schemes – but green lobbyists immediately insisted it was not enough. Energy secretary Ed Davey announced agreements to buy energy projects until 2040.
Clarkson’s and idiot, says Labour
Labour transport spokesman has called Top Gear presenter Jeremy Clarkson an ‘Idiot’ who is ‘not remotely representative of motorists’. Michael Dugher added that the BBC show’s team, also made up of James May and Richard Hammond were ‘Petrolheads’ and ‘a bunch of old blokes wearing jeans and sports jackets’.