Boris Johnson may regret portraying London as the ‘eighth emirate’ | Robert Booth

The mayor of London has been bending over backwards to attract Gulf investment, but is it in his voters’ best interests?The London mayor Boris Johnson has been in the Gulf looking for that most valuable of commodities in these times of tough credit and public spending: hard cash. Development finance, as with domestic mortgages, has […]
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BP oil concession in Abu Dhabi at risk in political row between UK and UAE

BP’s exclusion from bidding to renew its concession thought to be reprisal for British criticism of crackdown on Islamist groupsOne of BP’s longest-running energy concessions is threatening to become a high-profile victim of tensions between the United Arab Emirates and Britain over criticism of the Middle East state’s crackdown on Islamist extremist groups.BP was first […]
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London Array wind turbines generate first power

First turbines have begun to generate electricity in what will become the world’s largest offshore windfarmThe first power has been generated from the world’s largest offshore windfarm, the companies behind the scheme said on Monday.The first phase of the London Array project, around 12 miles off the coasts of Kent and Essex in the Thames […]
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British airports under threat from rise of Gulf hubs, says Etihad boss

Heathrow especially in danger of losing status as global conduit of air traffic warns airline’s CEO, James HoganLack of long-term planning will damage British aviation as the Gulf hubs grow and passengers bypass Heathrow for long-haul trips, the boss of one of the world’s fastest-growing airlines has warned.James Hogan, chief executive of Etihad, the Abu […]
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Monsieur Hollande’s holiday looks set to pass normality test

Staycation at no-frills traditional summer residence would please austerity-hit French after Sarkozy’s ostentatious jet-settingGone, it seems, are the heady summer days when a French president could spend his holidays on a billionaire friend’s luxury yacht or jet off to New Hampshire for a couple of weeks; gone, too, the possibility of enjoying the five-star hospitality […]
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Qantas issues shock profit warning

Shares in Australian flag carrier Qantas fall to record low on warning that annual profits could drop by more than 90%Qantas issued a shock profit warningon Tuesday, saying annual profits could drop by more than 90% this year due to a toxic combination of hard up Europeans cancelling their holiday plans and sharply rising fuel […]
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BCCI scandal: long legal wrangling over collapsed bank

Bank of England internal memo in 1982 described BCCI as ‘on its way to becoming the financial equivalent of the SS Titanic’The Bank of Credit and Commerce International was the brainchild of Pakistani businessman Agha Hasan Abedi, who envisioned a bank focused on the third world. It was set up in 1972 with financial backing […]
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MPs consider RBS and Lloyds options

Committee will take evidence from experts including investment banks and institutional investors on what to do with stakesAn influential committee of MPs will on Tuesday hold a hearing into the potential sale of the taxpayers’ stakes in Royal Bank of Scotland and Lloyds Banking Group, as fears grow that the public could be left with […]
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Drought fears revive memories of 1976

There are plans for water sharing across neighbouring utilities but warnings of standpipes if the dry weather continuesThe cracked ground of a parched riverbed, queues of sunburnt women waiting in the streets for water, wildfires raging across moorland – many will remember the drought of 1976 and the arid climate of Britain’s long hot summer. […]
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Glencore and Xstrata bosses team up for investor roadshow

Ivan Glasenberg and Mick Davis to begin global tour to coax shareholders into acceping their proposed £23bn merger dealIvan Glasenberg, the billionaire chief executive of the commodity trading group Glencore, will this week team up with Mick Davis, his counterpart at the miner Xstrata, in a renewed attempt to coax shareholders into accepting a proposed […]
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