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UK gas prices take new twist
LONDON: British gas prices are likely to become more volatile and prone to spikes over the next few years after the UK has moved from self-sufficiency to increasing dependence on imports of liquefied natural gas (LNG) from Qatar. The latest UK government data show Qatari LNG imports were equivalent to 52 per cent of the gas consumed over the first nine months of 2011, up from 11 per cent for 2009 as a whole. Qatar also...
 
 
 
Jet fuel margins in rare slip below diesel margins
SINGAPORE: Weakness in Asian prices of jet fuel in the fourth quarter, normally a peak demand period, looks set to persist through 2012 on a dip in air travel caused by Europe’s debt crisis, which could tip the world economy into recession. The bleak outlook is prompting airlines to throttle back on hedging plans, with most just sticking to current volumes. For oil refineries, less income from processing a barrel of crude into...
   
Beijing tries to raise farm income
BEIJING: While food prices soared 11.8 per cent and China spent more on farm subsidies in 2011 than ever before, the 18 per cent rise in average rural incomes still left farmers like Jiang Bo lagging badly behind their urban cousins. “Even when our vegetable prices are at their highest levels, we still do not make much money because there are too many middlemen in the supply chain,” said Jiang, a farmer in eastern China’s...
 
 
Italy’s bonds have recorded good returns
LONDON: Italy’s bonds have made sizzling returns this year but fears the country will lose its investment-grade status are putting off long-term investors whose support Rome needs to tackle a mountain of refinancing and ease worries about its debt. Potential buyers worry that further downgrades would prompt Italy’s removal from benchmark indices tracked by “passive” bond funds and exchange-traded funds, which would then be...
   
Single-cup coffee sales growing
NEW YORK: Sara Lee is one of many companies including Nestle, Kraft, Green Mountain, Starbucks and privately held Mars looking to tap the growth of single-cup coffee. While increased competition has some bears worried about the sustainability of current profit margins, bulls point to consumers’ growing desire for convenience and high-quality coffee at home The company last week announced that it took full control of its Senseo...
 
 
Land-locked Switzerland to abandon refining
LONDON: Italian oil refineries may be the next most vulnerable to closure in Europe, oil industry sources say, as a ban on processing Iranian crude compounds the economic challenges faced by Europe’s struggling refining sector. The prospect of losing relatively cheap Iranian crude comes as refiners are under pressure from weak profit margins. The world has about 7 million barrels per day (bpd) of surplus refining capacity...
 
 
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