US jobless claims at 6-month high

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanReporter center[Photos] Meet The Man Katie Couric Is Romantically Involved With In 2021Reporter centerBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal Past Tags: NULL THE number of US workers filing new claims for jobless benefits unexpectedly rose last week to the highest level in close to six months, the latest evidence the economy’s recovery is faltering.The number of new claims for state unemployment insurance rose by 2,000 to 484,000 in the week ended 7 August, the second straight increase, the Labor Department said.Economists had expected claims to edge down to 469,000. The four-week moving average rose by 14,250 to 473,500, also the highest in six months. KCS-content Show Comments ▼ Sharecenter_img Thursday 12 August 2010 8:26 pm US jobless claims at 6-month high whatsapp More From Our Partners Feds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.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.com whatsapplast_img read more

BT accused of creating two tier internet

first_img KCS-content Tags: NULL Tuesday 14 September 2010 8:25 pm A NEW BT service that will allow it to charge ISPs higher prices for better quality services has led to accusations it is creating a “two tiered internet”.BT’s Content Connect effectively creates an online space separate from the regular internet which ISPs can stream video without sapping bandwidth from regular users.The telecoms giant will charge ISPs different prices depending on the quality they require for particular services, in theory allowing them to better structure their broadband offering to ensure quality and speed.However, there are fears the move could contribute to a “tiered” internet, in which smaller content providers and ISPs are squeezed out by firms which are able to pay for the fastest services.Toby Syfret, analyst with Enders Analysis, told City A.M.: “The fear is this would upset the principles of net neutrality. It is an issue that needs to be looked at carefully.”One industry source said the service “flies in the face of net neutrality” and could lead to “less mainstream content falling through the cracks as big players pay for faster speeds”.BT’s managing director of products Cameron Rejali denied the service would create a two tier internet, saying it is simply a more effective way for ISPs to manage traffic.He said “We are not saying people can’t access content unless it is paid for. You can go out and get the same content from multiple locations. But some ISPs want to pay to ensure a quality service.“I disagree that this raises a net neutrality question. It will actually be significantly cheaper for ISPs so we do not think smaller service providers will be hurt by this.”The system, developed by Cisco, is expected to be utilised heavily by Project Canvas, the TV on demand system of which BT is a founding member. Share BT accused of creating two tier internet whatsapp Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com whatsapplast_img read more

Petroneft raises $43m for Russian drilling

first_img KCS-content whatsapp whatsapp Petroneft raises $43m for Russian drilling Petroneft Resources, the Russia-focused oil and gas explorer, raised $43m (£27m) to finance the development of two of its Russian fields. The Aim-listed firm sold 63,125,000 new ordinary shares at 43p each to raise the cash. The firm said it will use the money to accelerate exploration and business development at its licences 61 and 67 at Tomsk Oblast in western Siberia, Russia. Petroneft holds 100 per cent of licence 61 and 50 per cent of licence 67. The placing was “substantially oversubscribed”, the firm said. Petroneft chief executive Dennis Francis said: “We are delighted with the outcome of the placing and the very high level of support received from both new and existing shareholders.”He added: “The combination of year-round oil production and the continued development and exploration of licences 61 and 67, provides an excellent base from which we can generate significant cash flow.”Petroneft added it is looking at other opportunities in Russia.The firm also said it is on course to hit a year end production target of 4,000 barrels of oil per day and plans to treble this by the end of 2012. Tuesday 19 October 2010 7:49 pm Share Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky 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 WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ Tags: NULLlast_img read more

Halma raises interim dividend and eyes acquisitions after profits jump

first_img Show Comments ▼ BRITISH safety equipment group Halma posted a 29 per cent rise in first-half pre-tax profit, helped by growth across all its major geographic markets, and said it would continue to look for attractive acquisitions.Halma, which has transformed itself from a tea company to a maker of smoke detectors and automatic door sensors, raised its interim dividend by seven per cent to 3.54p.“Market conditions are much steadier than they have been over the previous two years and, therefore, this year we expect a much more evenly balanced split between first half and second half trading,” chief executive Andrew Williams said.For the first half to 2 October, the company posted a pre-tax profit of £49.3m from continuing operations, compared with £38.1m a year ago. Revenue rose 12 per cent to £249.1m.The company, which recently bought Alicat Scientific – a specialist in flow and pressure instrumentation – ended the period with net cash of £27.6m and said it had significant headroom for further acquisitions. Williams said the firm would likely try to find an acquisition target in Asia, most likely in the healthcare space. Shares of the company, which have gained 20 per cent since reporting an eight per cent rise in first-quarter sales on 29 July, closed down 4.68 per cent at 313.60p yesterday. whatsapp whatsapp Halma raises interim dividend and eyes acquisitions after profits jump Tuesday 30 November 2010 8:09 pm Share KCS-content More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Tags: NULLlast_img read more

Tesco faces a battle for Czech shop chain

first_img 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 PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Tesco faces a battle for Czech shop chain KCS-content Wednesday 15 December 2010 7:57 pm whatsapp Sharecenter_img whatsapp Show Comments ▼ TESCO is lining up against Europe’s largest retailer Carrefour in the race to buy the Zabka retail chain.The pair are among four bidders pursing Zabka, which has 2,300 stores in the Czech Republic and Poland.“There are four bidders left, two strategic (investors) and two financial (investors),” a source close to the transaction said.“The two strategic investors are Tesco and Carrefour,” a market source added.Josef Janov, managing partner for Poland at Czech-based Penta Investments which owns Zabka, declined to comment but confirmed the final decision on the sale would be made in January.Tesco already has a strong presence in Poland and the Czech Republic. Poland is already its second largest European market in terms of sales and profits, and in the Czech Republic’s capital Prague Tesco opened its first standalone F&F clothing store this year.Offers of around €300m (£256m) are expected to be made for the business.Janov said last month: “The decision on the initial public offering (IPO) of Zabka or another form of our exit from the investment might be considered at the beginning of 2011.”French company Carrefour is a hypermarket chain which mainly operates in Europe but also has interests in South America. More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: NULLlast_img read more

Cheesegrater project gets the go-ahead

first_img whatsapp Tags: NULL Show Comments ▼ Cheesegrater project gets the go-ahead 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 PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem Wednesday 22 December 2010 7:42 pm 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 ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proofcenter_img whatsapp BRITISH Land confirmed its deal with Oxford Properties to build the Cheesegrater skyscraper yesterday, bringing the £340m project closer to fruition after it was sidelined during the recession. British Land has kicked off the 50:50 joint venture by contributing the site on Leadenhall Street, worth £90m, and expects to spend a further £125m. The FTSE 100 firm will act as lead development manager.Planning consent, demolition and initial work has already been completed, and the 736ft (224m) tower is scheduled for completion in mid-2014. The developers of the wedge-shaped building, which has been designed by Rogers Stirk Harbour and Partners, are yet to sign up a pre-let tenant, although there are already thought to be several companies interested in taking space. The companies said yesterday a range of occupiers from the insurance, financial, professional and corporate business sectors have expressed an interest in the 610,000 square feet of office space available. Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System pension fund, manages C$16bn (£10.3bn) of real estate around the world. It is an investor in the Watermark Place development next to Cannon Street station. Oxford Properties’ senior managing director in Europe, Paul Brundage, said: “In investment terms, this project is consistent with Oxford Properties’ strategic goals and is further evidence of our long-term commitment to, and confidence in, the London market.”British Land chief executive Chris Grigg added that the Leadenhall Building “will provide the City of London with a unique combination of iconic architecture with world-class public and office spaces”. Shares in British Land, the UK’s largest real estate investment trust with £8.9bn of assets under management, closed up 1.3 per cent at 529.5p. Share KCS-content last_img read more

HP reveals board reshuffle

first_img HP reveals board reshuffle Share KCS-content Thursday 20 January 2011 8:59 pm Hewlett-Packard is shaking up its board, bringing in five new directors including former eBay chief Meg Whitman, as new chief executive Leo Apotheker redesigns the company. In addition to Whitman, HP named as directors Shumeet Banerji, chief executive of Booz & Co; Gary Reiner, former chief information officer of General Electric; Patricia Russo, former chief executive of Alcatel-Lucent; and Dominique Senequier, chief executive of AXA Private Equity. The technology giant said directors Joel Hyatt, John Joyce, Robert Ryan and Lucille Salhany will not stand for reelection by shareholders. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULL whatsapp whatsapp Show Comments ▼ last_img read more

VALENTINES ADDING TO OUR TRADE DEFICIT

first_img whatsapp whatsapp Tags: NULL THERE are no excuses for disappointing Valentines dates this evening who fail to produce a plush dozen roses: rose deliveries to the UK this year are at record highs. Virgin Atlantic’s cargo division has reported a 40 per cent increase in the volume of flower deliveries to the UK from Kenya, our main supplier of roses, compared to the same period last year.That equates to 15 tonnes of flowers shipped over in just the last ten days, with Kenyan roses making up a third of the blooms you’ll see sold and bought this Valentines. Japan and the US have likewise upped their rose consumption. And while Kenyan roses remain ever-popular, Brits also seem to be looking for an original way to greet their dates: imports of South African chrysanthemums and American carnations have also been on the rise.But to add a grim dose of guilt to your romantic pleasures, Lake Naivasha, the fresh-water lake in Kenya that supplies much of the irrigation for many of the country’s rose plantations, has been so depleted by failed rains recently that the country is considering rationing water use. Which would make your dozen roses another data-point in the scourge of global commodity price inflation. BEND IT LIKE HOLMESFinancial education and football are rarely associated with one another, but yesterday Standard Chartered attempted to form a beautiful relationship between the two at its London Football Clinic. Ex-Liverpool striker Ian Rush joined Standard Chartered’s Richard Holmes for a training session with local and visually impaired children, who were then given a lesson in personal finance, incorporating a football theme.At this rate it’ll only be a matter of time before Wayne Rooney is offering stock tips. Sunday 13 February 2011 10:18 pm Show Comments ▼ Share KCS-content More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com VALENTINES ADDING TO OUR TRADE DEFICIT last_img read more

Move toward interest rate rise expected

first_img KCS-content whatsapp Show Comments ▼ Sunday 20 February 2011 11:03 pm Move toward interest rate rise expected center_img Share THE Bank of England is moving closer to a hike in interest rates, it is expected to reveal this week.The latest voting record of the Bank’s monetary policy committee (MPC) could expose more members voting for the 0.25 per cent rise when it is revealed on Wednesday, according to some analysts.Two MPC members voted for a rise last month, with Martin Weale joining Andrew Sentance’s ongoing call for a modest step towards bank rate normalisation.“We are suggesting that the vote was 6-3 this time, perhaps with David Miles also favouring an increase,” said Investec’s Philip Shaw.“And it is not impossible that the outcome was 5-4,” he added.David Miles is the most likely member of the MPC to join the side supporting a tightening of policy, agreed Alan Clarke of BNP Paribas, while many observers are pointing to the increasingly hawkish comments of the Bank’s deputy governor Charles Bean.A rate rise could also be sharper than expected, according to Douglas McWilliams of the Centre for Economic and Business Research. “I think there will be a temptation for the MPC to show it’s serious, by moving 0.5 per cent upwards rather than 0.25 per cent,” McWilliams said.With sluggish growth and spiralling prices, the UK is at risk of “stagflation,” McWilliams added. Instead of being driven by domestic labour costs, Britain now faces inflation from primary product prices, “which are immensely volatile and driven by international conditions,” McWilliams said. In a hard hitting speech last week, the MPC’s chief hawk Andrew Sentance warned: “The UK is a very international economy and global influences are a major issue for the course of demand and inflation in the British economy.”“The value of the pound on the foreign exchanges therefore needs to be one of the key areas of focus for the MPC,” Sentance said.Nudging up rates might bring about a “modest appreciation of sterling,” he said, protecting Britain from price pressures from abroad. whatsapp Tags: NULLlast_img read more

FTSE falls on worry political unrest will increase oil price

first_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Tags: NULL whatsapp KCS-content BRITAIN’S leading share index fell one per cent yesterday on concerns that political unrest could spread to top oil exporter Saudi Arabia, pushing crude prices higher and sending oil-sensitive travel firms lower.Brent crude rose 1.8 per cent to above $113 a barrel on a report, promptly denied, of Saudi involvement to try and quell protests in Bahrain. Nevertheless, the report in an Egyptian newspaper rattled investors.Travel-related stocks bore the brunt. Cruise operator Carnival shed 6 per cent in heavy trade, InterContinental Hotels lost 4 per cent, and International Airlines Group slipped 0.8 per cent after trading as much as 3 per cent higher earlier.“Libya is a sideshow; it’s not as big a show as a week ago. Saudi Arabia is a big concern,” said Jawaid Afsar, trader at Securequity. “The slightest of rumours will make this market roll over very quickly.”Revolt in Libya has cut as much as half of the OPEC member’s output, though Saudi Arabia has stepped in and plugged the supply gap. The worst-case scenario for oil markets would be an interruption to supply from Saudi Arabia, which holds most of the world’s spare crude output capacity.The wider fear is that sustained higher oil prices could dampen global growth.The FTSE 100 closed down 58.25 points at 5,935.76 after trading as high as 6,040.43 earlier. Volumes on the benchmark were about 109 percent of its 90-day daily average.Meanwhile the FTSEurofirst 300 index of top European shares ended 0.6 per cent lower at 1,161.92 points, resuming last week’s pull-back that was triggered by escalating violence in OPEC member Libya.Index heavyweight HSBC shed 3 per cent in strong volume after brokers Deutsche Bank and UBS downgraded their ratings. Yesterday’s fall extended the previous session’s 4.7 per cent drop after HSBC cut profitability targets and its annual profits fell short of expectations.“The results are not that bad to warrant such a big drop in the share price … The shares are coming back to reasonable valuation levels,” a dealer said, adding that he was looking to buy at a price range of 650 to 665 pence.HSBC shares are approaching oversold territory, with the 14-day relative strength index (RSI) reaching 36.1. Thirty and below is considered oversold.Outsourcing group Capita, however, rose 5.2 per cent after saying it was in talks with Zurich Financial Services about an extension of the term of Capita’s existing contract.Associated British Foods rebounded 2.7 per cent in heavy volume after Evolution Securities upgraded the owner of discount fashion retailer Primark to “buy” from “neutral”.The stock lost 5.9 per cent on Monday after it reported a slowdown in growth at Primark, a major driver of its performance.FTSE 100 companies are expected to post a 21 per cent increase in earnings in 2011 after an estimated 55.2 per cent rise last year, according to Thomson Reuters.That compares with an estimate of 15.7 per cent earnings growth for STOXX Europe 600 companies this year and 14.5 per cent for US S&P 500 companies. But the UK index, with a one-year forward price-to-earnings (P/E) of 10.5 times, is cheaper than the other two indexes, Thomson Reuters Datastream showed. Tuesday 1 March 2011 7:16 pm Show Comments ▼ FTSE falls on worry political unrest will increase oil price Sharelast_img read more