Premier Foods renegotiates bank debt and cuts dividend as wheat prices hit profits

By Karen Attwood Wednesday, 5 March 2008 Premier Foods, the Hovis bread and Mr Kipling cake maker, has slashed its final dividend and renegotiated its banking facilities as it struggles with soaring wheat prices. The group, which bought the bread business RHM for £1.2bn last year and has a debt mountain of £1.6bn, plunged into […]

Aboard the Condoleezza Rice

Posted on Feb 12, 2008 flickr.com This isn’t a picture of the tanker once named after Condoleezza Rice—that ship is now known as the Altair Voyager. Although Rice, now secretary of state, has said she is proud of her association with Chevron, the oil giant quietly renamed the ship in 2001 to avoid controversy after Rice became […]

Shell’s record profits branded ‘obscene’

Terry Macalister guardian.co.uk, This article was first published on guardian.co.uk on Thursday January 31 2008. It was last updated at 09:50 on January 31 2008. Shell petrol pump. Photograph: David Sillitoe Shell was today accused of making “obscene” profits at a time when pensioners, motorists and industry are struggling with higher energy prices when it […]

Iran drops dollar from oil deals: report

Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an “unreliable” currency. “At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,” Nozari was quoted as saying […]

Chinese tiger has nothing in tank

CHINA is running out of fuel. Police are guarding petrol stations in several inland provinces to prevent fights, as shortages of petrol and diesel are causing huge queues of trucks, buses and cars. In Kunming, capital of the southwestern province of Yunnan, 1000 trucks are stranded. A truck driver named Li told the Chuncheng Evening […]

Saudi minister warns of dollar collapse

The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned. Will Opec pour oil on troubles? Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting […]

Oil discovery rocks Brazil

RIO DE JANEIRO, Brazil (AP) — A huge offshore oil discovery could raise Brazil’s petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world’s major exporters, officials said. A gas station worker refuels a taxi with natural gas at a Petrobras gas station Thursday in Rio de Janeiro, […]

Biofuels ‘crime against humanity’

By Grant Ferrett BBC News Food prices have risen as more land is used to produce biofuels A United Nations expert has condemned the growing use of crops to produce biofuels as a replacement for petrol as a crime against humanity. The UN special rapporteur on the right to food, Jean Ziegler, said he feared […]

Oil hunters turn to West Coast

Doesn’t it feel good to be considered one of the most industry-friendly countries by a Petroleum CEO?  Petroleum explorers have laid claim to over 15,000 square kilometres of the offshore West Coast basin, as oil hits record prices and nears peak production. Crown Minerals has granted the New Zealand subsidiary of a United States oil […]

US imposes sanctions on Iran

Are these to curtail Nuclear activity of to punish Iran for dumping the dollar? The Bush administration is imposing sweeping new sanctions against Iran’s defense ministry, its Revolutionary Guard Corps and a number of banks to punish them for purported support for terrorist organizations in Iraq and the Middle East, missile sales and nuclear activities, […]

The selling off of Canada. Will we bemoan the selling of of New Zealand when National starts to sell our assets.

At what point does Canada become a toy country? In August, the last of the major Canadian steel makers was sold to United States Steel Corporation for $1.1 billion. Earlier, Dofasco was sold to a European company which has since been swallowed up by Mittal Steel Co. of India. This latest foreign takeover is just […]

The Rise of the Have-Nots

The American middle class has toppled into a world of temporary employment, jobs without benefits, and retirement without security. Harold Meyerson | September 28, 2007 | Last week over lunch, a friend in his 30s prodded me to explain how my generation, the boomers, had botched so many things. While not exactly conceding that we […]

Petrol on rise as crude oil soars to a record

Motorists are being warned to expect further fuel price increases as oil prices hit a record high of $US80 ($NZ112) a barrel. The price of unleaded 91 has risen 10 cents to $1.64 during the past month. Diesel prices have also sky-rocketed, up 12.6 per cent to $1.19 a litre. A small car, such as […]