© The Financial Times Ltd 2015 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Daily Archives: September 24, 2009
Last month, Anadarko and Chesapeake said they were continuing to boost their shale gas drilling activities, with Chesapeake saying it was increasing its drilling budget by about 10 per cent this year.
But yesterday Chesapeake’s chief executive Aubrey McClendon voiced concern about current prices, saying that while the industry could “cope” with $4 gas, it couldn’t grow or sustain production at that price. Read more
Ah, those mysterious ‘fixed income, currency and commodities’ divisions at banks like Goldman Sachs. They do so well, yet we never know exactly how much which bit is making or how.
Well, we’re pleased to report a little more light can be shed on these matters now.
As Reuters columnist John Kemp explained on Wednesday, since their conversion to bank holding company status last autumn, Goldman Sachs and Morgan Stanley are required to file quarterly statements about their consolidated financial condition using a form Y-9C.
This means, for the first time, we — the humble public — can take a look at the quality and type of assets being held on investment-bank balance sheets. Read more
The European Union plans to propose a minimum carbon tax be introduced by its member countries, according to New Energy Finance, which has seen a draft directive:
The proposed directive introduces minimum levels of taxation on different types of fuels linked to the intensity of their emissions, to be effective from 2013. The tax would apply to fossil fuel users that fall outside the EU ETS, such as small installations. But under the EU document, member states can still impose higher taxes if they wish.
The EU’s emissions trading system, or ETS, only covers certain sectors and does not cover businesses below a certain size. A few smaller EU members already tax carbon from some users not covered by the ETS, and France is set to join them. But whether an EU-wide directive would be supported by member states is another question; as NEF notes, several countries including the UK have already stated they would oppose such a move. Read more
US backs ending of fossil fuel subsidies
Move will delight the low-carbon energy sector (FT)
Big oil traders cut shipments to Tehran amid sanctions talk
BP stopped shipments of gasoline; Total could follow (WSJ)