| | Wednesday 25 July 2012 THOUGHT FOR THE DAY  Hello Share Fans,
Well, Spain is in a right old mess. It can't get the rate down which it has to pay in interest to borrow from the big lenders. You can't blame the lenders, either. The mystery is that they are prepared to lend anything to Spain at all.
You have to be very certain that you will get your money back before you start that lark. And with Spain's economy on a downward path is that such a certainty?
What can Spain do to try and right the situation? It has austerity measures in place. But even that level of austerity is upsetting the locals, who are going on mass demos. So what is the Spanish government to do?
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FREE SHARE TIP OF THE DAY  BP (BP.) Those who are not that convinced of the latest setback for equity markets may be happy to look at the present hourly chart configuration of BP given the way that the recent recovery for the stock still appears to be intact. Indeed, while there is no end of day close back below the black 200 period moving average / late June price channel floor at 427p the upside here should be towards a retest of the 445p plus intraday resistance of last week by the first week of August.
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London pre-open Stocks to fall ahead of GDP figure
City sources predict the FTSE 100 will open down 25 points from yesterday's close of 5,499, pushed lower by a sell-off in both US and Asian markets as well as reports that UK GDP data out later today will show a contraction of 0.2 per cent in the June quarter.
Tullow Oil has hailed an 'excellent' first half, with revenues up by a tenth and profits up by a half, driven by increased production, sustained high oil prices and profit on a Uganda farm-down. Sales revenues increased by 10% from $1,062m to $1,167m in the six months to June 30th. During the half-year, production increased by 3% from 75,100 barrels of oil equivalents per day (bopped) to 77,400. Meanwhile, the realised price of oil was $110.7 per barrel, slightly lower than the $112.0 per barrel price seen during the first half of last year.
Organic revenue growth at British American Tobacco was robust in the first half, although currency headwinds in key markets held back reported sales growth. Revenues were flat in the six months to June 30th at £7,452m, more or less unchanged from the £7,438m reported the year before. However, on an organic basis (at constant rates of exchange), turnover was 4.0% higher, helped by continued good pricing momentum. "Despite the global economic uncertainty and the adverse impact of exchange rates, British American Tobacco has delivered another good set of results. The underlying business continues to perform well and we are confident of another year of good earnings growth," said Chairman Richard Burrows.
Power systems group Rolls-Royce has won orders from a variety of customers worth in excess of 70m pounds to supply large thrusters for offshore drilling vessels. The group said that the orders are driven by a greater demand in oil and gas exploration in deep water and harsh conditions, as customers expand their drillship fleets. "Numerous drillships with Rolls-Royce thrusters have been delivered in the past few years, making Rolls-Royce the clear market leader for this type of propulsion," said Helge Gjerde, the Senior Vice President of the firm's Offshore division.
THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Oracle Coalfields Norseman Gold 3 Legs Resources Falkland Oil & Gas Running trading thread
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BOOK OF THE WEEK  By Jack D. Schwager
A book review by James Faulkner of WatsHot.com As of April 2012 the hedge fund industry reached a record high of $2.13 trillion total assets under management, having surpassed the previous high of $1.93 trillion in 2008 before the onset of the financial crisis. While the industry remains a relatively small component of the financial sector at large (it accounted for just 1.1% of the total funds and assets held by financial institutions as of 2009), it is often said to attract the creme de la creme of industry talent, and is home to the money of the some of the richest people on the planet.
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