latest world business news

View of Indian Space Rocket Explosion on Saturday, December 25, 2010 just after taking-off

Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally. European benchmark ICE Brent crude for February closed 48 cents down at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008. Global benchmark U.S. crude futures, which hit a 26-month high of $91.63 on Thursday, did not trade on Friday with the NYMEX floor closed for the Christmas holiday. Brent, trading at a premium to U.S. crude, has surged partly due to a severe cold snap in continental Europe and Britain. Heavy snow stranded thousands of Christmas travellers in Europe on Friday, threatening to prolong chaos at airlines and rail networks and further boost fuel demand. Analysts said oil could continue its rally on strong global demand and falling inventories in 2011, which promises to be a strong year for risk assets as confidence about the global econ...

The disputed head of the Ivory Coast will not step down, one of his key ministers said Saturday, despite the threat by West African leaders to use military force to force him out. A day earlier, a statement from the 15-member Economic Community of West African States said its 15 members would not hesitate to use "legitimate force" if necessary to defuse an escalating crisis in the Ivory Coast. But Alcide Djedje, the foreign affairs minister for incumbent president Laurent Gbagbo, on Saturday dismissed the threat as part of a Western plot spearheaded by France. He said that his regime views the prospect of outside military action unlikely, claiming that the West African group's members would be reluctant to send soldiers into the Ivory Coast. The organization's move was the latest to isolate Gbagbo, amid sweeping international sentiment that he is not the Ivory Coast's rightfully elected leader and that his forces have perpetrated human rights abuses against ...

Stranded air passengers have spent the night at airports in Paris and Brussels after freezing weather severely disrupted Christmas travel. Some 200 people slept overnight at Charles de Gaulle airport in Paris , which cancelled 400 flights because of snow and ice . Flights and trains were also disrupted in Belgium , where significant snow fell overnight, and in Germany . Conditions were expected to ease throughout Christmas Day. Airport managers described the extremes of snow and ice at the airport as "exceptional". Problems were made worse on Friday as a strike by workers at France's main anti-freeze factory disrupted crucial supplies. Those left at Charles de Gaulle airport overnight were given camp beds and blankets as they saw in Christmas inside the terminal building. Junior transport minister Thierry Mariani visited exhausted travellers at the airport just before midnight, seeking to explain the situation to would-be passengers. "Since Roissy [...

An Indian space rocket carrying a communications satellite has exploded on take-off. Live TV footage showed the rocket disappearing in a plume of smoke moments after its launch in Sriharikota near the city of Chennai (Madras). India's space organisation said it was investigating the cause of the failure. India is seeking to increase its share of the growing commercial satellite launch market, and says it wants to send a manned mission in space in 2016. India's Geostationary Satellite Launch Vehicle (GSLV) was carrying the GSAT- 5P communication satellite when it exploded in the first stage of the flight on Saturday, December 25, 2010. "The performance of the (rocket) was normal up to about 50 seconds. Soon after that the vehicle developed large altitude error leading to breaking up of the vehicle," the head of the Indian Space Research Organisation, K Radhakrishnan, told reporters. "But what caused this interruption has to be studied in detail....

West Midlands-based firm Tarmac Building Products Ltd is to cut 550 jobs and close one of its divisions due to "tough market conditions". The firm, which is based in Wolverhampton, said it planned to close its precast solutions and flooring arm. It said 217 jobs would be lost in Tallington, Lincolnshire and 106 in Henlade, Somerset. The remainder are to go in Derby, Lound in Nottinghamshire and Dolyhir in Powys, Wales. A company spokesman said it was consulting with staff and unions over the plans to cut 500 full-time staff and 50 agency employees . The company blamed tough trading conditions and uncertain market demand. "This affects five sites across the UK and, unfortunately, means that around 550 people are at risk of redundancy," the spokesman said. "We are very conscious of the impact this will have on our employees, their families and the local communities around our sites if the closure goes ahead. "It is not a decision we have ta...

Shares in Randgold Resources have fallen 4% after the mining company warned political tension in the Ivory Coast would hit its gold production. Randgold said its Tongon mine was operating, but on a "curtailed basis". At least 173 people have been killed in the Ivory Coast following last month's disputed election. Randgold now expects to produce about 35,000 ounces of gold this year.   A second mill had been delayed because delivery of components had been held up in the Abidjan port and by shipping delays caused by the political crisis. The company also said its fourth-quarter performance would be affected by a "below-target" contribution from its Loulo complex in Mali. "We knew that 2010 was going to be a challenging year and the fourth quarter is turning out to be even tougher than anticipated," chief executive Mark Bristow said. Randgold shares fell 235p to 5,320p in morning trading.