SHARES in Petroceltic jumped 8pc yesterday, after the company said it had secured a formal "declaration of commerciality" for its Ain Tsila gas field in Algeria. The field was formally declared commercial on completion of an agreement for its partner Sonatrach to market all of the produced gas from the Ain Tsila field, using a formula linked to Brent oil pricing. Company chief executive Brian O'Cathain commented: "This is a major milestone for Petroceltic and our partners Sonatrach and Enel."
Laiki Bank chair is asked to step down
THE chairman of Cyprus's second-biggest bank has resigned. Michalis Sarris said that he stepped down from Laiki Bank after Central Bank Governor Panicos Demetriades had asked him to. Mr Sarris did not elaborate on the reasons why he was asked to leave.
BARCLAYS said yesterday that David Walker, a former British Treasury official, would succeed Marcus Agius as chairman from early November. The UK bank said Mr Walker would become a non-executive director on September 1, taking on the chairman's role two months later. Mr Walker is a senior adviser to US bank Morgan Stanley and is also a former executive director of the Bank of England and former deputy chairman of Lloyds.
Bad weather fuels food price rebound
GLOBAL food prices sharply rebounded in July over wild swings in weather conditions, a UN food and agricultural body has said. The rise has fanned fresh fears of a repeat of the 2007-2008 food crisis, which hurt the world's poorest. Untimely rains in Brazil, drought in the US and production difficulties in Russia drove the rally, said the Food and Agriculture Organisation (FAO). Food prices jumped 6pc in July from June after falling three months in a row. The FAO food price index measures the monthly price changes for a basket of food commodities including cereals, dairy, meat and sugar. The index reading in July was still well below the all-time high reached in February 2011.