UP to 40 North Sea platforms could be shut down early because of the plunge in the crude price, according to The Sunday Times. The paper said Hannon Westwood consultants reckoned 30 to 40 offshore installations needed a price of at least $50 a barrel to break even. Brent crude closed at around $50 on Friday after gaining 16 per cent in two days as equity markets recovered some of the ground lost earlier in the week amid fears about the slowdown in China.
The Mail on Sunday reports that a property tycoon, Glenn Maud, is suing Royal Bank of Scotland over a £1 billion loan alleging it manipulated the European interest rates used to fix the cost of borrowing. It said the action could open the way to a deluge of claims from others. The action concerns a loan used to buy a building in Spain from Santander in 2008. The bank told the paper there is no merit in the claim, which it is defending vigorously.
Clothing retailer Joules has enjoyed a surge in sales helped by winning a growing overseas following, the Sunday Telegraph reports. The paper notes that the brand is popular in the US market, partly thanks to the fact the Duke and Duchess of Cambridge were recently photographed carrying a Joules overnight bag.
The chain, which has around 100 stores in the UK, increased sales by 22 per cent to £117.1 million during the year to the end of May. Pre-tax profits grew by 36 per cent to £5m.
A UK Government scheme intended to get phone masts installed in telecoms blackspots has not resulted in any being built in Scotland, found the Sunday Herald. It said only three applications had been submitted for potential sites in Scotland under the £150m scheme, which was launched in 2011. However 85 “not spots” in the country have been identified as potential sites. A spokesman for the Department of Culture, Media and Sport said finding suitable and cost effective sites for masts can be complex and time-consuming.
Only £7m has been spent to date under the scheme across the UK.
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