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FSA dismiss as ‘nonsense’ an appeal by Sir Philip Watts

THE LONDON TIMES: Need to know: “The Financial Services Authority has dismissed as “nonsense” an appeal before the Financial Services and Markets Tribunal by Sir Philip Watts, the former Royal Dutch Shell boss, that the regulator’s report into Shell’s reserves scandal unfairly damaged his reputation.”

Tuesday 26 July 2005

Natural Resources

Up 0.96%

The Financial Services Authority has dismissed as “nonsense” an appeal before the Financial Services and Markets Tribunal by Sir Philip Watts, the former Royal Dutch Shell boss, that the regulator’s report into Shell’s reserves scandal unfairly damaged his reputation.

Afren, the newly-listed oil and gas company, has appointed Charles Jamieson as nonexecutive chairman. Mr Jamieson was the long-serving chief executive of Premier Oil.

BHP Billiton, the Anglo-Australian miner, will invest $4.3 million (£2.5 million) to become the biggest external shareholder in European Nickel, the AIM-listed company, with an 8.9 per cent stake.

De Beers, the world’s biggest diamond miner, sold $3.2 billion of rough gems in the first half of this year, up 8 per cent, but the weak US dollar and tighter margins left headline earnings 21 per cent lower at $336 million.

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