City workers not so gloomy

CITY workers are on course to pick up average bonuses of £2,500 despite turbulence in financial markets, according to a new report.

While payouts are likely to be 45 per cent down on last year, Close Wealth Management said many in the Square Mile will hold on to bumper bonuses.

That is despite London's leading financial firms being forced to cut hundreds of jobs in the past year.

Close said firms were still keen to reward and retain top staff, while those in the more buoyant bond and fixed income markets have also benefited.

OIL RISE: Oil prices jumped as dealers anticipated cuts in production from Opec members today. Shares in both BP and Shell edged ahead as the price of Brent crude touched 20.63 US dollars per barrel, an increase of seven per cent. Opect - the Organisation of the Petroleum Exporting Countries - is expected to announce a cut in output of 1.5 million barrels a day at a meeting in Cairo.

HEALTH RUSH: Software group Autonomy provided investors with a late Christmas present after securing a series of deals in the pharmaceutical sector. The Cambridge firm has won repeat business with AstraZeneca and US drugs company Pfizer while it is also celebrating a new contract with online health information service Onmedica.

TOP TARGET: China was the Tees Valley's fastest-growing export market this year, according to international express carrier DHL Teesside. The business saw a 30 per cent rise in shipments to China in the past year.

CARPET SALE: Bernard Povey Carpets has sold its Linthorpe Road store, in Middlesbrough, to fashion retailer Triads. The sale follows the opening and expansion of its new store in Portrack Lane. Triads already has two stores in the town selling men and womens designer wear.