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/ 13 February 2008

Shock horror for would-be power cable thief

Police in central England are hunting for a badly scorched would-be copper power cable thief after finding a hacksaw embedded in an 11 000 volt power cable on Saturday night. The thief, who also left a lit blow torch at the scene, is expected to be badly charred, spiky haired and not exactly the brightest bulb in the socket.

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/ 13 February 2008

IEA: Oil market could be set for lengthy slowdown

The world oil market could be set for a lengthy slowdown, the International Energy Agency (IEA) said on Wednesday, signalling a sharp shift in the climate that pushed the oil price to $100 last month. "Just as the demand shock of 2004 shaped the oil market for the next three years, so too could the pending slowdown," the IEA said in its monthly review of oil trends.

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/ 13 February 2008

Rio Tinto’s annual net profit falls

The world’s third-largest miner, Rio Tinto, said on Wednesday its full-year net profit fell almost 2% in 2007 to $7,312-billion as it again rejected a takeover bid by rival BHP Billiton. But underlying profit rose 1,4% from 2006 to $7,443-billion as the firm said it produced record amounts of iron ore, bauxite, aluminium, gold and copper.

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/ 13 February 2008

Power cuts take toll on mines, factories

Manufacturing slowed in December and mining output also fell, official data showed, fanning concern the economy’s two main power consumers will suffer from electricity constraints this year. At the same time, the Bureau for Economic Research warned that power shortages may trim the pace of economic growth to 3,4% this year.