However, this is a potential riskbecause it appears the new government is able to tolerate lower economic growth. If a 7% economic growth does happen, it will be negative for tanker firms earnings. This includesTeekay Tankers Ltd. (TNK), Tsakos Energy Navigation Ltd.
AstraZeneca finance chief Lowth to quit for BG Group
Lowth cut his managerial teeth at the privatized utility Scottish Power between 2003 and 2007, where he rose through the ranks to become finance director, before he moved to AstraZeneca as chief financial officer. He was named interim chief executive in June last year after repeated drug development setbacks and investor discontent over performance cost David Brennan his job at the company. Speculation he might leave has been circulating since Soriot was poached from rival pharmaceuticals group Roche Holding and took on the permanent CEO role in October last year, meaning Lowth returned to his role as finance chief. Lowth will replace BG’s interim chief financial officer Den Jones, who has been holding the fort since February after Fabio Barbosa fell ill. Barbosa has since retired.
Flaherty Remains at Finance in Canada Cabinet Shuffle
Wright, a managing director at Toronto-based Onex Corp. (OCX) , Canadas largest private-equity firm, before becoming Harpers third chief of staff more than two years ago, helped the government focus on structural issues such as increasing exposure in Asian markets and boosting labor mobility, transitioning away from stimulus measures to boost domestic demand. Harpers government last week also lost another key government adviser on economic issues when Sean Speer, Flahertys director of policy and a one-time aide to Harper, announced July 12 he is leaving the government for a research position. In addition to Rempel, Alexander, Glover and Sorenson, the new additions to the cabinet include Kellie Leitch as labor minister, Candice Bergen as junior social development minister, Pierre Poilievre as minister of state for democratic reform and Greg Rickford as minister of state for science and technology.