Joy as round-world cruise rescued

Hundreds of cruise ship passengers are celebrating after being told their world trip will go ahead.

Travelscope Holiday’s cruise on the MV Van Gogh, due to leave Falmouth on 4 January, was under threat after the firm went into administration. However, travel organisation Abta (the Association of British Travel Agents) has arranged for the ship to sail. Gloucestershire-based Travelscope went into administration just before Christmas. The company was covered by Abta bond and the Civil Aviation Authority’s Air Travel Organisers’ Licensing (ATOL), meaning those who had traveled abroad with Travelscope were able to continue their holiday. Customers who had booked future trips were also told they would receive full refunds.

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Big swell closes Sydney beaches

Heavy swell is pummeling Sydney’s coastline with most metropolitan beaches closed to swimmers.

The 2m-plus waves have been whipped up by a low off the Queensland coast and one of its beaches – Freshwater – were closed. Curl Curl was believed to have been among the most treacherous. Despite the giant swell, the NSW Ambulance Service said there had been few emergency calls.
The rough conditions had closed beaches right up and down the state’s coast. The Westpac Lifesaver Rescue Helicopter was called on to rescue two surfers stranded off Stanwell Park on the south coast about 10am today. The helicopter was also called in to help a surfer in trouble at Curl Curl beach but lifeguards had rescued him by the time they arrived.

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Gazprom sparks 2008 capital spree

Russia’s gas export monopoly Gazprom will increase capital investment by 43% in 2008 to a record level of almost $20 billion as it speeds up development of Arctic fields and new pipelines.

Gazprom has prioritized equity investment over capital expenditures for several years because of massive new asset purchases despite investor criticism over inadequate new -production investment amid stagnant mature-field output in Siberia. The world’s largest gas producer said its state-controlled board had approved its capital investments, which will rise to a record of 479.4 billion roubles ($19.41 billion) in 2008 from 335.5 billion roubles in 2007 and 324.9 billion in 2006.The capital investments will be equally split between gas production and transportation. Long-term financial investment will fall by 48% to 230.7 billion roubles from a record of 443.86 billion in 2007 and 133.7 billion in 2006. The company, which has a total long-term debt including affiliates of around $45 billion, making it Russia’s most indebted company by far, will borrow 90 billion roubles next year.

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