Ithaca Energy production falls short after problem summer October 9, 2014 ITHACA Energy’s share price fell by almost seven per cent yesterday after a third-quarter trading update revealed that production had failed to meet the predicted level. The company reported average production of 11,600 barrels of oil equivalent per day (boepd) and said it now anticipated full-year production of 12,500 boepd for 2014, whereas guidance production [...]
Espirito Santo Financial Group files for bankruptcy after Luxembourg court denies protection request October 9, 2014 One of the groups behind bailed out Portuguese lender Espirito Santo has filed for bankruptcy after it was denied protection from creditors. Espirito Santo Financial Group (ESFG), which once owned 25 per cent of the main banking group Espirito Santo, was denied protection by a court in Luxembourg last Friday alongside its subsidiary Espirito Santo [...]
Brent crude falls below June 2012 price ahead of Opec meeting October 9, 2014 BRENT crude oil prices continued to slide yesterday, dipping below $91 a barrel for the first time since June 2012. Despite unrest in many parts of the Middle East, prices have been falling for three months, with many experts blaming a combination of oversupply and unyielding US shale gas production. Michael Hewson, head analyst at [...]
Expedia gets thumbs up for £380m takeover of Wotif October 9, 2014 EXPEDIA’S $615m (£380m) takeover of Australian online travel firm Wotif Group was passed with a thumping majority by shareholders yesterday. The tie-up had faced heavy scrutiny from the Australian Competition and Consumer Commission, which feared a takeover would hurt competition in the online travel industry, but it approved the deal last week. Wotif shareholders passed [...]
City Moves for 10 October 2014 | Who’s switching jobs October 9, 2014 MORE TH>N RSA’s direct financial services arm has appointed Phil Wilson-Brown as managing director. He has worked for RSA for 10 years, and joins from its Scandinavian business, where he is strategy, marketing and customer director. Michael Page Paul Sykes has been promoted to senior managing director at the recruitment company. He has worked for [...]
Best of the Brokers for 10 October 2014 October 9, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com EUROPA OIL & GAS Northland Capital Partners reiterated its “buy” rating and 10.3p target price, citing Europa’s delivery of operational results in line with expectations. The broker said: “The strong balance sheet and production cash flows make Europa one of the best placed [...]
Eurozone fears pull down FTSE to one-year low – London Report October 9, 2014 THE FTSE 100 yesterday hit its lowest level for a year after early gains fell away in a broad-based sell-off as investors became anxious about signs of serious weakening in the Eurozone economy. The blue-chip index, which hit 6,544 points in morning trading, due mainly to a rise in mining shares, ended the day down [...]
Dow plummets over 330 points on global fears – New York Report October 9, 2014 THE DOW Jones industrial average yesterday plunged 334 points as falling energy stocks and worries about the global economy sent investors fleeing from the market. The blue-chip index rose 275 points the day before. By the end of the day, the Dow had lost 334.97 points, or two per cent, to 16,659.25. The Standard & [...]
Uefa coefficient: Why Arsenal should fear and Manchester City should celebrate the proposed rule change October 9, 2014 The Champions League is about to start living up to its name. From next season onwards, the top seeds for the Champions League draw will all be exactly that – champions, so said Uefa general secretary Gianni Infantino said today. The eight teams in pot one for the group stage draw will be [...]
Amazon could be opening physical store in New York in time for Christmas October 9, 2014 Amazon is entering a brave new world. In an unusual move for an online company, the retail powerhouse is reportedly setting up a shop. That’s right – a real, physical store that sits on the street and has its doors open to the public. It’ll never catch on. The Wall Street [...]