Opec will not increase oil supply, calling price surge short-term spike despite prices reaching $80 per barrel May 17, 2018 The Organisation of the Petroleum Exporting Countries (Opec) has said that that it will not rethink its supply strategy even after oil reached $80 (£59) per barrel, labelling it a short-term spike rather than supply shortage. Brent crude price reached $80 per barrel today, which is the highest point since November 2014, and is a [...]
Private equity firm 3i’s annual return slips but its portfolio value rises as star assets keep performing May 17, 2018 Listed private equity firm 3i saw its total return to shareholders slip slightly this year, though the value of the underlying investments in its portfolio continued to climb. The London-listed firm returned a total of £1.4bn to investors in the year to March, as opposed to £1.6bn a year prior. However the value of the [...]
UK government offers Hitachi £13.3bn to develop nuclear projects in Wales May 17, 2018 The British government has offered to provide ¥2 trillion (£13.3bn) in financial support to build nuclear reactors for Hitachi-owned Horizon Nuclear Power plant in Wales. The government is focusing on creating new reactors as the current ones, which supply Britain with more than 20 per cent of its power, are becoming outdated and some will [...]
Premier League prize money 2018: TV kings Manchester United top earnings despite finishing 19 points behind Manchester City May 17, 2018 Manchester United have been confirmed as the highest Premier League earners last season despite finishing 19 points behind runaway champions Manchester City. The league’s runners-up received £149.77m in central payments from the Premier League last season, slightly more than City’s £149.44m, due to being selected for more live TV games than any other club. Premier [...]
M&S passes on £1.4bn of its pension liabilities to Aviva and Phoenix May 17, 2018 Nearly £1.4bn of Marks & Spencer’s pension liabilities were today passed to insurers Aviva and Phoenix. It follows a trend of organisations including National Grid, Pearson and Smith Group transferring pensions calculated on worker’s final salaries over to insurers. Read more: Zurich completes deal to cover £2bn of National Grid pension liabilities Around £925m will [...]
New music streaming service Youtube Music to be launched next week May 17, 2018 Youtube owner Google is announcing a new music streaming service which will launch on 22 May and is expected to rival Spotify, Apple Music and Tidal. Youtube Music, which will replace the existing service Google Play Music, will adopt the premium account business model which some of its competitors use as well. It will have [...]
Insurer Ageas bowled over by ‘Beast from the East’ but still posts positive results May 17, 2018 Insurer Ageas said today that its first quarter results were hit hard by adverse weather conditions in the UK and Belgium. The Belgian listed insurer, sponsor of Hampshire cricket ground the Ageas Bowl, said that it took a €40m (£35m) impact from adverse weather in Belgium and the UK in the first quarter. Read more: [...]
Cambridge Analytica’s Alexander Nix to appear before MPs on 6 June May 17, 2018 Boss of Cambridge Analytica Alexander Nix has accepted a summons from the Department of Digital, Culture, Media and Sport (DCMS), and will appear in front of its committee on Wednesday 6 June. The news was confirmed today by the DCMS committee in a statement, which also said that it would be reporting Dominic Cummings of [...]
Private equity giant Carlyle picks up prime London City building on Liverpool Street next to new Elizabeth Line station for £43m May 17, 2018 Private equity group Carlyle has acquired the City’s Crosspoint building on Liverpool Street from Lord Alan Sugar’s property group Amsprop for £43m. The building is set to form part of Carlyle’s new flexible office and co-working business Uncommon that the company founded together with the Adir group in June 2017. The newly rebranded ‘Uncommon Liverpool [...]
Poor parcels and letters performance weighs on Royal Mail May 17, 2018 | City Talk It’s business as usual at Royal Mail after group revenue ticked up by 2% to £10.2 billion. The group’s continental business, GLS, continues to be the best performer, while UKPIL trundles along. Revenue at GLS jumped by 10%, while UKPIL saw no revenue growth. The British division has always lagged behind its continental counterpart because [...]