Equinor picks new chief executive as oil giant prepares for green pivot August 10, 2020 Norwegian oil giant Equinor has today announced a new chief executive as it seeks to accelerate the transition to becoming a renewable energy focused business. Company insider Anders Opedal, executive vice president for technology, projects and drilling, will replace Elder Saetre, a 40-year veteran of the company, in November. The appointment comes at a time [...]
Saudi Aramco profit collapses but oil giant retains $75bn dividend August 10, 2020 State oil giant Saudi Aramco saw profit collapse nearly 75 per cent in the second quarter as the coronavirus pandemic decimated oil prices around the world. In the three month period, profit fell to 24.6bn riyals (£5bn), down 73 per cent from 92.6bn riyals the year before. The figure was lower than that forecast by [...]
FTSE 100 flatlines as Trump order ramps up US-China tensions August 7, 2020 The FTSE 100 flatlined on a choppy morning of trading after US President Donald Trump signed executive orders hitting Chinese firms Tiktok and Wechat, and Congress and the White House failed to agree on a stimulus plan. London’s blue-chip index was roughly flat at 6,027 points at midday. The FTSE 250 of mid-cap firms rose [...]
Gold consolidates near record highs as US-China tensions escalate August 7, 2020 Gold climbed further as demand for the precious metal surges against a backdrop of escalating US-China tension. The price of gold per ounce teetered between small gains and minor losses during the Asia session but seems to have stabilised around the $2,060 mark. It rose to new record highs in the early part of the [...]
BP ready to offload gas and oil assets even if crude prices bounce back August 7, 2020 BP will look to sell a considerable portion of its oil and gas assets even if crude oil prices rebound from the crash caused by Covid-19. Moving forward, the FTSE 100 group wants to invest in more renewable energy – a strategy that was discussed at the company’s executives meeting in July, according to Reuters. [...]
Petropavlovsk shareholders set for crunch vote after months of boardroom strife August 6, 2020 Shareholders at gold miner Petropavlovsk will on Monday vote to settle months of strife after a long-running tussle for control of the firm’s board. Voters will choose between rival proposals investors from Prosperity Capital Management and Everest Alliance over the future make-up of the board after seven directors, including chief executive Pavel Mavlovskiy, were ousted [...]
Markets live: US stocks dip on stimulus fears after miners pull FTSE 100 lower August 6, 2020 The FTSE 100 sank sharply today as traders appeared to react negatively to the Bank of England’s relatively upbeat assessment of the UK economy, amid fears of a lack of fresh US stimulus. The UK index dropped 1.32 per cent to 6,024 points by 4pm, after the Bank said the economy would fall less sharply [...]
Glencore shares fall as miner cuts dividend amid growing debt August 6, 2020 Shares in miner Glencore fell 3.8 per cent this morning after the commodities giant said that it would scrap its $2.6bn dividend to concentrate on reducing debt. As a result of the coronavirus pandemic, which has lowered prices for the company’s minerals due to a slump in demand, Glencore said it had booked a total [...]
Bubble trouble: Lessons from three centuries of boom and bust August 6, 2020 While 2020 has seen its fair share of market turbulence, it has some way to go to match the volatility of 1720. This month marks the 300th anniversary of the peak of the South Sea Bubble — one of the first financial bubbles, and still one of history’s greatest. The bubble began when the South [...]
FTSE 100 ends higher and gold surges as investors bet on stimulus August 5, 2020 The FTSE 100 closed higher and US stocks rose as investors hoped Democrats and the White House would strike a new stimulus deal, while gold surged to a fresh all-time high. London’s blue-chip index ended the day one per cent higher at 6,098 points. The FTSE 250 of mid-cap firms jumped 1.7 per cent. Read [...]