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 [...]
Global oil prices hit five-month high despite demand fears August 5, 2020 Global oil prices hit their highest levels in five months today after a larger than expected decline in US crude inventories offset fears of a slowdown in fuel demand. Prices had eased back in recent days as the world braces for a second wave of the coronavirus pandemic, which could hamper demand just as oil [...]
Gold surges to new record on pandemic fears but ‘can go higher’ August 5, 2020 The gold price reached a record high of $2,030 (£1,550) as investors’ caution pushed it higher, but analysts expect it to rise even higher. A survey of more than 1,300 DIY investors conducted by BullionVault, showed they expect the price of gold to rise by 25 per cent by the end of 2020, taking it [...]
UGC owner denies trying to takeover Petropavlovsk ahead of crunch vote August 5, 2020 The Russian billionaire who owns a 22 per cent stake in FTSE 250 gold miner Petropavlovsk has denied that he is seeking to take over the firm ahead of a crunch shareholder meeting on Monday. In an interview with the FT, Konstantin Strukov, who owns rival miner UGC, insisted that he wanted to see Petropavlovsk [...]
BP looks to a low carbon future after coronavirus oil carnage August 4, 2020 It’s not every day that an oil giant gets a slap on the back from Greenpeace. But that’s exactly what BP achieved this morning when it slipped out plans to produce 40 per cent less oil by the end of this decade. Alongside its second quarter results – which made ugly reading for investors, as [...]