Tullow Oil swings axe at workforce after massive 2019 loss March 12, 2020 Low cost oil exploration company Tullow has warned it will cut over a third of its workforce as it reported a pre-tax loss for 2019 and warned of “material uncertainty” over its future. Tullow Oil unveiled a $1.7bn pre-tax loss in 2019, down from an $85m profit in 2018. And volatility in the world oil [...]
NMC Health finds evidence of fraud as shares in sister firm Finablr collapse March 12, 2020 Beleaguered hospital operator NMC Health said an investigation into its finances had uncovered evidence indicating suspected fraud in some of its previous financial activities. NMC Health launched an external review into allegations over its finances after coming under attack from US short-seller Muddy Waters in December. Read more: NMC Health identifies $2.7bn in additional debt [...]
Dow Jones closes in bear market as it plunges 1,400 points March 11, 2020 The Dow Jones has entered bear territory after plunging more than 1,400 points as investors panic over the coronavirus outbreak. The index dropped 1,464.94 points to 23,553.22, which means it is down 20 per cent from its recently set 52-week high. The benchmark S&P 500 closed 4.89 per cent lower while Nasdaq fell 4.37 per [...]
US stocks fall further into the red as investors lament lack of stimulus plan March 11, 2020 US stocks tumbled as investors grew concerned over the absence of immediate measures to counter the fallout from the coronavirus outbreak. The Dow Jones is down 791.84 points to 24,226.32, weighed down by a seven per cent drop in Boeing shares. The company plans a full drawdown of an existing $13.8bn loan as early as [...]
How should investors act in a crisis? March 11, 2020 | City Talk With markets reeling from the effects of coronavirus, Schroders’ Group CIO, Johanna Kyrklund, highlights what investors should focus on. Coronavirus is the latest threat to market harmony that once again poses a timeless question: how should investors act in a crisis? Whether you’re a fund manager, responsible for billions of pounds of other people’s money, [...]
Cairn Energy swings to a profit after huge loss last year March 10, 2020 Cairn Energy has posted a 914 per cent increase in pre-tax profit to $119.5m (£92.64m), up from a $1.21bn (£94m) loss over the same period the previous year. Revenue increased from $410.3m (£318m) in 2018 to $533.4m (£413.5m). The FTSE 250-listed company said net oil production averaged 23,000 bopd in 2019, at the upper end [...]
Balfour Beatty set to delay £200m share buyback due to coronavirus March 10, 2020 Construction giant Balfour Beatty has delayed its planned £200m-plus share buyback due to coronavirus-related stock market turmoil. The group were reportedly going to announce the buyback tomorrow alongside the release of its annual results, according to Sky News. However, a source has told Sky that Balfour – who are one of the main contractors for [...]
Coronavirus: FTSE 100 falters as European stocks fall back March 10, 2020 The FTSE 100 dipped in and out of the red in a volatile afternoon of trading after Black Monday’s global stocks meltdown, before closing up 0.23 per cent. The FTSE 100 and other European indices rose in early trading after President Trump revealed he was preparing a major economic relief strategy. However the semblance of [...]
Oil rebounds after Black Monday price crash March 10, 2020 Oil prices have shown some signs of recovery today after yesterday’s rout which led to such dramatic global stock market falls it was dubbed Black Monday. Brent Crude oil is currently trading at $36 a barrel, an eight per cent increase on yesterday. At the end of February, it was $51 a barrel. “Oil prices [...]
Donald Trump brands Fed ‘pathetic’ after US stocks’ coronavirus bloodbath March 10, 2020 US President Donald Trump has labelled his country’s central bank “pathetic” for not cutting interest rates further in the face of the coronavirus outbreak, which sent stocks plunging yesterday. Trump’s intervention adds to the pressure on the US Federal Reserve to cut rates again after it slashed them by 50 basis points (0.5 percentage points) [...]