EDF smashes expectations as renewables arm goes from strength to strength February 14, 2020 EDF Energy smashed analyst expectations today as the French utilities giant enjoyed a strong performance from its renewable energy business. The figures The firm’s profit for 2019 was €5.2bn (£4.3bn), almost five times larger than the €1.1bn it posted in 2018. Analysts had predicted a profit of €3bn. Revenue rose four per cent to €71.3bn, [...]
Pound pushes higher after chancellor reshuffle February 13, 2020 Sterling rallied this afternoon after the prime minister’s Cabinet reshuffle was thrown into disarray by the resignation of chancellor Sajid Javid. The pound fell against the dollar following Javid’s surprise departure, which came after the chancellor refused to fire two of his special advisers. But it swiftly bounced back to trade up 0.5 per cent [...]
Expecting a bonus from overseas? February 13, 2020 | City Talk Hedging against risk in currency remuneration If you are currently working overseas, then you may be in receipt of a salary in currency. If you send all or part of that salary back to the UK, you may have found that the amount varies month to month due to fluctuations in the currency market. Over [...]
Gem Diamonds sees revenue jump 41 per cent amid hopes of upturn February 13, 2020 Gem Diamonds saw its revenue increase 41 per cent today after a hike in the price of the precious stones had producers optimistic of a better 2020 for the troubled market. The miner, which has operations in Lesotho, said revenue hit $51.3m (£39.5m), up from $36.3m in the previous quarter. A 21 per cent rise [...]
BP makes pledge to become a net zero company by 2050 February 12, 2020 BP has announced plans to become a net zero emissions company by 2050 or sooner, one of the most ambitious climate pledges yet made by an oil major. Along with absolute net zero commitments across all of BP’s operations, it will also cut the carbon intensity of products it sells by 50 per cent by [...]
Barrick hikes dividend 40 per cent on back of profit boost February 12, 2020 Canadian miner Barrick Gold beat final quarter expectations for profit today on the back of higher prices for the precious metal, announcing a 40 per cent hike in its dividend as a result. The company said it justified the payout on the basis of increased cash flow and reducing its debt pile by 50 per [...]
Insolvency firm FRP Advisory appoints broker for London float February 12, 2020 Insolvency firm FRP Advisory has appointed broker Cenkos Securities for an upcoming London listing. The insolvency practitioner, which also advises clients on corporate finance matters, is planning to raise £30m in a float that will value it at £200m. Recent mandates for FRP include acting as administrator for cake chain Patisserie Valerie. FRP took over [...]
DRI Healthcare plans $350m London listing February 12, 2020 Healthcare royalty investment company DRI Healthcare said today it was planning to raise up to $350m (£269m) in a proposed London initial public offering (IPO). The company said it was looking to list on the main market of the London Stock Exchange next month. It said it would use the proceeds from the float to [...]
Does the January effect really exist? February 12, 2020 | City Talk January 2020 was either a good month or a bad month for investing. While 10 of the 23 countries in the MSCI World index of global developed markets generated a positive return, more than half lost money. Returns varied between +6.1% (Portugal) and -5.0% (Austria). Past Performance is not a guide to future performance and [...]
Under the pump: the challenges facing BP’s new boss in the 2020s February 12, 2020 When Bob Dudley bowed out after a decade at the helm of BP last week, the praise was both effusive and universal. During his tenure, Dudley managed to plot a course between the Scylla and Charybdis of 2010’s Deepwater Horizon disaster and the mid-decade collapse of the oil market while maintaining BP’s position as the [...]