Alibaba poised to launch record-breaking $13.4bn Hong Kong listing November 13, 2019 Alibaba has launched the share sale for its Hong Kong listing, in a $13.4bn (£10.4bn) fundraising effort that’s set to be the biggest cross-border secondary listing ever. The Chinese online retail giant opened the books for institutional investors looking to buy the shares during trading in New York on Wednesday after winning approval for the [...]
De Beers diamond sales improve despite market challenges November 13, 2019 Anglo American announced this morning that sales at diamond specialists De Beers had hit their highest level since June, but remained lower than normal for this time of year. De Beers sold $390m (£303.8m) of rough diamonds in November, a considerable jump on its previous sale of $297m, but less than the $442 achieved at [...]
SSE profit rises as it calls for political action on renewables November 13, 2019 Big Six energy supplier SSE swung back into profit in this morning’s half-year results, as its chief executive called on the next government to put renewable power at the front and centre of their climate change plans. Read more: Competition watchdog to examine £500m Ovo Energy SSE deal The figures Reported profit rose to £128.9m [...]
Tullow Oil shares plummet as Ghana fields run into problems November 13, 2019 Shares in Tullow Oil fell over 27 per cent today as the London-listed firm reduced its production guidance for 2019 after problems with its Ghana drilling operations. Read more: Tullow Oil sees great start to Guyana drilling campaign The figures The Africa-focused firm said that total oil production for 2019 would now be 87,000 barrels [...]
Alibaba’s secondary Hong Kong listing gets exchange approval November 13, 2019 Alibaba has been given the green light by the Hong Kong stock exchange (HKEX)for a secondary listing in the city that could raise up to $15bn (£11.7bn), in what is set to be one of the biggest fundraisings in the world this year. The Chinese online retail giant is set to begin a week-long investor [...]
FTSE 100 falls under Trump’s tariff threat and Hong Kong turmoil November 13, 2019 US President Donald Trump’s threat to reignite his trade war with China has dragged down the FTSE 100 in early trading as another day of Hong Kong turmoil hurts global stocks. London’s blue-chip index fell 0.4 per cent, or 28.5 points, to 7,336.9. The biggest fallers included HSBC, ITV and Prudential as UK stocks traded [...]
Is Mark Barnett repeating Neil Woodford’s mistakes? November 13, 2019 A little over a year ago, many would have argued that following in the footsteps of Neil Woodford was a positive move. Now, after the recent scandal around the infamous fund manager and the collapse of his investment empire, most people would likely argue the complete opposite. Trust has been shaken, and investors are understandably [...]
No end in sight for US shale boom November 13, 2019 The US shale boom is set to continue, according to the International Energy Agency’s (IEA) World Energy Outlook 2019, with output set to stay higher for longer than previously predicted. Although the rate of production will slip from the rapid expansion of recent years, the report predicts that the US will account for 85 per [...]
SDX Energy begins gas production at Egyptian site November 12, 2019 UK oil and gas exploratory firm SDX Energy announced this morning that production had started at the company’s South Disouq concession in Egypt. Each of the site’s four discovery wells have been tested and gas has been flowing since the 7 November. Read more: E.on and RWE Renewables agree clean power deal All gas production [...]
E.on and RWE Renewables agree clean power deal November 12, 2019 E.on and RWE Renewables have agreed a two and a half year deal that will see E.on purchase the power output of 20 of its fellow German company’s British wind farms. The deal will help E.on provide renewable power to 3.3m UK homes. Earlier this year the energy giant announced that it was switching all [...]