Pound nears $1.30 as weak dollar and election buoy GBP/USD November 1, 2019 The pound jumped against the dollar in early trading today thanks to a weaker US currency and hopes of a Tory majority at the upcoming election. GBP rose 0.34 per cent against USD to $1.297 as markets opened, buoyed by a weaker dollar due to the US Federal Reserve’s third cut to interest rates this [...]
Oil giants face vast cuts to hit climate targets November 1, 2019 The world’s major oil and gas suppliers must cut combined production 35 per cent by 2040 to keep emissions within international climate targets. According to a new report released this morning from think tank Carbon Tracker, none of the majors are currently on track to be in line with the Paris agreement by 2040, despite [...]
Vaping backlash hits Altria for $4.5bn October 31, 2019 The backlash from the crackdown on vaping has knocked Altria for $4.5bn (£3.5bn) today, as its 35 per cent stake in e-cigarette maker Juul turned sour. The company reported a net loss of $2.60bn, or $1.39 per share in the third quarter ended 30 September, from a profit of $1.94bn, or $1.03 per share. Read [...]
EDF Energy in talks to buy electric vehicle chargers Pod Point October 31, 2019 The French energy supplier EDF is in talks about the acquisition of electric vehicle-charging start-up Pod Point. The company is the latest utilities supplier to branch out into the global automotive sector. Read more: Fiat Chrysler and PSA set to enter 50-50 share swap in $50bn merger Talks about a deal are understood to have [...]
FTSE 100 staggers as Lloyds and Shell profits tumble October 31, 2019 The FTSE 100 dropped sharply this morning as Lloyds and Shell weighed down London’s blue-chip index, which headed for its biggest fall since 2 October. The index fell roughly one per cent to 7,254 points, with the DAX and the CAC both down 0.7 per cent. Shell’s share price fell nearly 3.8 per cent to [...]
Nabuh Energy on the brink as Ofgem demands outstanding payment October 31, 2019 Nabuh Energy has become the latest energy supplier to be threatened with having its license revoked after Ofgem issued it with an order demanding outstanding Renewables Obligations be paid today. The Sheffield-based company, which came bottom of Citizens Advice’s customer service rankings, owes £872,200. Read more: Ofgem issues Gnergy final payment warning Nabuh Energy is [...]
Royal Dutch Shell profits slide 15 per cent amid low oil prices October 31, 2019 Royal Dutch Shell became the third oil supermajor to feel the strain of low oil prices this week as profits fell 15 per cent in the third quarter. However, Shell still managed to comfortably beat analysts’ expectations, posting earnings of $4.8bn (£3.7bn), well ahead of the $3.91bn anticipated. Read more: Total latest to suffer from [...]
Russian pipeline Nord Stream 2 gets final approval October 30, 2019 The controversial Russian oil pipeline Nord Stream 2 has been approved by Denmark, removing the last obstacle in the way of the project’s completion. The Danish permit, which has been pending since April 2017, was the last needed for the 1230km pipeline from Russia to Germany to be completed. Read more: European politicians blast Gazprom [...]
The death of yields in six charts October 30, 2019 | City Talk There has been a relentless downward move in global bond yields since the 2008 Global Financial Crisis. This trend – underpinned by highly supportive central bank policies and stubbornly low inflation – has been a defining characteristic of the post-crisis world. Another defining trait of this period, and a landmark for financial markets, has been [...]
Severn Trent announces new chair October 30, 2019 Severn Trent announced this morning that Christine Hodgson had been appointed as the next chair of the FTSE 100 water company. Hodgson will succeed Andrew Duff in April 2020, having joined the board as a non-executive director from 1 January. Read more: Severn Trent chairman steps down as water firm implements new plan She is [...]