Total latest to suffer from low oil prices in Q3 results October 30, 2019 Oil supermajor Total’s profits slumped by 24 per cent this morning as it became the latest company to be hit by low oil and gas prices. The French company’s third quarter results showed that profit was $3bn (£2.3bn), down from $6.24 billion in the same three months in 2018. Read more: Weak oil prices push [...]
Pound climbs on General Election news but traders foresee rocky ride October 29, 2019 The pound jumped today after it became clear the Labour party would back a December General Election, but it has since settled back down as traders steeled themselves for a volatile six weeks. Read more: Labour to back PM’s call for December General Election Sterling has had an extremely rocky few months. It hit a [...]
Four things you need to know about BP’s results October 29, 2019 BP released its third quarter update this morning and with the oil giant announcing a $749m (£581.3m) loss, it was not pretty reading for investors. Fuelled by weaker oil prices and a hit from hurricanes, BP’s share price dropped nearly four per cent to 493p. However, the company still beat analyst expectations despite its poor [...]
Tiktok owner Bytedance denies having immediate plans for Hong Kong listing October 29, 2019 Bytedance, the $75bn Chinese firm behind short-form video app Tiktok, has denied reports it is considering an initial public offering (IPO) in Hong Kong as soon as next year. The Financial Times has reported that the seven-year-old startup could list in the territory as soon as the first quarter of next year, but Bytedance denied [...]
Ofgem issues Gnergy with final payment warning October 29, 2019 Ofgem has issued Gnergy with a final order for their unpaid Renewables Obligations bill, raising the possibility that the supplier could have its license revoked if they did not comply by the payment deadline. The watchdog said that the company, which was one of four suppliers who missed the original deadline for payments, had not [...]
Investors butcher Beyond Meat despite first profitable results October 29, 2019 Shares in Beyond Meat plunged 20 per cent as the lockup period for early investors ended, despite the plant-based food company reporting its first quarterly profit. Beyond Meat shares dropped over 20 per cent in trading before the bell on Tuesday as around three quarters of its stock became eligible for trading, giving early backers [...]
Weak oil prices and hurricanes push BP to $750m loss October 29, 2019 Lower oil prices and hurricanes knocked BP to a $749m loss in the third quarter, the energy giant revealed today as chief executive Bob Dudley prepared to bow out. Read more: Saudi Aramco insiders say the kingdom has set a date for the IPO The figures BP fell to a $749m loss in the three [...]
Saudi Aramco insiders say the kingdom has set a date for its IPO October 29, 2019 Saudi Aramco is set to begin its long-planned initial public offering (IPO) on 3 November, according to a report. The Saudi Arabian oil giant will start the process of its stock market debut on that date after delaying the deal to give itself time to win over cornerstone investors, Reuters said today, citing three sources. [...]
GFG Alliance launches $15bn Liberty Steel Group October 29, 2019 GFG Alliance, Sanjeev Gupta’s family-owned conglomerate, today announced plans to merge its worldwide steel plants into one global business worth $15bn (£11.7bn). The Liberty Steel Group, which will combine operations in the UK, Europe, USA and Australia, will be incorporated by the end of the year. Read more: Sanjeev Gupta in fresh talks over British [...]
S&P 500 hits all-time high on trade and Fed optimism October 28, 2019 The US’s benchmark S&P 500 stock index hit an all-time high today as investors were cheered by a possible breakthrough in the US-China trade negotiations and with the Federal Reserve likely to cut interest rates on Wednesday. Read more: Microsoft beats Amazon to Pentagon’s $10bn cloud computing contract The index was also lifted by Microsoft [...]