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 [...]
Virgin Galactic shares blast off as Sir Richard Branson’s firm makes New York Stock Exchange debut October 28, 2019 Sir Richard Branson’s space tourism venture, Virgin Galactic, has taken off on the New York Stock Exchange this afternoon, with shares soaring more than eight per cent in early trading. The company completed a merger with a US investment vehicle late on Friday, making it the first commercial space venture to go public. Branson, who [...]
SolGold set to soar as flagship copper mine strikes gold October 28, 2019 SolGold have raised their outlook for their flagship copper mine after metallurgical testing showed a potential extra $8.7bn (£6.8bn) in revenues over its life. The Primary Economic Assessment initially indicated total revenues of $74bn over the life of the mine. The Australian company’s Alpala project, which has been labelled as a future tier one copper [...]
European gas companies resilient amid lowest prices in a decade October 28, 2019 European gas producers are well placed to withstand the downturn in prices for at least a year, according to a new report from Standard & Poor Global Ratings (S&P). The analysis comes as a welcome boost to the industry, which saw prices fall to their lowest in a decade in early September. Read more: Equinor [...]
EDF will take on bust supplier Toto Energy’s customers, Ofgem confirms October 28, 2019 EDF Energy will take on failed supplier Toto Energy’s 134,000 customers, Ofgem has announced. For those of Toto’s customers who were acquired in August when Solarplicity ceased to trade, it is the second such change in a number of months. Read more: Toto Energy collapses with 134,000 customers affected However, customers should expect to see [...]
Cairn Energy share price drops as it ditches Mexico oil well October 28, 2019 Shares in Cairn Energy slumped more than 10 per cent this morning after the oil company revealed that it was abandoning a well in Mexico. The FTSE 250 company is on track for its worst day since the financial crisis. At one point, shares fell to a low of £1.57, down nearly 18 per cent [...]