Reabold boosted as it finds UK’s second-biggest gas field also contains oil August 29, 2019 Reabold Resources expanded the value of the UK’s biggest onshore hydrocarbon field this morning when it announced that it had found oil in what was previously thought to be a gas-only field. The Humberside-based field, which was announced in June as the largest onshore gas discovery since 1973, is around 70 per cent oil, and [...]
Saudi Aramco shuns London amid Brexit worries August 29, 2019 Saudi Arabia’s state oil giant Aramco is not leaning towards London for a potential listing, according to reports. The Wall Street Journal said the oil giant is going to split its listing into two parts. Read more: Saudi Aramco hires bankers for megalisting It will start by float on the Saudi stock exchange this year, [...]
Italian stock market soars as new coalition takes shape August 29, 2019 Italy’s stock market jumped two per cent this morning and bond yields hit record lows as Prime Minister Guiseppe Conte took a big step towards forming a new government. Read more: Italian bond yields hit record low on hopes of new coalition Conte said he had accepted President Sergio Mattarella’s invitation to form a new [...]
Investing ‘IQ test’ reveals the traits that could limit returns August 29, 2019 | City Talk Investors globally suffer from an ambiguity bias which can prevent them from taking risks with their investments and potentially lower their returns, Schroders investIQ test found. All investors have behavioural biases such as ambiguity aversion or impulsivity which can affect the way they invest. By understanding these biases, investors may be able to improve their [...]
Sterling falls for second day as Britain races towards no-deal Brexit August 29, 2019 Sterling has continued to fall this morning a day after it lost 0.55 per cent against the dollar as the UK took a big step closer to a no-deal Brexit. Read more: Sterling could hit 35-year low on no-deal Brexit worries, warn City economists The pound was 0.16 per cent lower against the dollar this [...]
Diamond in the rough: De Beers struggles to keep up with last years’ gem sales August 28, 2019 Diamond company De Beers increased sales in its seventh cycle of the year, but is still down on 2018, it said today. The company showed that it sold $280m (£229m) worth of diamonds over the cycle, one of ten such periods in a year. Read more: Diamond sales fall at De Beers after unusually strong [...]
Sterling could hit 35-year low on no-deal Brexit worries, City analysts warn August 28, 2019 City economists have warned that the pound could tumble to a 35-year low against the dollar of close to parity as no-deal Brexit fears mount over Prime Minister Boris Johnson’s suspension of parliament. Read more: Boris Johnson asks Queen to suspend parliament Sterling traders have reacted badly to the news that Johnson has asked the [...]
Loungers enjoys ‘strong momentum’ as it narrows losses post-IPO August 28, 2019 Cafe and bar operator Loungers has narrowed its losses to £4.9m as revenues rocketed in its maiden set of results since becoming a public company. Read more: London’s junior stock market Aim sees fewest IPOs in 10 years The figures Loungers booked a £4.9m pre-tax loss for the year ending in April, it revealed today. [...]
BP sells Alaskan fields and pipeline to Hilcorp for $5.6bn August 27, 2019 BP sold all its assets in Alaska to Hilcorp for $5.6bn (£4.5bn) today as the oil giant looks to divest $10bn in assets and re-focus on its core business. The deal includes all of BP’s upstream and midstream business in the US state, and its stake in a major pipeline, the company said. Read more: [...]
Norway’s $1tn sovereign wealth fund could shift investment away from Europe August 27, 2019 Norway’s $1tn (£820bn) sovereign wealth fund should shift billions of dollars of investments from European stock markets to the US, its fund manager recommended today. The world’s largest sovereign wealth fund, which invests Norway’s oil wealth, has traditionally given a greater weighting to European stocks and a lower weighting to US equities. However, the Norwegian [...]