Pressure on for Fed chair Powell at Jackson Hole August 22, 2019 Most people journey to the snowy plateaus below the Wyoming mountains for a relaxing week of fresh air. US Federal Reserve chairman Jay Powell, however, will find his visit to the north-western ski resort an altogether more stressful affair. Read more: US manufacturing sector contracts for first time since 2009, survey says Powell will take [...]
Premier Oil prepares to sell Mexican field stake as profits jump August 22, 2019 Premier Oil today revealed it would sell a stake in a Mexican offshore field as it chips away at its massive debt. The company said it was looking to sell part of the Zama field, off the coast of Mexico, alongside its results for the six months ending 30 June. Read more: Premier Oil approves [...]
ISS and Glass Lewis back Barrick’s bid for Acacia August 22, 2019 Two major proxy advisers have lent their support to Barrick Gold as it waits for Acacia Mining’s shareholders to vote on its takeover bid. Glass Lewis and ISS have in recent days both thrown their weight behind the bid, saying it represents the best value for Acacia’s long-suffering shareholders. Read more: Tanzania allows Acacia to [...]
Shell boosts power business with £344m Aussie takeover August 22, 2019 Shell took another step to boost its electricity supply business as it bought Australia’s second-largest power company in a AU$617m (£344m) deal. The board of ERM recommended today that its shareholders vote for the deal, which represents a 43 per cent premium to its last closing price. Read more: Shell Energy to pay £390,000 after [...]
Chinese renminbi falls to lowest versus dollar since 2008 as trade war bites August 22, 2019 China’s currency the renminbi has fallen to its lowest level against the dollar in 11 years in a move likely to anger US President Donald Trump, who earlier this month accused Beijing of currency manipulation. Read more: US stock market jumps after China hints at stimulus The renminbi had fallen 0.2 per cent against the [...]
Fracking halts after earthquake at Cuadrilla site August 22, 2019 Cuadrilla yesterday stopped work at the UK’s only active fracking site after it triggered an earthquake almost ten times stronger than allowed under government rules. The company said last night that it had detected a seismic tremor measuring 1.55 on the Richter scale. The small quake forced fracking to stop, and the site will be [...]
Antofagasta on track for record copper production August 22, 2019 Despite lower prices, a jump in copper sales boosted Antofagasta’s top and bottom lines and set it on track for a record year of production. Revenue jumped 19.1 per cent at the miner to more than $2.5bn (£2bn), while earnings before interest, tax, depreciation and amortisation rose 44 per cent to $1.3bn. Read more: BHP [...]
Nostrum share price takes hit from analyst note August 21, 2019 Nostrum Oil and Gas struggled on the markets today after taking a hit from an analyst downgrade. Shares took a battering, falling by 19 per cent to 28.35p. It came as analysts at Berenberg downgraded the shares from “buy” to “sell”, setting a new target price of 25p from 200p. Read more: BP and Glencore [...]
US stock markets rise as Federal Reserve enters spotlight August 21, 2019 US stock markets have risen in early trading as investors hope for dovish signals from the Federal Reserve and retailers beat expectations. Read more: Germany sells 30-year bond with negative yields but demand weak Shares in giant general store chain Target surged over 18 per cent after the retailer beat profit expectations. Shares in DIY [...]
Germany sells 30-year bonds with negative yields but demand weak August 21, 2019 The German government has sold 30-year bonds with a negative yield for the first time, but failed to drum up as much interest in the debt as it had hoped. Read more: German central bank warns economy could already be in recession The country’s finance ministry put €2bn (£1.83bn) of ultra-long bonds up for sale [...]