Gazprom profits soar 44 per cent after energy prices boom May 30, 2019 Profits shot up at Gazprom in the first three months of the year, the company reported today after months of international energy price rises. Sales at the firm rose 6.8 per cent to 1.3 trillion Russian roubles (£15.8bn) in the first quarter of 2019, even as the amount of gas it sold dropped 8.6 per [...]
Chevron divests $2bn North Sea fields to Delek subsidiary as US majors scale back in the UK May 30, 2019 Israeli-backed Ithaca Energy took a major holding in the North Sea this morning with a $2bn deal for Chevron, as the US oil major looks increasingly likely to pull out of the UK altogether. The deal moves around 500 staff to Ithaca, which is owned by Tel Aviv-listed Delek, and quadruples its expected production for [...]
Should you really sell in May and go away – What is the truth of the old stock market saying? May 30, 2019 There are many phrases used to try to capture trends or patterns that supposedly appear in the movement of share prices over the years. For example, the concept of a “Santa Rally” suggests that stock prices increase in the run up to Christmas. Yet one of the oldest such phrases is “sell in May and [...]
FTSE 100 and US stock markets drop as Chinese trade war concerns weigh on investors May 29, 2019 The FTSE 100 fell 1.2 per cent today amid signs of an escalation in the China-US trade war along with growing concerns over a no-deal Brexit. All 10 blue-chip indices were in the red after China warned Beijing was ready to use its control over rare earths to his back at the US in their [...]
No Bucs: US football team lose damages case against BP for Deepwater Horizon spill May 29, 2019 An American football team which tried to claim damages over the BP Deepwater Horizon oil spill has been rejected in a US court. The Tampa Bay Buccaneers had sued BP for $19.5m (£15.5m) over lost revenues it claimed resulted from the 2010 spill. Read more: Greenpeace protesters blockade BP headquarters However, the US Circuit Court [...]
China rare earth metals warning sparks market selloff May 29, 2019 | City Talk Again we see how the market is moving around on US-China news flow that is hard to lock down. China’s threats to stop rare earth exports is clearly a bargaining chip, if not exactly a trump card, but one the market is starting to really take seriously. We’ve not heard this much about rare [...]
General Atlantic to sell half its stake in £2bn oil data group Argus Media May 29, 2019 Growth equity fund General Atlantic (GA) is set to sell half its stake in oil data group Argus Media in a deal that will value the firm at roughly £2bn. City A.M. understands GA, which bought a 50 per cent stake in Argus three years ago for around £1bn, is in advanced talks with long-term [...]
Oil prices fall two per cent on fears of escalating US-China trade war May 29, 2019 Oil prices fell this morning, losing around two per cent of their value and dipping below the $70 per barrel line as worries over the US-China trade war spooked investors. International standard Brent Crude dropped around two per cent to $68.74 at just before midday after reaching day-lows of $68.47 per cent earlier. Read more: [...]
Libor broker banned by regulator for dishonest trades May 29, 2019 A broker who was acquitted of helping jailed former UBS trader Tom Hayes rig the Libor benchmark has today been banned by the regulator for dishonesty. Terry Farr, who was formerly a manager on the Japanese Yen desk at brokerage Martins, has been banned by the Financial Conduct Authority (FCA) from regulated financial activity. Read [...]
UK regulators cautiously welcome EU backtrack on no-deal share trading rules May 29, 2019 UK regulators have welcomed a move by their EU counterparts to backtrack on rules that would have stopped European investors from trading shares in some of the biggest British companies in London after a no-deal Brexit. Read more: EU leaders tell UK the Brexit deal cannot be renegotiated However, the Financial Conduct Authority (FCA) said [...]