Saudi Arabia set to cut its oil output to leave customers wanting more March 11, 2019 The world's biggest oil producer Saudi Arabia, is set to cut exports next month, despite strong demand, as it tries to boost global prices. State producer Saudi Aramco will sell 635,000 barrels per day less than what customers have asked for, a Saudi official told Reuters. Read more: Brexit disorder could dampen global oil thirst [...]
Brexit disorder could dampen global oil thirst, International Energy Agency says March 11, 2019 A “disorderly” Brexit could hit international demand for oil, the International Energy Agency (IEA) said today while also warning of the impact of trade wars. The projection comes after the International Monetary Fund (IMF) downgraded its short-term outlook as economic sentiment weakens in many countries. Read more: Will global growth slowdown force more OPEC production [...]
Shareholders slow to invest in President Energy’s fundraising March 11, 2019 President Energy fell short of its maximum fundraising limit today, managing to find commitments from shareholders to buy £3.5m worth of new stock. The oil and gas explorer said it was still able to push on with its plans, as it looked to accelerate the expansion programme in Argentina’s Rio Negro province. Read more: British [...]
Forget Brexit, corporate debt is a bigger issue March 11, 2019 As a few of you might have been told many times already, today is the latest Brexit D-Day for the UK, and for Theresa May in particular. Now, despite the fact that I am – at the moment that you are reading this – down on a chilly College Green in Westminster reporting on the latest [...]
Shares hit by investor shyness of Russian firms at gold miner Polymetal, despite strong results – CEO March 11, 2019 Investor uncertainty around Russian firms has held back Polymetal’s share price even though sanctions have not hit the company, its boss said yesterday as the miner showed gold sales up 10 per cent. Tensions between Russia and the west have not impacted operations at the company, chief executive Vitaly Nesis said. Read more: Russia denies 'rubbing [...]
British producers pump out more oil as small explorers fill vacuum left by majors March 11, 2019 UK oil production rose by nearly nine per cent last year, figures show, as small explorers step into a gap left by oil majors. Oil production rose 8.9 per cent to 1.1m barrels per day while gas output dropped 3.5 per cent to 610,000 barrels per day, the Oil and Gas Authority (OGA) said. Read [...]
Law firm DWF raises £95m in first-ever main market legal listing March 11, 2019 Law firm DWF has today raised £95m in the first main market float for a law firm, valuing the business at £366m. DWF is by far the largest of the handful of law firms to have listed on the stock market and is the first firm with a large international footprint to have gone public. [...]
Gold miner Barrick drops hostile bid for Newmont as firms agree joint venture March 11, 2019 Barrick Gold has dropped its bid for rival Newmont after the two agreed to merge their Nevada mines, the companies confirmed today. The two parties said they would create the world’s single largest gold producer with a combined output of over 4m ounces of gold last year. The deal promises to unlock $5bn in synergies, [...]
Softbank unveils $500m Softbank Acceleration Fund March 11, 2019 Softbank has launched a new global tech fund with up to $500m (£384.68m) to pour into early-stage startups. Read more: Softbank's Vision Fund pump $940m into robotics firm Nuro The Japanese telecoms giant could launch the Softbank Acceleration Fund as early as next month, according to Reuters. The new fund – a rebrand of Seoul-based [...]
Oil prices drop on the back of slow US job growth March 9, 2019 Oil prices fell by around 1 per cent on Friday on the back of news that US job growth was a lot slower than expected, reigniting concerns that the economy was slowing and that there was a lack of demand for oil. An increase in US oil supply also unsettled the market as Brent crude [...]