BP shares rise as oil giant more than doubles profit in bumper 2018 February 5, 2019 Oil major BP’s profit more than doubled in 2018, its fourth-quarter financial results showed today, sending shares up five per cent to 545.7p in early trading. The figures BP grew profit to $9.383bn (£7.19bn) in profit attributable to shareholders for the full year, up from $3.389bn in 2017. Return on average capital was 11.2 per [...]
Rio Tinto pledges to take part in ‘any industry-wide response’ after tragedy at Vale Brazilian dam February 4, 2019 London-listed miner Rio Tinto will take part in any industry response to the Brazilian dam tragedy which is thought to have killed over 300 people. Top executive Simone Niven told delegates at a Cape Town conference the company was looking into the way it ensures its dams are safe. Read more: Church of England sells shares [...]
Slack confidentially files for New York listing February 4, 2019 Workplace messaging app Slack has confidentially filed to go public in New York today, following months of speculation on the nature of its listing. No further details were given as to the timing or pricing of its initial public offering (IPO), however the app was said in January to be considering a direct listing instead. This is [...]
Ropey conditions: Broken rope costs shareholders millions after Hurricane Energy setback February 4, 2019 What could turn out to be the world’s most expensive rope broke last week as a ship leased by Hurricane Energy braved rough Atlantic conditions. Shares fell 5.7 per cent today, wiping over £55m off Hurricane’s market value as the company announced a setback off the Shetland Islands. Read more: Private equity firms set to snap [...]
Euronext may improve offer for Norwegian stock exchange Oslo Bors in wake of Nasdaq’s superior bid February 4, 2019 Pan-European exchange Euronext is considering increasing its offer for Norwegian stock market operator Oslo Bors after Nasdaq tabled a superior bid. The battle for one of Europe’s last remaining independent stock markets intensified today as Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, refused to back down against US giant Nasdaq. Read more: Nasdaq [...]
Jim Ratcliffe: Government is using ‘slippery’ manoeuvres to kill off British fracking February 4, 2019 The chairman of Britain’s biggest private company has accused the government of using “slippery back door manoeuvres” to kill off fracking in the UK. Sir Jim Ratcliffe, the billionaire founder of Ineos, said the government is sticking to a plan which is “unworkable, unhelpful and playing politics with the country’s future”. Read more: Ineos hails 'game [...]
How to reshape the financial system? First ditch the idea of the free market February 4, 2019 | City Talk Nick Silver, Honorary Senior Visiting Fellow, Cass Business School, writes for The Conversation. First published by Amy Ripley (Senior Communications Officer) Ten years ago the financial system collapsed and governments around the world intervened to save it. Much of the subsequent legislation, regulation and angst has attempted to make the system less risky so it [...]
Iron ore miner Ferrexpo to probe charity partner over financial discrepancies February 4, 2019 London-listed iron ore miner Ferrexpo said today it was probing the accounts of a Ukrainian charity that helps run its corporate social responsibility programme. Ferrexpo said the charity, Blooming Land, has sent copies of its bank statements to its auditors Deloitte which had discovered “unexplained discrepancies”. Ferrexpo said it was launching a “comprehensive independent review” [...]
Swiss investment bank Julius Baer targets £77m of cuts as profit growth slows February 4, 2019 Swiss bank Julius Baer launched a SFr 100m (£76.6m) cost-cutting programme today as profit growth slowed last year. The figures Switzerland’s third largest bank saw net profit for the full year 2018 grow four per cent to SFr 735m, compared to a 14 per cent growth rate in 2017, missing a Reuters poll of analyst [...]
Private equity firms set to snap up Total’s North Sea oil and gas fields this week in £1bn deal February 3, 2019 French energy giant Total is on the cusp of selling its stakes in a series of North Sea oil and gas fields to two private equity firms. The oil major is expected to announce a £1bn deal with Albion Energy and First Alpha Energy Capital later this week, the Telegraph reported, citing sources. It will [...]