Well, this is awkward: Sterling leaps as Leadsom announces she is quitting Tory leadership race July 11, 2016 Andrea Leadsom may well fancy a holiday after her short-lived campaign for the Tory top spot, and she'd get a good rate if she hurries to the Bureau De Change too. The pound surged against the dollar as the Tory leader hopeful announced that she was pulling out of the race. Read more: Theresa May set to be appointed [...]
Oil further below $50 as economic storm clouds gather over Asia July 11, 2016 Oil fell further below $50 per barrel today, amid fresh concerns that weak economies in Asia would sap demand there. Brent crude, the global benchmark, fell 1.24 per cent to $46.18 per barrel in early afternoon trading. Its US counterpart, West Texas Intermediate, slumped 1.32 per cent to $44.81. Read more: Norway union and oil [...]
Petrofac pulls plug on contract with Malaysian state-owned oil firm Petronas July 11, 2016 Petrofac shares popped today after the oilfield services provider scrapped a contract with Malaysia's state-owned oil firm. Petrofac's Malaysian subsidiary and its partners agreed an early stoppage to the development of the the Beranti gas field, located about 150km offshore Peninsular Malaysia, with Petronas. Petronas was due to pay Petrofac $357m (£275.4m) for the contract last year, which resulted in a profit of just $1m [...]
Oil on course for largest weekly drop in six months July 8, 2016 Global oil prices headed towards their biggest weekly drop in six months today. Brent crude, the global benchmark, rose 0.39 per cent to $46.58 per barrel in late afternoon trading. Meanwhile, its US counterpart West Texas Intermediate rose 0.20 per cent to $45.23. Read more: Norway union and oil industry talks break down as strike threat looms Both benchmarks were [...]
UK vote fails to float Europe’s IPO boat July 7, 2016 The EU referendum has been blamed for slowing flotation activity levels across Europe in a new report. Mergermarket tracked 77 initial public offerings (IPOs), with €11.6bn (£9.9bn) raised, across the continent during the first six months of the year. This was down from 115 floats, which raised €27.1bn, in the first half of 2015. Read [...]
Gold miner Centamin glistens with strong second quarter production growth July 7, 2016 Gold miner Centamin said today that second quarter gold production was significantly ahead of the last quarter and the previous year. The FTSE 250-listed firm reported quarterly gold production at its mine in Egypt jumped 12 per cent to 140,306 ounces in the three months ended 30 June. It rose 30 per cent from the same period a year ago, when output [...]
Norway union and oil industry talks break down as strike threat looms July 6, 2016 Talks between Norwegian oil service workers and their employers broke down today, as the threat of strike action in Western Europe's biggest oil exporter loomed. The Norwegian Oil and Gas Association, which represents the employers, separately said the negotiations had been put on hold for the time being, Reuters reported. But the affected workers can't strike until [...]
Oil prices charge back from two-day drop ahead of US data July 6, 2016 Oil prices ticked up after falling in early trading today, as global markets convulsed over Britain's vote to leave the European Union. Brent crude, the global benchmark, added 0.75 per cent to $48.32 per barrel this afternoon. Meanwhile, its US counterpart, West Texas Intermediate crude, swelled 1.01 per cent to $47.07. Read more: Tullow Oil shares [...]
Tullow Oil shares tank as it announces $300m bond auction July 6, 2016 Tullow Oil's latest bid to shore up its balance sheet sent the oil explorer's shares tumbling to a near three-month low. The FTSE 250-listed firm said it would offer $300m (£234.5m) convertible bonds. It comes just months Tullow agreed a $3.5bn loan deal, with access to $800m in April next year and an extra $200m available if needed. Read more: S&P downgrades Tullow amid low [...]
Bank of England: How climate change news affects energy firms’ share prices July 6, 2016 Bloggers over at the Bank of England have looked at the effect of climate change news on energy firms' valuations. Central banks are paying more attention to whether climate goals will leave vast reserves of oil, coal and gas unburnable, meaning fossil fuel firms are overvalued. Bank of England governor, Mark Carney, previously warned investors [...]