Crack out the Jack Daniel’s: Sterling bond issuance lives after Brexit vote June 30, 2016 Two sterling-denominated debt deals launched today, a week after the UK voted to leave the European Union. British American Tobacco (BAT) is reportedly selling a five-year benchmark bond totalling £500m. And US drinks company Brown-Forman, which makes Jack Daniel’s and Finlandia vodka, is in the market with a £300m, 12-year deal. It also announced a €300m [...]
Did Boris Johnson just move the currency markets? June 30, 2016 Traders have managed to keep a cool head today, despite the fallout from the UK's vote to leave the EU continuing to shock the political world, and many clamouring to link the two. The FTSE 100 was down, then up, then flat in the first half of the day's trading, standing unchanged at 6,357 at lunchtime. [...]
Royal Dutch Shell says UK energy demand set to fall in future June 30, 2016 The boss of oil major Royal Dutch Shell is set to say that energy demand in the UK will fall, while urging the government to help meet the world's climate change goals. Ben van Beurden, chief executive of Shell, will tell an audience at a forum in London later today: "In the UK … demand for energy [...]
Norwegian oil workers threaten to strike as crude continues to rise June 29, 2016 Hundreds of oil and gas workers in Norway are threatening to go on strike, halting output at five oil fields in Western Europe's largest producer. Sites operated by ExxonMobil, Engie and BASF's oil and gas unit Wintershall will be temporarily shuttered if talks between employers and unions on a new wage deal fail. Read more: Oil baron Algy Cluff warns [...]
Relief rally remains as Brexit sell-off reverses June 29, 2016 The FTSE 100 has bounced back from the post-referendum crisis with another strong open, rising 2.4 per cent today. Every single company rose higher in the first minutes of trading, as investors return to downtrodden stocks and the appetite for risks returns. The index stood at 6,286 – just 50points shy of where it closed [...]
Circle Oil suspends shares as investors face total wipeout June 29, 2016 Circle Oil shares were suspended from trading today due to the Irish oil explorer's increasingly uncertain financial situation. The Aim-listed company, which is in the midst of a strategic review, said shareholders are likely to be left with no equity value. This is based on the firm's debt position and the proposals put forward to date. Read more: Oil baron Algy [...]
Should investors be buying shares in Brexit-battered housebuilders? June 29, 2016 Despite something of a recovery on the stock markets in recent days, some sectors out there are still looking pretty rough. Housebuilders are among them. So bad was the post-referendum sell-off, trading in FTSE 100 listed firms was temporarily suspended on Monday as their share prices were hit by two consecutive days of double-digit falls. [...]
Oil prices rally post-Brexit vote on Norway strike threat June 28, 2016 Oil shook off a two-day slump which ensued after Britain's vote to leave the EU, helped by the threat of a union strike by Norwegian oil and gas workers. The strike at western Europe's biggest producer, which could start as soon as Saturday, would add to a string of outages in oil-producing countries such as Nigeria. [...]
Oil baron Algy Cluff warns Brexit could squeeze lending to distressed North Sea firms June 28, 2016 UK oil baron Algy Cluff has warned Britain's vote to leave the European Union could make life harder for distressed oil and gas firms in the North Sea. "The banks haven't been falling over themselves to lend money to oil companies there recently, rather the reverse, and [the Brexit vote] could compound that I'm afraid," he told [...]
At the open: Relief in the City as stock markets stage mini-recovery June 28, 2016 Stock markets recorded their first gain since the UK voted to leave the European Union – jumping in the first few minutes of trading this morning and, crucially, holding on throughout the day. After two days of deep falls and mass trading suspensions, the bluechip FTSE 100 was up 2.5 per cent by lunchtime at 6,131. [...]