Rio Tinto shakes up management board, whittles down debt June 21, 2016 Rio Tinto's incoming chief exec reached deeper into the miner's arsenal of tools today, as it battles a prolonged price slump. Deputy chief exec, Jean-Sébastien Jacques, who will take the top spot on 2 July, appointed Chris Salisbury to run the FTSE 100-listed firm's core iron-ore operations. Read more: Rio Tinto says Lithium project has proven "an attractive investment" Salisbury is currently acting [...]
Almost nine out of 10 EU countries have cheaper petrol than the UK, latest figures show June 21, 2016 Remain campaigners have warned that a Brexit could cause a surge in fuel prices, but fresh figures show the UK’s petrol is already premium. Almost nine in ten European nations have cheaper petrol prices than the UK, according to new research. The latest figures show a petrol price of 112p per litre in England, making it [...]
Irish oil explorer Providence Resources shares to restart trading as it eyes $74m rights issue June 21, 2016 Providence Resources is seeking to raise more than twice its market cap, and the Irish oil and gas explorer has also applied for its shares to restart trading tomorrow morning. The firm wants to raise $74m (£50.5m) from a rights issue to new and existing investors, more than two times its market cap of £19.26m. The cash [...]
At the close: Calm before the storm for FTSE 100 and sterling June 21, 2016 Referendum news was – unsurprisingly – talk of the town today, though there was no repeat of the violent volatility witnessed on the financial markets in recent days. The FTSE 100 extended its winning run, shaking off losses at the start of the session to close up 0.4 per cent at 6,226. Meanwhile, after a [...]
Going for gold: Transactions for bullion soar ahead of Brexit vote June 21, 2016 The flight to safe havens ahead of the EU referendum has led to a surge in transactions for gold bullion as the 23 June approaches. According to the Royal Mint there has been a 32 per cent jump in the number of transactions compared to last month, as sharp volatility on the stock markets and [...]
EU referendum: Sterling hits five-month high against the dollar June 21, 2016 The pound has soared to its highest level against the dollar since David Cameron set the date for the EU referendum, as Brexit fears eased and banks shunned the offer of emergency cash from the Bank of England. Sterling hit a high of $1.4783 this morning – well up on the lows of $1.41 plumbed [...]
What will happen to UK equities if we leave the European Union? June 21, 2016 The pound and the FTSE soared yesterday, as the Remain camp wrestled back its lead in the polls. But the outcome of Thursday’s EU referendum is far from clear, with pundits saying that voter turnout will be pivotal in determining whether the UK stays or leaves. If Article 50 is triggered and sterling dives, what should [...]
Brexit causes gold rush – experts predict prices will hit $1,400 by month end if the UK votes to leave the EU June 21, 2016 The risk of Brexit has pushed up the price of gold, with every tightening of the bookmakers’ odds giving a boost to the value of the precious metal. The price of bullion is up 21 per cent so far this year, 8 per cent of which has come in the last month. Gold prices reached a [...]
Brexit and the pound: How hard will battered sterling hit our economy? June 21, 2016 The pound has strengthened as the latest polls show public feeling has swung towards a remain vote this Thursday. Sterling rose 2.3 per cent to $1.4693, the biggest one day gain in over seven years. The last time it rose this sharply was 12 September 2008, days before Lehman Brothers filed for bankruptcy. “Three polls over [...]
Royal Dutch Shell’s shale unit to become “catalyst for change” at the oil major June 20, 2016 Royal Dutch Shell's recently revamped shale unit is set to become a blueprint for change across the oil major. "The executive committee charged us to be a catalyst for change within the broader Shell," Greg Guidry, head of the group's unconventionals business, told Reuters. Read more: Shell mulls offshoring its legal eagles to cut costs Guidry also [...]