Rio Tinto says it Lithium project has proven to be “an attractive investment” June 2, 2016 Rio Tinto has signalled it's increasingly interested in lithium, with future demand expected to soar due to the take up of electric vehicles. Dean Gehring, president and chief executive officer, was quoted in its in-house publication saying: "The Jadar project is strategically important for Rio Tinto Minerals and will complement our existing operations." Read more: BlackRock [...]
Ding dong: Europe’s IPO market is set for three big floats this month June 2, 2016 Europe is set for three large floats this month as the continent begins to recover from a slow start to the year. Three initial public offerings (IPOs) worth $1bn (£0.7bn) or more are due to price in the coming weeks. They will be the first this year in the continent, according to Dealogic. Danish company [...]
How the FTSE 100 has changed in 10 years: Banks and oil fall from grace, while tobacco and beverages make gains June 2, 2016 The banking sector’s influence in the FTSE 100 has nearly halved in the last 10 years, a new study suggests. Oil’s stake in the blue-chip index has also declined heavily since 2006, with tobacco and beverages experiencing the biggest growth. The AJ Bell research looked at the composition of the FTSE 100 by market capitalistions, dividing [...]
Iran says it won’t support a production cap as tensions mount ahead of Opec meeting June 2, 2016 Tensions are mounting ahead of today's meeting of the Organisation of Petroleum Exporting Countries (Opec), as Iran and Saudi Arabia look set to battle it out over a proposed new cap on oil production. According to Opec sources, Saudi Arabia will propose a new output ceiling at today's meeting in Vienna, in an attempt to [...]
To IPO or not to IPO? Four things tech companies must consider June 2, 2016 Technology continues to be an agent of change and the explosion in size and complexity of technology-driven businesses has been reflected in their global growth and reach. With alternative sources of private funding increasingly available, and potentially higher valuations being achieved privately, the motivation to IPO may well be reduced. However, there will likely come a point in [...]
Hikma Pharmaceuticals replaces Inmarsat in FTSE 100 index June 1, 2016 Hikma Pharmaceuticals is set to enter the FTSE 100 index as satellite firm Inmarsat drops to the FTSE 250. The changes will take effect on June 20, London Stock Exchange said today. Hikma Pharmaceuticals's promotion to Britain's blue chip index comes after its shares surged 45 per cent since mid-March. The company expects its full year group revenue to [...]
Sugar price rally continues as Thailand warns production could take hit as a result of El Niño weather phenomenon June 1, 2016 The recent raw sugar price rally continued today as the sweet commodity traded at around 17.30 cents per per pound, according to Nasdaq data. Prices have reached a two-year high over the past week in a positive swing that contrasts with many other commodities, particularly metals such as copper and iron ore, whose rally at [...]
Commodities hedge funds shrug off money manager woes amid metals boom and oil price uptick June 1, 2016 Commodities hedge funds shrugged off the problems plaguing other money managers at the start of this year, as investors piled into the long-suffering sector. Following more than three years of negative sentiment, investors returned to the commodities sector in the middle of last year and have since allocated $5.4bn (£3.7bn), according to data tracker eVestment. It comes during a torrid [...]
At the close: Stocks and sterling on the slide June 1, 2016 The FTSE 100 picked up where yesterday left off, shedding yet more points as a package of opinion polls, weak economic data, and a miserable start to meteorological summer dented traders' spirits. The London index dropped 0.6 per cent to fall below the 6,200 mark, after it missed out on stumbling to four consecutive months of gains [...]
There are 2m barrels of oil stuck in the Caribbean sea because Venezuela can’t afford to pay BP June 1, 2016 Four oil tankers carrying more than 2m barrels of oil are stuck in the Caribbean sea because of cash-strapped Venezuela. The cargo of US crude oil cannot discharge at a terminal there until it’s been paid for by Venezuela's state-owned oil company, PDVSA. The firm initially offered to pay for the imports with Venezuelan oil, but negotiations [...]