Glencore has taken out a big bet on North Sea oil May 13, 2016 Embattled miner and trader Glencore has taken out a big bet on the equally troubled North Sea oil and gas industry. Both have been hit by the commodity price rout, in which oil prices tumbled from over $110 per barrel to below $30 earlier this year. The Swiss firm built up one of the largest positions in [...]
City A.M. Unregulated podcast, episode 7: Is now the time to invest in gold? May 13, 2016 We know all that glitters isn't gold – but right now, with prices hovering around a 15-month high, is now the right time to start getting into the yellow stuff? Joining hosts Emma Haslett and Zak Mir are Women in Mining Chair Amanda Van Dyke and Capital Markets professional Bonnie Hughes, who explain how to get started [...]
TalkTalk profits show fallout from last year’s cyber attack May 12, 2016 TalkTalk shares ticked up 1.3 per cent to 275p per share this afternoon, as the telecoms group said it was starting to recover from last year's cyber attack. The figures TalkTalk's revenue was broadly flat at about £1.8bn in the 12 months to 31 March. The cost of last year's cyber attack was laid bare in its pretax [...]
Brent crude and WTI: US oil prices soar to new 2016 high May 12, 2016 US oil prices shook off earlier losses to hit their highest level so far this year, buoyed by a shock drop in US oil stocks. West Texas Intermediate crude, the US benchmark, added one per cent to $46.7, having hit $46.9 earlier in the day. Brent crude, the global benchmark, rose 0.8 per cent to $48 per [...]
IEA: Global oil oversupply to shrink “dramatically” this year May 12, 2016 The International Energy Agency expects the global oversupply of oil to shrink "dramatically" this year. In its monthly report released today, the IEA said: "We note that OECD stocks grew in first quarter of 2016 at the slowest pace since last quarter orf 2014 and in February they declined for the first time in a year." [...]
Opec’s June meeting is likely to be another dud May 12, 2016 After a dismal performance in Doha last month, it looks like Opec's meeting in June is going to be another dud. The Organisation of Petroleum Exporting Countries (Opec) and non-Opec producers failed to agree a widely anticipated freeze deal at a meeting in April. The split between long-term regional rivals Iran and Saudi Arabia prompted accusations that [...]
Worldview wins long-running battle to control Petroceltic May 12, 2016 Activist investor Worldview won its long-running battle to take control of Irish oil explorer Petroceltic. The Dublin-based group's largest shareholder, Worldview, campaigned over the last 19 months for changes to the board and the strategic direction of the group. Read more: Worldview takeover offer for Petroceltic lapses Petroceltic, which received a three pence per share offer from Worldview [...]
Vedanta tarnished by commodities rout but predicts “new era” in India May 12, 2016 Shares in London-listed Vedanta Resources tumbled 2.7 per cent to 369.7p per share this afternoon, as the miner continued to suffer amid the commodities rout. The figures The India-based firm's revenue slumped 16.6 per cent to $10.7bn (£7.4bn) in the 12 months to 31 March, down from $12.9bn a year earlier. This came on a pre-tax [...]
Used car supermarket driving towards IPO worth up to £240m May 11, 2016 Used car supermarket Motorpoint is driving towards a stock market flotation which could be worth up to £240m. The initial public offering (IPO), which Numis and Rothschild are advising on, could be this week. Some 100m shares are expected to be on offer, with the price range set at 190p-240p, meaning a valuation of between [...]
Ding dong: Energy company set to announce plan for £8.5bn IPO May 11, 2016 Dong Energy is expected to announce its plan for an initial public offering (IPO) tomorrow. The flotation is expected to value the company around 80bn Danish crowns (£8.5bn). The majority state-owned utility company is Europe’s largest offshore wind farm developer and has a large operation in the UK, where it employs more than 700 staff. [...]