At the close: FTSE 100 slips on the falling oil price as poor China data weighs heavy May 9, 2016 The FTSE 100 has managed to erase all its earlier gains to close down, adding to the worst weekly performance since February and marking the third straight week of losses. The blue-chip index finished 0.2 per cent lower at 6,114.81 after falling 1.9 per cent last week. The index is down around two per cent so far this year and 15 per [...]
Brent crude and WTI: Oil prices give up gains from Canada wildfires May 9, 2016 Oil prices gave up earlier gains from a huge wildfire in Canada's oil and gas region to trade lower this afternoon. Brent crude, the global benchmark, fell two per cent to $44.7 per barrel, while West Texas Intermediate crude, the US benchmark, slumped 1.6 per cent to $44. Read more: Low oil prices pushes Saudi Arabia into [...]
Oil major Total makes near €1bn wager on renewable energy with bid for battery maker Saft May 9, 2016 French oil major Total made a €950m (£750m) bid for battery maker Saft, effectively increasing its wager on the renewable energy sector. It said that the €36.5 per share offer represents a 38.3 per cent premium to Saft's closing price as of Friday. The friendly offer has already received unanimous approval from Saft's board, but it's still subject to a review [...]
Before the bell: What you need to know before the US market open May 9, 2016 Stock markets lost ground over the last week but look set to open stronger today. S&P futures are up by 0.13 per cent, while the Nasdaq is up by 0.25 per cent. Dow futures are trading up by 0.21 per cent ahead of the open. Last week the Dow slipped 0.2 per cent, the S&P declined by [...]
Saudi Arabia ousts long-serving oil minister Ali Al Naimi sparking fears volatility will return to the oil market May 8, 2016 Saudi Arabia’s dismissal of its oil minister yesterday has sparked concerns that fresh volatility is about to hit the market. The kingdom ousted its long-serving oil minister who was the driver behind Opec's 2014 policy of holding production despite plummeting oil prices. Ali al-Naimi, who held the post from 1995, has been replaced by Khalid Al Falih, chairman of [...]
Man Group becomes latest firm to face shareholder ire over executive pay May 6, 2016 Man Group has become the latest firm to stoke shareholder ire over executive pay, after a significant number of shareholders voted against its remuneration report. The investment manager's executive pay package was rejected by nearly 40 per cent of its shareholders, but it still passed as around 60 per cent were in favour. Read more: RBS [...]
Inmarsat shares suffer for the second day in a row May 6, 2016 Investors continued to punish Inmarsat after the satellite and communication services company cut its full-year revenue forecast yesterday. Inmarsat shares slumped 4.6 per cent to 823.5p in late-morning trading, taking their decline to 26.1 per cent year-to-date. Read more: Inmarsat gets ready for lift-off It comes a day after Inmarsat shares plummeted yesterday after it lowered its full-year revenue forecast by $50m [...]
Numis founder and chief executive to step down May 6, 2016 Brokerage Numis said today that founder and chief executive, Oliver Hemsley, is due to step down in the Autumn. Hemsley will remain on the board as an executive director once he's been succeeded by Alex Ham and Ross Mitchinson as joint-chief executives. Read more: Numis expects to report year-on-year revenue and profits growth Ham and Mitchinson will [...]
Rio Tinto gives go-ahead to £3.7bn Oyu Tolgoi mine expansion May 6, 2016 Rio Tinto and its partners gave the greenlight to a $5.3bn (£3.7bn) expansion of its Oyu Tolgoi mine in Mogolia today. The move demonstrates the mining giant's confidence that low copper prices will stage a turnaround in a few years time. The London-listed company, the Mongolian government and Turquoise Hill Resources, approved the next stage in the [...]
The falling oil price could be about to trigger one of the biggest ever waves of bankruptcies in the US May 5, 2016 The oil price slump could be pushing the US to one of its biggest waves of bankruptcies. This week Midstates Petroleum and Ultra Petroleum went under, pushing the total number of energy sector bankruptcies to 59 since the beginning of the oil rout, according to Reuters data, the law firm Haynes & Boone and bankruptcydata.com. The avalanche of bankruptcies is closing [...]