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. [...]
Oil prices jump after US inventories unexpectedly tumble May 11, 2016 Oil prices shrugged off earlier losses to crawl into positive territory this afternoon, after US oil stocks unexpectedly tumbled. Data released today by the Energy Information Administration showed US oil inventories fell by 3.4m barrels in the week ending 6 May. Analysts had pencilled in a build of 80,000 barrels. Gasoline supplies slumped by 1.2m barrels, while distillate [...]
Before the bell: What you need to know before the US market open May 11, 2016 US stocks are set to open down after pulling in strong rises yesterday. The S&P is down by 0.12 per cent in the pre-market, the Nasdaq is 0.1 per cent lower, while the Dow is 0.2 per cent off. It's been a poor showing so far from European markets, coming off the back of a disappointing trading [...]
Premier oil share price slides despite oil production topping forecasts as debt concerns linger May 11, 2016 Premier Oil said today that it could beat its full-year production target after hitting record-high output levels, as it continues to shrink operating costs. It hit production levels of 78,000 barrels per day (bpd) last weekend, putting it on course to smash its 65,000-75,000 bpd full-year target. It also cut costs by 10 to 20 per cent more [...]
Tui makes plans to bring brands under umbrella as it puts specialist group up for sale May 11, 2016 Tour operator Tui could re-brand some of its businesses under the Tui name. The company is considering changing the names of well-known holiday brands Thomson and First Choice. Yesterday the company announced it would hold onto Crystal Ski and Thomson Lakes & Mountains while offloading over 50 other brands within its Specialist Group business. The [...]
Neil Woodford-backed Purple Bricks says full-year revenue quadrupled May 11, 2016 Neil Woodford-backed hybrid online estate agent Purple Bricks expects its full-year revenue to have quadrupled. The Aim-listed firm said today that its revenue for the full year is expected to be approximately £18.5m, a year-on-year increase of some 445 per cent. Read more: Purplebricks raises £58m in junior market Aim listing Trading throughout the second half of the year [...]
At the close: Markets up as even the weather can’t dent City spirits May 10, 2016 Traders clearly brought their umbrellas to work today as a London downpour and a spot of cloudy economic data was not enough to stop European markets from posting an impressive gain for the day. The FTSE 100 closed up 0.7 per cent at 6,156.65, the Cac 40 in France put on a modest 0.2 per [...]
Russian oil boss Sechin declares Opec effectively extinct May 10, 2016 The head of Russia's biggest oil firm declared the Organisation of Petroleum Exporting Countries (Opec) effectively extinct. Igor Sechin, a close ally of Russian president Vladimir Putin, told Reuters that internal strife is killing the cartel and its ability to steer the oil market has all but evaporated. Read more: Oil and gas execs flag Opec policy as biggest [...]
Before the bell: What you need to know before the US market open May 10, 2016 Stock futures in the US are up on the back of a good day in Asia and a strong start across Europe. The S&P is up by 0.34 per cent, while the Nasdaq is up by 2.5 per cent. The Dow has added 0.35 per cent in the pre-market. The day's big news so far Germany's current [...]
Saudi Aramco says it’s likely to ramp up production to meet rising demand May 10, 2016 Saudi Aramco is likely to ramp up oil production to meet rising demand, at a time when global oil markets are already awash with crude. Speaking in a news briefing today, Amin Nasser, the chief executive of Saudi Arabia's state-owned oil company, Saudi Arabian Oil, known as Saudi Aramco, said: "We're seeing an increase in global demand. We're meeting [...]