BP, Shell, Chevron and Exxon brace for worst reporting season yet April 25, 2016 It's about to go from bad to worse when BP publishes its first quarter results tomorrow, kicking off what analysts expect to be oil majors' worst reporting season yet. Analysts expect the firm to post a loss of 10 cents per share for the first quarter of 2016, on an anticipated revenue drop of 26 per cent. It [...]
Saudi Aramco set to be valued at more than $2 trillion as Saudi Arabia confirms five per cent stake sale April 25, 2016 Saudi Aramco, the Kingdom of Saudi Arabia's state owned oil company, will be valued at over $2 trillion (£1.38 trillion) when less than five per cent of the company is sold through an initial public offering. The valuation would make it the most valuable company in the world, over taking Apple which has a market capitalisation of $607bn. The [...]
Cinven in talks to buy Tui’s €1bn Hotelbeds online booking business April 25, 2016 Private equity firm Cinven is reported to be advanced talks to buy travel company Tui AG's online booking business Hotelbeds, in a deal that could fetch up to €1bn (£780m). Hotelbeds provides rooms to travel agencies, tour operators and airlines through a database of more than 75,000 hotels worldwide. It was put up for sale last year after Tui hired Deutsche [...]
Premier Oil share price rises after shareholders give green light to E.On deal April 25, 2016 Premier Oil shareholders have given the green light to its acquisition of E.On's North Sea oil and gas fields for $120m (£83m). The London-listed company said today that 99.9 per cent of shareholders who voted were in favour of the tie-up. Premier will now snap up assets located in the central North Sea, west of Shetlands and the southern [...]
EU referendum: Pound hits a 10-week high against the US Dollar after President Barack Obama’s Brexit warning April 25, 2016 Barack Obama’s visit to the UK may have annoyed Leave campaigners, but it did wonders for the pound which has hit a 10-week high on back of the President’s plea for Britain to stay in the European Union. The pound was trading at $1.4495 on Monday morning, up 0.64 per cent on the day and one per [...]
Fitch warns steel prices are about to fall even lower in the near-term April 25, 2016 Fitch has warned steel prices will fall even lower in the near-term, as Indian conglomerate Tata Steel desperately searches for a buyer of its Port Talbot steelworks. Low prices have played a key role in the crisis gripping Britain’s steel industry, leading to the closures of steelworks and thousands of job losses up and down the country. [...]
Who is Nan Shepherd? All your questions about Royal Bank of Scotland’s new £5 note star answered April 25, 2016 Much ooh-ing and ahh-ing this morning, after Royal Bank of Scotland (RBS) unveiled the next "character" to feature on its Scottish £5 note: Nan Shepherd. Er, who? The news came just days after the Bank of England revealed which superstar artist will appear on its next £20 note – but led to a bit of confusion among those not [...]
Oil prices fall back from $45 a barrel as investors cash in one week after failed Doha meeting April 25, 2016 Oil prices slipped back on early monday morning, falling below $45 a barrel again, as investors booked profits off the back of a good few weeks for buyers of the black stuff. Brent Crude was trading at $44.60 on Monday morning, down 1.13 per cent from Friday's close. The price had dipped as low as $44.49 at one stage. [...]
Premier Foods’ top shareholder criticises board for “arrogance” over failed bid talks April 24, 2016 Premier Foods’ third biggest investor has criticised the company’s board for its “arrogance” and backed the idea of its chairman resigning after bid talks with US suitor McCormick collapsed. US hedge fund Paulson & Co. said: “We have not written a letter asking for his resignation but would certainly support the idea.” The firm added [...]
Chinese billionaire in talks to sell House of Fraser stake to Hamleys owner April 24, 2016 The Chinese billionaire owner of House of Fraser is in talks to sell a stake in the department store chain, two years after buying it in a £480m deal. Sanpower, the Chinese conglomerate chaired by Yuan Yafei, bought House of Fraser in 2014 through its subsidiary Nanjing Xinjiekou, which operates a chain of department stores in China's Nanjing province. The [...]