Antofagasta warns copper prices will remain low for at least two years May 18, 2016 Chilean copper miner Antofagasta has said it expects copper prices to remain low for the next two to three years. Speaking at Antofagasta's annual general meeting today, chairman Jean-Paul Luksic said: "As we look forward we are not counting on an improved macroeconomic environment although we have recently seen some positive signals to this effect. We are expecting another [...]
Oil prices ease off 2016 highs May 18, 2016 Oil prices eased off 2016 highs, as rising supplies softened concerns about production disruptions in Nigeria and Canada. Brent crude, the global benchmark, slumped 0.1 per cent to $49.2 per barrel today. Meanwhile, West Texas Intermediate crude, the US benchmark, was flat at $48.3. Read more: Shell latest oil major to be embroiled in row over exec pay [...]
Shell latest oil major to be embroiled in row over exec pay May 18, 2016 Royal Dutch Shell became the latest oil major to become embroiled in a row over executive pay, after BP shareholders rejected chief executive Bob Dudley's pay deal. Two investor advisory firms have recommended Shell shareholders oppose chief executive Ben van Beurden's 2015 remuneration. While his pay is due to fall eight per cent to €5.1bn (£4m) compared to a year [...]
Goldman Sachs upgrades commodities to neutral as it cuts outlook for equities May 18, 2016 Uber bear Goldman Sachs is feeling slightly better about commodities, but the brighter outlook didn't extend to equities. The investment bank upgraded commodities to neutral on a three-month basis, saying supply disruptions should support oil prices. At the same time, growth and valuation concerns led it to downgrade equities to neutral over a 12-month horizon. Read more: Commodity [...]
Bacanora Minerals boss: 2020 will be a “magic” year for lithium May 17, 2016 The boss of one of the world's biggest lithium mines has singled out 2020 as a "magical" year for the so-called "white petroleum". Lithium forms a small but essentially irreplaceable component of rechargeable batteries. It's currently used in small-scale devices such as mobile phones, but could eventually revolutionise the car industry, as well as how we use the [...]
Legal expert warns UK’s North Sea industry risks suffering a “brain drain” May 17, 2016 A legal expert warned employment law has left the UK's already embattled North Sea oil and gas sector at risk of a "brain drain". Katie Williams, employment specialist and partner at Pinsent Masons, blamed the widespread use of contracts which stop individuals joining a potential competitor for anything up to 12 months after leaving a job. [...]
Checking out: Are the Burberry short-sellers short-sighted? May 17, 2016 Investors are not feeling too hot about trenchcoat-maker Burberry today, with its stock among the most heavily shorted ahead of eagerly anticipated results out tomorrow morning. According to financial data providers, Markit, around seven per cent of the company's shares were out on loan to those hoping to cash in from a short-term fall in [...]
Fitness of European IPO market boosted by recent activity flurry May 17, 2016 A Dutch fitness chain has become the latest company to announce plans for a flotation amid a recent flurry of European activity. Basic-Fit operates 351 clubs across Europe and has more than one million members. Read more: IPOh yeah! Signs of life in London's flotation market The company, which operates across the Netherlands, Belgium, Luxembourg, [...]
Land Securities warns Brexit could be “painful for the property industry” as it reports pre-tax profits plunge May 17, 2016 Land Securities’ pre-tax profits almost halved in the year to 31 March amid “uncertainty in the lead up to the EU referendum”. It said a Brexit could be “painful for the property industry and those it supports” but stated that it could “thrive” no matter what the outcome. The figures In the year to 31 March, Land [...]
The UK stock market is an “over-leveraged disaster” according to Societe Generale May 16, 2016 The UK equity market has been a "disaster for the best part of a decade" and is dangerously "over-leveraged" according to analysts at Societe Generale. The investment bank issued a hard-hitting note this afternoon warning that firms may be paying out dividends at an unsustainably high rate, and said this was coming at the expense of [...]