Philips Lighting ready to shine with IPO worth up to £665m May 16, 2016 Philips today announced it expects to raise up to €844m (£665m) with an initial public offering (IPO) of its lighting division. The Dutch electronics company expects to sell 37.5m, or 25 per cent, of Philips Lighting shares at between €18.50 and €22.50. This would give the division a market capitalisation of between €2.78bn and €3.38bn. [...]
FTSE 100 narrowly avoids fourth consecutive week of decline May 13, 2016 The FTSE 100 reversed early losses on Friday, but was held back by losses at Inmarsat and Coca Cola HBC. That's not bad for a Friday 13th. The FTSE 100 before today had closed lower on eight out of the past 11 of them. The UK's benchmark index closed at 6,138 points, with Inmarsat one of the largest fallers. While the FTSE [...]
Is the IMF right that a vote to leave the EU would lead to sharp drops in share prices? May 13, 2016 Aengus Collins, country forecast director at the Economist Intelligence Unit, says Yes. Volatility in the UK’s financial markets would unquestionably surge in response to a vote to leave the European Union. Although the medium-term economic impact wouldn’t necessarily be dramatically worse than the baseline, the immediate aftermath of a leave vote would potentially be brutal. The [...]
Brent crude and WTI: Oil prices slump as strong dollar hits demand May 13, 2016 Oil prices slumped today, dragged down by the strong dollar and Russia's warning that the the global oversupply could last longer than expected. Brent crude, the global benchmark, fell 0.5 per cent to $47.9 per barrel this morning. West Texas Intermediate, the US benchmark, shed 0.8 per cent to $46.3 per barrel. Russia said yesterday [...]
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 [...]