Brent crude and WTI: IEA says oil prices might have bottomed out March 11, 2016 Oil prices could begin to trend upwards, as high cost US shale gas producers halt production and Iran makes an unexpectedly slow return to the market, the International Energy Agency (IEA) said today. The IEA now expects non-Opec output will fall by 750,000 bpd this year, more than its previous estimate of 600,000 bpd. US production alone would decline by 530,000 bpd in [...]
Just retirement share price rises as it swings to profit ahead of merger with Partnership Assurance March 11, 2016 Shares in Just Retirement rose 2.99 per cent to 138p per share in early morning trade after the insurer swung to profit in the second half of 2015. The figures: Just Retirement posted a pre-tax profit of £26.1m in the six months ended 31 December, up from a loss of £9.2m during the first half of [...]
Don’t worry, be happy: FTSE 100 shakes off its ECB woes to open higher, pushed up by Aviva March 11, 2016 The FTSE 100 stormed back into positive territory this morning, after a miserable finish to yesterday's trading. The market was up 1.5 per cent at 6,131.6 points, after it edged perilously close to the 6,000 mark yesterday, when comments by European Central Bank chief Mario Draghi hinted rates are unlikely to be cut any further. [...]
Wetherspoons drowns its sorrows as profits are hit by taxes – and chairman voices support for Brexit March 11, 2016 Cheap it may be, but cheerful Wetherspoons is not – after it said profits in the six months to the end of January were hit by the "continuing tax disparity" between supermarkets and pubs, as chairman Tim Martin came out in favour of Brexit. The figures Pre-tax profits fell 2.2 per cent to £36.6m, while operating profit before exceptional [...]
World Energy Council: Industry leaders are increasingly worried about volatile commodity prices March 11, 2016 Global commodity prices have overtaken energy prices as the number one critical concern among energy leaders and world experts. The World Energy Council’s annual survey showed global industry leaders are most concerned about this, the effects of a global economic slowdown and its impact on demand, as well as continued climate framework uncertainty. "This movement of [...]
Waitrose is “well set up” to face arrival of Amazon, says outgoing boss Mark Price March 10, 2016 Waitrose's outgoing boss Lord Price played down the threat of Amazon's entry in the UK, insisting it was strong enough to fend off competition and would continue to be “one of the few” retailers to increase profitability this year. Price, who was made a peer last week ahead of his new role as trade minister [...]
Activist investor Worldview buys 69.44 per cent of Petroceltic’s debt March 10, 2016 Worldview has bought almost 70 per cent of London-listed, Dublin-based Petroceltic's debt, the company revealed today. Sunny Hill, which is wholly owned by the Worldview Economic Recovery Fund, has bought 69.44 per cent of the group's debt relating to its senior bank facility. Worldview said it had bought the debt "at a significant discount to face value". [...]
Aviva share price rises as it unveils 20 per cent profit boost and hikes dividend after Friends Life buyout March 10, 2016 What floods? Insurer Aviva said it was hiking its dividend after it completed its acquisition of Friends Life ahead of schedule. The figures Operating profits rose 20 per cent to £2.7bn in 2015, Aviva said this morning – seven per cent ahead of analyst expectations of £2.5bn. That allowed it to hike dividend by 15 per cent to 20.8p. Nice. The company said the [...]
FTSE 100 closes lower after ECB president Mario Draghi takes stocks on a rollercoaster ride of emotions March 10, 2016 Oh, Mr Draghi. What have you done to us? The FTSE finished almost 1.8 per cent lower at 6,036.7 points today – perilously close to the 6,000 mark – after European Central Bank (ECB) president Mario Draghi sent equities (and the euro. And gold) on an emotional rollercoaster ride. The index started the day off undulating gently, before rising [...]
Robert Walters share price up as recruitment company hikes its final dividend as profits prosper for year ended December 2015 March 10, 2016 Share price in Robert Walters rose today as the recruitment company announced an increase to both its profits and its dividend for the year ended December 2015. The recruiter revealed that profits before tax had rocketed to £22.4m, up 23 per cent from £18.2m the year before, while revenue had increased to £812.7m, up 20 [...]