Chinese steel production posts weak start to the year March 12, 2016 Chinese steel production got off to a disappointing start this year, as the industrial commodity continued to be hampered by a chronic oversupply. Steel output in January and February continued to fall, shedding 5.7 per cent year-on-year to 121.1m tonnes, data from China's statistics bureau showed today. This helped prompt a further 10.4 per cent drop in the output of coking [...]
Its share price might be on a downward slope, but here are six reasons this Old Mutual spinoff might just work March 11, 2016 Shares in FTSE 100 insurance group Old Mutual have fallen after it unveiled plans this morning to split into four separate companies – suggesting investors are less than impressed at its plans Fear not, though. There could be good reason to be optimistic about this conscious uncoupling, if past precedent is anything to go by. “The [...]
Old Mutual share price rises as it unveils plans to split into four March 11, 2016 And lo, it came to pass: FTSE 100 insurance group Old Mutual has unveiled plans to consciously uncouple into four separate companies, after speculation over the move sent shares soaring on Monday. In a results statement today, the company said a strategic review by chief executive Bruce Hemphill had concluded it will split into four businesses: Old Mutual Emerging [...]
French auditor Cour des Comptes joins rising concern over EDF’s ability to finance Hinkley Point C March 11, 2016 A French auditor has joined the rising chorus of concern over utility giant EDF's ability to finance the £18bn Hinkley Point C project. Cour des Comptes, France's top audit body, said the state-owned utility should ask "serious questions" over the building the two nuclear power plants in Somerset. It comes a week after EDF's finance director, Thomas Piquema, resigned over the negative [...]
Competition and Markets Authority’s investigation into the big six: It’s time to welcome a new era in the energy industry March 11, 2016 An eighteen month investigation into the energy market is nearing a close, and the Competition and Markets Authority (CMA) has recommended some practical solutions. This is much needed, given that 20 years after privatisation, 70 per cent of big six customers are still on the most expensive tariff and have been for far too long. We've consistently said [...]
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 [...]