S&P downgrades Tullow Oil amid low oil prices February 12, 2016 Standard & Poor's downgraded Tullow Oil due to the credit ratings agency's forecast for oil prices to remain lower for longer. Standard & Poor's (S&P) lowered Tullow Oil to "B" from "B+" and placed it on negative watch, which means it could be subject to further downwards revisions. Other UK-based companies that had their credit ratings chopped [...]
EE earnings grow by double digits as 4G customers soar February 12, 2016 EE’s earnings are up by double digits as the firm, which is now part of BT, reports 4G users hitting a 14m milestone. The figures EE’s total network connections grew by 1.8 per cent in 2015, to hit 31.5m in total. Earnings before interest, tax, depreciation and amortisation are up 12.1 per cent over the [...]
Premier Oil shares jump despite cancelled contract in the Falklands February 12, 2016 Premier Oil and Rockhopper Exploration today announced the early termination of a drilling contract in the Falklands. The companies said their contract for the Eirik Raude rig was terminated with immediate effect yesterday, due to operational issues. "As a result, Premier will no longer be drilling the Chatham exploration well during the current campaign" it said in a statement [...]
Oil company dividends to fall again this year – but their betting on a near-term rebound in Brent crude prices February 12, 2016 Dividends from large oil and gas companies will fall again this year, however this is still less than the fall in oil prices, suggesting they're betting on a near-term rebound in oil prices. Markit now expects global dividends from large oil and gas companies to fall by nine per cent to $147bn in 2016. When coupled [...]
Countryside pushes ahead with £1bn IPO – and share price rises 1.54 per cent February 12, 2016 Its timing could have been better. Developer Countryside Properties (not to be confused with fairly recently-IPOd estate agent Countrywide) pushed ahead with its IPO this morning, despite general gloom on the markets. Rather sensibly, it had decided to price shares right at the bottom of its range of 225p to 275p, valuing it at just over £1bn. As the [...]
JD Sports appoints Pentland chairman Andy Rubin to its board as international expansion beckons February 12, 2016 JD Sports Fashion has appointed Pentland Brands chairman Andy Rubin to its board as a non-executive director as the business looks to ramp up its international expansion. Rubin is also director of the Pentland Group – which owns brands including Boxfresh, Ellesse, Speedo and Hunter – has previously won accolades as one of the best companies to work for in the country [...]
Rolls-Royce share price soars on its first cut dividend in 24 years as profits slump February 12, 2016 Plunging profits have forced Rolls-Royce to slash its dividend for the first time in a quarter of a century – but shareholders were mollified. The figures Rolls-Royce has cut its dividend to 16.4p for 2015, down 23 per cent from 21.3p last year. The engine maker reported underlying revenue of £13.4bn for 2015, down one per cent [...]
CMA fines pharma companies including GSK £45m February 12, 2016 The Competition and Markets Authority has fined GlaxoSmithKline, Generics UK and companies formerly known as Alpharma £45m for conspiring to delay the entry of a generic drug between 2001 and 2004. GSK, which has been fined £37.6m, was found to have made payments and other value transfers of more than £50m to Generics UK and Alpharma, who [...]
JP Morgan Chase share price rises after chief executive Jamie Dimon buys 500,000 shares worth $26.5m February 11, 2016 JP Morgan chief executive Jamie Dimon has bought 500,000 shares in the bank, worth roughly $26.5m, City A.M. understands. The bank's shares rose 1.4 per cent in after-hours trading, after the purchase was first reported. JP Morgan was one of many global lenders whose shares were clobbered during turbulent trading today. The bank's shares ended [...]
US stocks end lower as banks including Bank of America, Citigroup and Goldman Sachs are walloped February 11, 2016 Despite their best efforts, US stocks followed the rest of the world's stock markets lower. The Dow Jones finished the day 1.6 per cent lower, at 15,660 points, while the S&P 500 finished 1.23 per cent lower, at 1,829 points. And while the Nasdaq had a late rally, jumping into the green for a few [...]