BHP Billiton share price falls as it announces more impairment charges and iron ore production guidance January 20, 2016 BHP Billiton languished towards the bottom of the FTSE today, after the mining giant's first half operational review laid bare the impact of plunging global commodity prices on its balance sheet. The company said it would take an additional $300m (£211.6m) to $450m in impairment charges from its first-half earnings, due to redundancies, inventory write-downs as well as royalty and taxation matters. [...]
Volkswagen emissions scandal: Why VW may not be last carmaker to rock the auto industry January 20, 2016 The week the latest twist in the ongoing Volkswagen saga emerged. Apparently none too happy with its behaviour, some UK investors will be taking action against the firm over lost earnings in the wake of the emissions fixing scandal. But VW and Renault are not the first major car firms to run into difficulties, and [...]
Another steelmaker Sheffield forgemasters is axing up to 100 jobs January 20, 2016 Sheffield Forgemasters, the UK's largest independent steel maker, is axing up to 100 jobs as the crisis engulfing Britain's steel industry deepens. It comes two days after Tata Steel, the UK's largest steel maker, said it would cut 1,050 jobs, mostly at Port Talbot in South Wales. "This is undoubtedly a long period of industry contraction, with major recovery seemingly [...]
Zurich share price plunges as it warns losses from storms Desmond, Eva and Frank will hit $275m January 20, 2016 Zurich Insurance Group today announced estimated losses from storms Desmond, Eva and Frank will hit $275m (£194m). Because of the large amount of payouts the company is expecting to make in relation to flood damage, as well as other recent natural disasters, it also warned of a fall in operating losses for its general insurance business in the fourth quarter of 2015. [...]
E.On slashes gas prices by more than five per cent as chief executive says it’s “the right thing to do” January 20, 2016 Energy giant E.On has announced a decision to slash 5.1 per cent off its gas prices – equivalent to three weeks' gas use, or £32 off your annual bill, it said today. The company said it was also launching two new dual fuel tariffs, including one aimed at people aged over 60 and one two-year [...]
Another Anglo American asset sale: Troubled miner sells off Callide coal mine in Australia January 20, 2016 Troubled Anglo American has sold another Australian mine to weather the deepening commodities crisis which has struck it hard. Having shed over 84 per cent of its value in the past two years, the FTSE 100-listed miner is now selling its entire stake in the Callide thermal coal mine in Queensland, its second Australian asset [...]
Royal Dutch Shell’s share price falls as energy giant says earnings will drop dramatically amid cost-cutting measures January 20, 2016 Royal Dutch Shell's share price fell this morning after the energy giant warned that earnings will fall dramatically for the full year as a result of lower oil prices. Shell said its full year 2015 earnings on a CCS basis, excluding identified items, was expected to be in the region of $10.4bn – 10.7bn – nearly half [...]
WH Smith’s share price climbs after stationer ups profit guidance after strong Christmas sales – and yes, we’re still buying colouring-in books January 20, 2016 WH Smith's share price rose this morning, after the stationer said it expects full-year profits to be ahead of expectations, after the group recorded solid growth – with adult colouring-in books once again receiving credit for driving sales. The figures Total sales for the 20 weeks to 16 January across the group rose four per cent, [...]
Paws for thought as Pets at Home customers go crazy for posh dogfood January 20, 2016 Pets at Home has posted strong sales growth in its third quarter – thanks, in part, to a craze for "advanced nutrition" for their pets. Only the best for little Fido… The numbers The retailer posted like-for-like sales growth of 2.2 per cent in the 12 weeks to 1 January, with 1.7 per cent growth in merchandise, which was [...]
BG Group’s share price falls, despite chief executive Helge Lund confirming results will come in “at or above” expectations January 20, 2016 BG Group's full year results could come in ahead of expectations, the energy giant said this morning. The group, which is currently edging towards a £36bn takeover by Royal Dutch Shell, said improved performance in some areas, and a post-tax gain of "at least" $600m from disposals, re-measurements and impairments, meant the business was looking strong [...]