Chevron and Total join new Blockchain venture for oil trading January 16, 2019 Chevron, Total and Indian refiner Reliance Industries have joined their rivals in a new venture to bring blockchain into energy trading. The oil majors will become users of Vakt, a London-based platform for trading Brent crude oil using the technology behind bitcoin. Read more: Blockchain is changing finance forever – it will do the same to [...]
Hochschild falls as miner sees lower 2019 output from its gold and silver mines January 16, 2019 Investors were spooked today despite Hochschild posting record production last year, as the miner warned output would fall in 2019. Shares closed down five per cent at 164.35p as the company said gold output, at 72,222 ounces was over 2,000 lower in the fourth quarter than the preceding three months. Read more: Newmont forms world's largest [...]
Global trader Louis Dreyfus to exit dairy sector as part of strategic overhaul January 16, 2019 Louis Dreyfus Company (LDC), one of the world's biggest agricultural commodity traders, announced today that it will exit its dairy business by mid-2019. The company, majority-owned by Russian-born heiress Margarita Louis-Dreyfus, has already separated the dairy business from the rest of its operations and intends either to wind down the division or find a buyer. [...]
Climate change and cyber threats among biggest risks in 2019, World Economic Forum warns January 16, 2019 Climate change and evolving cyber threats are among the biggest risks in 2019, the World Economic Forum (WEF) has warned. But the organisation said geopolitical tensions, such as the US-China trade dispute, were hindering the fight against climate change and could impact global growth in the coming year. The WEF’s global risks report – ahead [...]
Tullow shares fall as delayed payments dent plans to pay off debt January 16, 2019 Tullow Oil has been hit by delayed payments from a Ugandan exploration project, but expects production to increase this year, the company revealed this morning. Production hit 88,200 barrels of oil per day last year, and should reach between 93,000 and 101,000 in 2019, Tullow told markets. Read more: Premier slips on oil spill as financing [...]
Brexit deal defeat triggers huge uncertainty: what next? January 16, 2019 | City Talk Sterling rose in vote aftermath from €1.115 to €1.128; FTSE 100 fell more than 40 points in early trading In event of no deal, Schroders forecasts 2019 UK recession Market expectations that soft Brexit is now more likely seem premature Azad Zangana, Senior European Economist & Strategist, says: As had been widely expected, parliament has [...]
Capitalism has reduced inequality and improved the world, yet still it is under attack January 16, 2019 DESPITE the First World War ending the previous November, the year 1919 was a very bad one. For example, the UK entered what was by far its deepest ever economic recession. Output fell some 25 per cent between 1919 and 1921 as the economy attempted to adapt to peacetime conditions. The troops had been promised [...]
UK CPI falls close to a two-year low on lower fuel and air travel prices January 16, 2019 The UK's Consumer Price Index was 2.1 per cent in December, falling to a 22-month low driven by falls in petrol prices and a year-on-year drop in air fares. Falling fuel prices contributed a 0.14 percentage points drop in the 12-month rate, as the price of petrol in December last year was the lowest since [...]
Westminster impasse over Brexit has come at just the wrong time January 16, 2019 Ongoing political turmoil surrounding Brexit has been harming the UK economy for at least a year, with data pointing towards a significant squeeze on growth in recent months. City AM recently called on MPs to consider this impact seriously when pondering their actions during the current constitutional crisis. So much for that. Investment decisions put [...]
Shares in asset manager Ashmore fall amid ‘challenging’ emerging markets January 15, 2019 Assets under management at Ashmore Group edged upwards in the three months to 31 December against “challenging markets”, the asset manager said in a trading update today. The emerging markets specialist saw the value of its funds rise $300m (£235.2m) to an estimated $76.7bn. Read more: Top adviser joins firm aiming to ‘open up’ emerging markets The [...]