Opec’s June meeting is likely to be another dud May 12, 2016 After a dismal performance in Doha last month, it looks like Opec's meeting in June is going to be another dud. The Organisation of Petroleum Exporting Countries (Opec) and non-Opec producers failed to agree a widely anticipated freeze deal at a meeting in April. The split between long-term regional rivals Iran and Saudi Arabia prompted accusations that [...]
Five things to look out for from Bank of England’s Super Thursday May 12, 2016 It's the fourth instalment of the Bank of England's Super Thursday today, and traders, wonks and campaigners are pumped for some fireworks from the Old Lady at lunchtime today. At 12pm, the Bank will unveil not only the latest decision of the rate-setting monetary policy committee (MPC), but the minutes from that meeting and its [...]
Worldview wins long-running battle to control Petroceltic May 12, 2016 Activist investor Worldview won its long-running battle to take control of Irish oil explorer Petroceltic. The Dublin-based group's largest shareholder, Worldview, campaigned over the last 19 months for changes to the board and the strategic direction of the group. Read more: Worldview takeover offer for Petroceltic lapses Petroceltic, which received a three pence per share offer from Worldview [...]
Vedanta tarnished by commodities rout but predicts “new era” in India May 12, 2016 Shares in London-listed Vedanta Resources tumbled 2.7 per cent to 369.7p per share this afternoon, as the miner continued to suffer amid the commodities rout. The figures The India-based firm's revenue slumped 16.6 per cent to $10.7bn (£7.4bn) in the 12 months to 31 March, down from $12.9bn a year earlier. This came on a pre-tax [...]
Shadow MPC: City economists agree with Bank of England’s “wait and see” approach May 12, 2016 The Bank of England is set to slash its growth forecasts and ramp up its warnings on Brexit later today, in the latest installment of economic ‘Super Thursday’. The Bank will publish its quarterly Inflation Report – the market-moving dossier of Threadneedle Street’s latest thinking on the state of the UK economy, along with the [...]
Used car supermarket driving towards IPO worth up to £240m May 11, 2016 Used car supermarket Motorpoint is driving towards a stock market flotation which could be worth up to £240m. The initial public offering (IPO), which Numis and Rothschild are advising on, could be this week. Some 100m shares are expected to be on offer, with the price range set at 190p-240p, meaning a valuation of between [...]
Ding dong: Energy company set to announce plan for £8.5bn IPO May 11, 2016 Dong Energy is expected to announce its plan for an initial public offering (IPO) tomorrow. The flotation is expected to value the company around 80bn Danish crowns (£8.5bn). The majority state-owned utility company is Europe’s largest offshore wind farm developer and has a large operation in the UK, where it employs more than 700 staff. [...]
Oil prices jump after US inventories unexpectedly tumble May 11, 2016 Oil prices shrugged off earlier losses to crawl into positive territory this afternoon, after US oil stocks unexpectedly tumbled. Data released today by the Energy Information Administration showed US oil inventories fell by 3.4m barrels in the week ending 6 May. Analysts had pencilled in a build of 80,000 barrels. Gasoline supplies slumped by 1.2m barrels, while distillate [...]
EU referendum: Osborne attacks leave campaigners for failing to provide post-Brexit facts May 11, 2016 George Osborne has defended the Treasury’s calculations on the impact of leaving the European Union and attacked leave campaigners for trotting out misinformation about the benefits of Brexit. "Every credible international institution has supported the claims we’ve made,” Osborne told MPs on the Treasury Select Committee this afternoon, as he confirmed he will be dishing [...]
Fresh GDP estimates show economy hasn’t stopped slowing yet May 11, 2016 Growth in the UK economy slowed even further in April, according to the latest GDP estimate from the National Institute of Economic and Social Research (Niesr), published this afternoon. The think tank estimates that the economy grew by just 0.3 per cent in the three months to April – a slowdown from 0.4 per cent in [...]