Chevron posts deeper-than-expected loss in the first quarter April 29, 2016 Chevron has posted a deeper-than-expected loss due to the oil price rout and tighter refining margins. The company swung to a loss of $725m (£495.4m) in the first quarter, or 39 cents per share, from a profit of $2.6bn, or $1.37 per share a year earlier. It posted revenue of $23.55bn during this period, compared [...]
Exxon Mobil profit beats expectations on leaner costs April 29, 2016 Exxon Mobil's profit plunged in the first quarter of this year, however cost cutting and asset sales helped it avoid an even messier set of results. The world's largest listed energy company's net income fell 63 per cent to $1.8bn (£1.2bn) in the first three months of 2016, or 43 cents per share, compared with $4.9bn, or [...]
Oil prices are charging towards their best month in seven years April 29, 2016 Oil prices whizzed higher this afternoon, leaving them set to clock their biggest monthly gain in seven years. It comes as both the US and global benchmarks hit their highest level this year, trading at $46.27 and $48.30 per barrel respectively. The weak dollar and falling US production helped offset concerns over a lingering glut of the [...]
Eurozone grows by 0.6 per cent in first quarter – faster than US and UK April 29, 2016 The Eurozone expanded at its fastest pace in a year during the first quarter of 2016, even as the single currency bloc fell back into deflation, allaying fears of secular stagnation across the continent. GDP grew by 0.6 per cent in the first three months of the year – faster than both the United States and the United Kingdom which [...]
Venezuela orders two-day working week as energy crisis bites April 29, 2016 Venezuela has given public sector workers a two-day working week as its government fights to weather a worsening power crisis. Britain was forced to introduce a three-day week to combat energy shortages during the 1970s. A coal miners' strike followed the first oil crisis when an Organization of Petroleum Exporting Countries (Opec) embargo sent prices soaring. Venezuela's president, Nicolás Maduro, said on [...]
At the open: FTSE 100 slips back after strong start to the week April 29, 2016 The FTSE 100 is finishing the week on the back foot as a series of disappointing trading updates weighed on the markets this morning. The benchmark index sank by one per cent on the open and stood at 6,262 in the first hour of trading – wiping off gains made earlier in the week and putting the [...]
Premier Oil share price rises after it completes acquisition of E.On North Sea assets April 29, 2016 Shares in Premier Oil skipped higher this morning after it completed the acquisition of E.On's North Sea oil and gas fields for $120m (£83m). The London-listed firm's shares rose as much as four per cent to 76.17p per share in early morning trading, giving it a market capitalisation of around £365m. Tom Durrant, chief executive of Premier, [...]
Now generation rent faces financial “time bomb” after managing to jump on the property ladder April 29, 2016 Generation rent hasn't totally given up hope of ever owning their own home – yet, anyway. But as well as the average age of the first time buyer rising to 30.4 years old, there's a new burden for them to shoulder, as worry is shifting to how and when they will pay for it all as they get older. One in [...]
US shares finish lower as economy looks less solid after weak GDP figures April 29, 2016 Suddenly, things might not be looking so rosy for the US economy. Markets fell last night after GDP growth for the first quarter came in at a miserly 0.5 per cent – down from 1.4 per cent in the final three months of 2015, and well off expectations. Some poor earnings figures from its tech giants [...]
Sick-man France’s economic reform failures risk restarting the Eurozone crisis April 29, 2016 Although Britain had its own strike this week, this time by junior doctors, spare a thought for the French public who once again faced widespread industrial action yesterday. A strike was held over proposed reforms to France’s employment rules. Reform is desperately needed. Employment protection in France is higher than in any other major western economy, [...]