Glencore: Two bodies recovered after mine accident in the Democratic Republic of Congo March 8, 2016 Glencore today said that two bodies have been recovered after an accident at a copper mine owned by one of its subsidiaries in the Democratic Republic of Congo. Rescuers are still searching for five unaccounted for individuals after a "geotechnical failure" this morning at the north wall of the open pit KOV mine run by Kantanga Mining. [...]
Brent crude and WTI oil prices: Brent falls back below $40 a barrel in choppy trade March 8, 2016 Oil prices wavered in and out of the red today, as investors weighed mixed messages from the market. Brent crude, the global benchmark, fell 2.2 per cent to $39.94 per barrel in afternoon trading. Meanwhile, West Texas Intermediate crude, the US benchmark, slumped 2.7 per cent to $36.88 They'd inched into positive territory earlier, with analysts telling Reuters [...]
Glencore’s chief executive Ivan Glasenberg took home £1.1m last year March 8, 2016 Embattled Glencore's top dog took home a sizeable £1.1m last year, despite the commodities trader and miner's share price plunging 69 per cent during this period. The company's chief executive Ivan Glasenberg was paid a total of $1.5m last year (£1.1m) in pay and pensions according to the its annual report released today. Nevertheless, the figure was broadly in [...]
North Sea oil industry calls for urgent rescue package ahead of Chancellor George Osborne’s Budget March 8, 2016 The North Sea oil industry today called on the chancellor to deliver an "urgent" rescue package in next week's Budget, a move which will safeguard its increasingly uncertain future in the face of tumbling crude prices. Trade body Oil & Gas UK warned some 14bn barrels of an estimated 20bn barrels of oil located around [...]
Thomas Cook has extended its suspension of trips to the Egyptian resort of Sharm el Sheikh until the end of October, due to no change to travel advice March 8, 2016 Travel operator Thomas Cook has opted to extend its suspension of holidays to the Egyptian resort of Sharm el Sheikh until Monday 31 October 2016, due to no change to travel advice from the Foreign Office. A ban had previously been in place up to 25 May after a Russian commercial jet was downed in October. The Foreign [...]
German industrial production rises at sharpest rate since 2009 March 8, 2016 Industrial production in Germany, the Eurozone's largest economy, jumped 3.3 per cent in January on the month before, figures released this morning show. Production was lifted by construction, which rose seven per cent. Manufacturing output climbed 3.2 per cent, the data from German statistical office Eurostat shows. Industrial production makes up nearly a third of the German economy's [...]
Moody’s: RBS, Lloyds, Barclays, Santander, HSBC and Nationwide need to close a £129bn capital shortfall to satisfy new Bank of England requirements March 8, 2016 Britain's biggest banks need to close a £129bn shortfall in capital requirements by the end of the decade if they are going to satisfy new Bank of England rules by the time they go into effect in 2019, according to a new report out today. Moody's said Britain's seven largest banks – Royal Bank of Scotland [...]
Close Brothers’ share price drops six per cent, despite hiking its dividend after reporting a 10 per cent fall in assets under management March 8, 2016 Mixed results at Close Brothers Group have failed to impress investors, who have sent the share price six per cent lower this morning. Assets under management dropped by 10 per cent in the six months to January, from £10bn to £9.1 bn as volatile market conditions begin to bite and not helped by a disposal in November. The company [...]
Worldpay share price falls more than 11 per cent to be among the FTSE 100’s worst performers after posting disappointing full-year results March 8, 2016 Shares in Worldpay fell by more then 11 per cent today as the payments company posted its first round of financial results since it listed on the London Stock Exchange (LSE) last year. The plummeting share price makes Worldpay among the FTSE 100's worst performers for the trading day so far, along with miners. Worldpay reported [...]
Eurozone economic growth confirmed at four-year high in 2015 despite end of year slowdown March 8, 2016 The Eurozone economy grew at its strongest rate for four years in 2015 despite slowing toward the end of the year. The economy was 1.6 per cent bigger last year than in 2014, according to data released by EU statistical office Eurostat this morning. However, the economy expanded at a slower rate in the second half the year. The [...]