At the close: FTSE 100 index falls as share prices of Standard Chartered and miners including Anglo American and Glencore drop further while housebuilders make gains February 24, 2016 The FTSE 100 index closed lower on Wednesday as the price of oil slid further and miners and Standard Chartered extended losses. The UK's blue-chip index dropped 1.6 per cent to 5,867 points, led lower by Anglo American and Glencore. "European markets tripped up again on Wednesday as volatile moves in the price of oil [...]
Shell shakes up shale gas and oil operations as US chairman Marvin Odum exits February 24, 2016 Shell's US boss Marvin Odum is leaving the company after more than three decades at the firm, spurring the oil firm to shutter its "unconventional resources" division, of which he was director. Odum's exit along with Shell's withdrawal from Alaska and Carmon Creek in Canada has sparked a shake up of the unit which covered shale gas and heavy oil operations and which [...]
Shopping centre giant Westfield pushes ahead with $10.5bn expansion as annual profits rise February 24, 2016 Westfield Corporation, the Australian shopping centre behemoth that owns two of London’s biggest malls, delivered upbeat results for 2015, in its first full-year since splitting its empire into two. The retail landlord, which spun off its Australian and New Zealand operations into a separate business in 2014 to focus on its growing international business, made [...]
US stock markets including Dow Jones and S&P 500 open lower as oil price slides further February 24, 2016 US markets plunged lower as markets opened today, dragged down as the price of oil continued to slide. The Dow Jones Industrial average fell over 200 points in morning trade, while the S&P 500 and Nasdaq dropped over one per cent. Read more: Brexit brouhaha – Sterling slides below $1.39 "The market got overbought up until [...]
US service sector contracts for first time in over two years – Markit PMI February 24, 2016 The US service sector contracted this month, according to survey figures released today. Markit's flash services purchasing managers' index (PMI) – compiled from a survey of businesses – dropped to a score of 49.8. Because the score is below 50 it implies the service sector contracted this month. It is the PMI's lowest score for 28 months. [...]
EU referendum: In case of Brexit investors should brace themselves for turbulence in equities – particularly if those stocks are affected by European trade February 24, 2016 Last weekend saw David Cameron return from Europe with details of his renegotiated deal for Britain’s membership of the EU. While the date for the referendum (23 June) and the question which the populace will need to answer are now certainties, the implications of a Brexit are still extraordinarily unclear. Many individuals and commentators claim to know what [...]
Hays share price drops as recruiter reports slight rise in net fee growth and profits before tax February 24, 2016 Share price in Hays fell this morning after the recruiter revealed a slight rise in its profits in its half year results. The company reported profits before tax of £82.4m for the six months ended December 2015, up seven per cent compared with £77.3m the year before. Net fees for the recruitment company also inched up, rising [...]
New Scotland Yard’s Middle Eastern owners win approval to replace it with £1bn luxury scheme February 24, 2016 The owners of the New Scotland Yard, the former London home of the Metropolitan police, have won planning permission to turn the 1.7 acre site into a £1bn luxury residential scheme. The Westminster building, which has been home to the Met since 1967, was sold to Abu Dhabi Financial Group (ADFG) for £370m in December 2014 as part of a strategy [...]
Gold prices are heading upwards – and here’s three reasons why experts suggest they’re going to keep rising, from upcoming QE in Japan and the Eurozone to sheltering from global crisis February 24, 2016 Gold has been the best performing asset so far this year, rising 15 per cent during a tumultuous period for global markets. The precious metal is now priced at $1,226 an ounce, $151 higher than at at the start of January. It’s an impressive rise, and a decent bounce from last summer when gold hit a [...]
Ryanair joins in Brexit brouhaha, calls for UK to stay in EU as it targets 10 per cent London growth February 24, 2016 Ryanair has added its voice to the Brexit braying, warning that an exit would be worse than the status quo and would leave the UK with similar cost levels and red tape. The low budget Irish airline has consistently said that an EU exit would be bad for Britain and its business. Chief executive Michael O'Leary said: Leaving Europe [...]