Tumbling brent crude prices plunge UK oil services sector into “unknown territory” February 9, 2016 Tumbling oil prices have plunged the UK oil services sector into "unknown territory", leading many companies to forecast a significant fall in earnings. Advisory firm E&Y's fifth annual review of the UK oilfield services sector said growth gave way to decline last year. The top 100 oilfield services companies are forecast to have shrunk by 18 per cent [...]
Barclays poaches new chief operating officer Paul Compton from JP Morgan Chase February 9, 2016 Barclays has poached Paul Compton from JP Morgan Chase to act as its new group chief operating officer. The banking giant said Compton, currently chief administrative officer at JP Morgan, will start the newly-configured role in May. In a statement today it added Compton will be responsible for operations and technology, structural reform, cost transformation, major [...]
Lonmin chief executive Ben Magara: Firm won’t shy away from merger or takeover February 9, 2016 Embattled platinum producer Lonmin has said it isn't averse to a merger or takeover, as the commodity price rout shows no signs of letting up anytime soon. The South African company's increasingly tough business environment has stoked speculation among analysts that it could become involved in some kind of deal activity in the future. "We are continually looking [...]
Grainger joint venture goes on £57m west London buying spree February 9, 2016 Grainger and Dutch pension fund APG have bought a large residential estate near Kew Bridge in west London for £57.3m, as the pair continue to expand their presence in the private rental sector (PRS). GRIP, the residential property fund set up by Grainger and APG in 2013, has acquired the freehold of Kew Bridge House [...]
Brexit may push UK into recession and lower house prices, City economists warn February 9, 2016 A BREXIT could push Britain into recession, cause inflation to skyrocket and slash house prices, City analysts warned today. Nomura economists said that an exit from the European Union could drastically damage investor perception of the country and thus weaken the economy. In the event of a Brexit, overseas investors could shy away from financing [...]
FTSE 100 index closes lower as miners and banks slide February 9, 2016 The FTSE 100 index extended its losses on Tuesday after having traded with some volatility over the course of the day. The UK's blue chip index fell 0.88 per cent to 5,632.19 points as banks and miners continued to tumble. “It’s becoming a ‘get yer hard hat on’ situation with bank stocks coming down left and right [...]
Insurers are getting better at looking after data but there’s still some way to go, finds Prudential Regulation Authority report February 9, 2016 Insurance companies are getting better at the way they handle and protect data, but there are still some areas they fall short in. According to a report released today by the Prudential Regulation Authority (PRA), the insurance industry has seen "steady" improvement since the financial services watchdog published a study on the issue of data use [...]
Goldman: Aluminium, copper and gold prices to recover more slowly than oil prices February 9, 2016 Goldman Sachs has warned metal markets will recover more slowly than the stricken oil sector, despite metal prices outperforming crude over the past 20 months. The Wall Street stalwart said metals have higher closure costs, slower "decline" rates and near infinite storage capacity, meaning supply side adjustments take longer compared to shale gas. Metals are also more heavily exposed [...]
E.On and Age UK suspend fixed-priced energy tariff amid regulatory probe February 9, 2016 Age UK has suspended its fixed-price energy tariff with big six supplier E.On, the two companies announced today, after the controversial deal came under regulatory scrutiny. The elderly person's charity said that the two-year fixed deal will no longer be offered to new or renewing customers from midnight on Wednesday, although existing contracts will be [...]
Bank shares were smashed again today as investors lost confidence in the face of long term low interest rates February 9, 2016 It’s been another day of carnage for European banks, as share prices continue to slide beyond lows recorded even at the height of the global financial crisis. The biggest loser in the UK was emerging market focused bank Standard Chartered, with shares finishing down by 5.5 per cent. Close behind was Barclays with shares ending down by [...]