Severn Trent raises dividend despite fall in profits November 21, 2019 Severn Trent raised its dividend this morning despite a fall in profits due to its deferral of customer incentives and increased investment in infrastructure renewals. Read more: Severn Trent announces new chair Shares in the utility slipped over 1.5 per cent in the morning’s trading. The figures Severn Trent announced revenue of £910m for the [...]
OECD: Global growth in 2019 will be worst since financial crisis November 21, 2019 The global economy is set to grow at its slowest pace since the financial crisis this year, the OECD has said, warning that governments are failing to adequately tackle the problem. In a gloomy update to its forecasts, the Paris-based organisation said countries were also failing on tackling climate change, the digitisation of economies and [...]
FTSE 100 sinks again after US-China trade war tensions rise over Hong Kong November 21, 2019 The FTSE 100 opened lower this morning, with other major European stock markets also down, after the US and China clashed over Hong Kong and fresh doubts emerged about a trade deal between the two. The FTSE was 0.67 per cent lower shortly after opening, Germany’s Dax index was down 0.64 per cent, and France’s [...]
UK government borrowing jumps in October ahead of post-election splurge November 21, 2019 The UK government borrowed much more than expected last month, official figures have shown, with October borrowing hitting its highest in five years. The increase in borrowing comes even before one of the two main parties has had a chance to carry out large spending increases following the General Election on 12 October. Read more: [...]
Johnson Matthey eyes stronger second half as costs hurt profit and debt rises November 21, 2019 Chemicals and metals giant Johnson Matthey boosted revenue by a huge 37 per cent today despite recording a drop in profit for its latest half-year results. The figures Revenue rocketed 37 per cent to £6.82bn in the six months to the end of September, but profit before tax slipped eight per cent year on year [...]
London Stock Exchange hires fintech to widen access to IPOs November 21, 2019 The London Stock Exchange (LSE) has signed a deal with online investment platform Primarybid to give retail investors access to share offerings on the same terms as institutional investors. Under the deal, which was announced today, the pair will unveil digital infrastructure enabling companies that are listed listed or listing on LSE to include individual [...]
Rise in Chinese coal capacity threatens 2050 climate targets November 20, 2019 China’s coal plant building programme could have a devastating impact on Paris 2050 climate targets, according to a new report by Global Energy Monitor (Gem). Although between January 2018 and June 2019 countries outside of China reduced their total coal power capacity by 8.1 gigawatts, in the same period China increased its coal fleet by [...]
Leading German think tank supports minimum global tax rate plans November 20, 2019 A leading German economic think tank has voiced its support for the OECD’s plans for an international minimum corporate tax rate. The Paris-based international organisation has proposed an overhaul to global tax rules that would ensure companies pay a minimum tax rate in their home countries, establishing “a floor for tax competition among jurisdictions”. Read [...]
Petrofac continue expansion with $120m contract wins November 20, 2019 Petrofac, a leading provider of oilfield services, today announced that it had won $120m (£92.9m) in new contracts as it continues its expansion into new geographies. The FTSE 250 company said that it had agreed to purchase US firm W&W Energy Services, a provider of production and infrastructures services to producers in Texas’ Permian basin. [...]
Eco Atlantic shares fall after heavy crude discovery November 20, 2019 Shares in oil and gas explorer Eco Atlantic fell over seven per cent today after the company confirmed it was evaluating the commercial prospects of its major oil discovery off Guyana. Read more: Tullow Oil shares plummet as Ghana fields run into problems The figures Despite the shareholder reaction, Eco was bullish in its first [...]