Petra Diamonds aims to be cash flow positive this year despite falling production April 15, 2019 Miner Petra Diamonds plans to have a positive cash flow by the second half of 2019, the company said today even as production fell in the third quarter of the financial year. The company’s mines spat out 924,000 carats of diamonds, down 6.9 per cent on the year before as production decreased at its Finsch mine. [...]
Goldman Sachs profits fall 20 per cent in first quarter amid calm markets April 15, 2019 Profits at Goldman Sachs fell 20 per cent in the first quarter with revenues dropping in its trading and equities arms as lower market volatility limited opportunities for gain. Read more: Goldman Sachs fined £34m over transaction reporting failures The Wall Street giant said the US government shutdown, US-China trade tensions, and Brexit had all [...]
Countdown to Brexit: three market indicators to watch April 15, 2019 | City Talk With politicians still struggling to agree the terms of withdrawal, investors in assets linked to the UK economy could be in for an uncertain time. UK investments have already underperformed their global peers since Britain voted to leave the EU, in June 2016. For instance, sterling is down 8.4 per cent since the vote and despite [...]
Ineos hints it could pull out of UK fracking market unless government changes rules April 15, 2019 The UK’s largest private company has “strongly hinted” it could pull out of fracking unless rules for the industry are changed. Ineos staff told the Oil and Gas Authority at a meeting in November that it is “keen to have a dialogue” with the government about changing the level of seismic activity fracking is allowed [...]
EU member states give green light on US trade talks despite French resistance April 15, 2019 The European Union has voted to kick off trade talks with the US in the face of French resistance, it announced today. Read more: US threatens tariffs on $11bn of EU goods A meeting of member states today voted overwhelmingly to give the European Commission, which deals with trade policy, the green light to start negotiations [...]
Shares in Energean soar as Israeli energy minister hails major gas discovery April 15, 2019 Israel’s energy minister has hailed his country’s future as a regional gas hub as London-listed Energean made a major oil discovery in the Mediterranean. Shares in the London-listed company soared around 10.5 per cent this morning after it said it had found up to 1.5 trillion cubic feet (Tcf) of gas at its Karish North [...]
New ‘super fast’ economic indicators suggest UK economy slowdown April 15, 2019 New “super fast” government economic indicators suggested the UK economy lost momentum in March, with more firms reporting a fall in turnover than an increase. Read more: UK stats body to receive £9m for 'super fast' economic indicators Today saw the first release of a range of faster indicators compiled by the Office for National Statistics [...]
Rio Tinto invests $302m in US copper project as technological progress drives up demand April 15, 2019 Rio Tinto has said it plans to sink another $302m (£230m) in a US copper project which will be able to supply nearly a quarter of the country’s demand. The investment brings the total spent by Rio Tinto and its partners on the Resolution Copper project in Arizona up to more than $2bn. Read more: [...]
Saudi Aramco takes £1bn stake in South Korean refiner days after record-setting bond issue April 15, 2019 The Saudi state oil giant which was recently revealed as the world’s most profitable company will take a 1.4 trillion won (£944m) stake in South Korean refiner Hyundai Oilbank. Saudi Aramco has agreed to buy 17 per cent of the firm, Oilbank’s biggest shareholder Hyundai Heavy Industries Holdings said in a regulatory filing today. Read more: [...]
Top ten considerations for investors surrounding new leasing standard April 15, 2019 | City Talk At long last, a company’s lease obligations – formerly buried in the back of the footnotes of the financial statements – are moving front and centre onto the balance sheet, as a new leasing standard goes into effect for both US GAAP and IFRS companies effective 1 January 2019. That’s just around the corner as [...]