Ineos E&P makes profit despite £120m hit from failed deal July 14, 2019 Ineos’s oil and gas arm last year made profits of £523m even as it wrote off around £120m in a failed deal. The figures show a vast improvement from 2017’s £438m operating loss, recently released figures show. Read more: Chrysaor takes another big chunk in the North Sea with $2.7bn deal for Conoco Phillips oilfields [...]
Labour will track investors to Hong Kong in nationalisation drive July 14, 2019 Labour’s shadow chancellor will pursue investors to Hong Kong if necessary in its bid to nationalise Britain’s swathes of the UK’s infrastructure. John McDonnell said his party would find a way to wrestle shares off those who try to hide behind international treaties. Read more: Labour plans to nationalise industries will cause ‘profound harm’ to [...]
Cuadrilla to restart fracking at Lancashire site July 11, 2019 Fracking will restart at Cuadrilla’s Lancashire site soon, the company confirmed today, as it continues to press for looser regulation. Chief executive Francis Egan said his firm will gather more data from the site, and test the flow of natural gas. Read more: Anti-fracking protesters deal blow against Ineos in court The Preston New Road [...]
Indivior shares soar as Suboxone posts slower market share decline July 11, 2019 Indivior soared on the markets this morning as it raised full-year guidance after its Suboxone lost less market share than was expected. Shares had jumped nearly 40 per cent by around 9am, as the company raised net revenue guidance to between $670m (£495m) and $720m. It had previously forecast revenues of $525m to $575m. They [...]
Reckitt Benckiser agrees $1.4bn settlement in US opioid case July 11, 2019 Reckitt Benckiser said today it has agreed to pay $1.4bn (£1.1bn) to settle a case in the US over its opioid addiction treatment. The London-listed company agreed the fine after being accused by the Justice Department of illegally increasing prescriptions for Suboxone Film. Read more: Reckitt Benckiser picks Pepsico executive for top job The firm [...]
Oil prices rise as stormy weather hits production July 10, 2019 Oil prices climbed higher today, passing the $65 per barrel mark for the first time in a week, as markets reacted to lower-than-expected US crude stocks and a brewing storm. International standard Brent crude had added more than 2.7 per cent by the mid-afternoon, while WTI, the US measure, was up nearly 2.8 per cent [...]
Crispin Odey backs higher price for Acacia ahead of Barrick bid July 10, 2019 Barrick Gold faced pressure today as reports emerged that a major shareholder will reject any bid for Acacia Mining below 271p per share. It comes as a blow to the Canadian miner, which is mulling a 196p per share bid for the company. Read more: Deadline extended for Barrick’s Acacia bid An assessment by SRK [...]
Customer satisfaction drops for second year running July 10, 2019 British consumers are increasingly dissatisfied with the level of serve they get as the number of companies breaking promises trebled in just two years. Customers satisfaction dropped for the fourth time in a row since July 2017, according to new figures from the Institute of Customer Service (ICS). Read more: Big Four broadband providers lag [...]
Private equity takes another bite out of the North Sea as Total sells oilfields for $635m July 10, 2019 Total is set to sell a group of North Sea fields it bought from AP Moller-Maersk in 2018, becoming the latest oil major to sell off assets in the dwindling basin. Private equity firm Hitec Vision and Petrogas, the Omani oil group, will chip in to buy the $635m (£509m) fields. Read more: Chrysaor takes [...]
Ofgem warns Solarplicity over late payments, may revoke licence July 10, 2019 Ofgem has again said it may revoke energy supplier Solarplicity’s licence after the company was warned over missed payments to renewable energy generators. It is the second time Ofgem has warned Solarplicity for not paying the so-called feed-in-tariff to (FIT) generators. Read more: Regulator Ofgem won’t extend ban on energy supplier Solarplicity In early May [...]
