Severn Trent says it’s still on target for its full year results, increases expected payout from Ofwat February 3, 2016 Water utility firm Severn Trent has increased its guidance for the net reward from outcome delivery incentives for the financial year to £15m. It had previously expected just £10m. The company gets a pay-out from the industry regulator Ofwat if it over delivers on its performance targets. The regulator ensures water companies pass on savings to consumers and offers [...]
GlaxoSmithKline revenue rises four per cent in 2015, forecasting further growth in 2016 February 3, 2016 Drug giant GlaxoSmithKline (GSK) has reported earnings for 2015 up four per cent on last year at £23.9bn, with a profit of £10.5bn. In the fourth quarter revenue rose by two per cent to £6.2bn, from £6.1bn in the same period a year earlier. Fourth quarter results came in broadly inline with expectations, mostly down to growing demand for [...]
Volkswagen emissions scandal: VW sales continue to slide on fallout from the test rigging February 2, 2016 Sales of Volkswagen cars continued to slide in January as the fallout from the emissions rigging scandal deepened. Volkswagen passenger car sales fell 8.8 per cent in Germany in January, while in the US sales slumped 15 per cent compared on last year. Overall car sales in Germany, Europe's largest car market, were up 3.3 per [...]
Here’s what analysts think about BP’s latest set of results (they’re not that keen) February 2, 2016 BP's share price closed today at its lowest level since the Gulf of Mexico oil spill, down around seven per cent on the day at 340.70p, after posting worse-than-expected results this morning. The energy giant has recorded a replacement cost loss of $2.23bn in the fourth quarter, up from $969bn. Underlying RC profit for the fourth quarter was [...]
Gold looks set to lose it’s shine in 2016 as markets calm down February 2, 2016 Gold, the perceived safest of havens, is unlikely to keep its gains in 2016, according to a survey of 31 gold watchers by the London Bullion Market Association. Those surveyed produced an average price of $1,103 a troy ounce, down from the current price of $1,125.3. The predictions ranged from $1,225 at the most bullish [...]
US West Texas Intermediate crude oil price just went below $30 per barrel again as talks of a deal dwindle February 2, 2016 The US oil benchmark, West Texas Intermediate (WTI), has fallen under $30 per barrel for the first time in over a week as rumours of a production cut deal between Opec and non-Opec members diminished. Brent crude was trading around $32.61 when WTI dipped under the psychological $30 barrier. WTI, also known as Texas light sweet, came into price parity [...]
Exxon Mobil profits fall by over 50 per cent as the company continues to adjust to the new oil price normal February 2, 2016 Exxon Mobil, the erstwhile largest company in the world by market capitalisation, has posted a 58 per cent drop in quarterly profit as the languishing oil price continues to eat into the performance of the company. Exxon, which still holds the mantle of the world's largest publicly traded oil company, reported its fourth-quarter profit slipped [...]
Big pharma Pfizer cuts 2016 outlook, as fourth quarter revenue beats expectations February 2, 2016 Pharmaceutical firm Pfizer has posted better-than-expected revenue in the fourth quarter, with revenue up seven per cent to $14bn in the fourth quarter, ahead of analyst estimates of $13.56bn. The company reported a profit of $613m, down from $1.23bn a year earlier. A surge in profit came from increased demand for its pneumonia vaccine and the acquisition [...]
Dow Chemical profit beats estimates as it benefits from the falling oil price February 2, 2016 The fall in oil price is not bad news for everyone it seems, as US firm Dow Chemical, which agreed in December to a historic merger with long time rival DuPont, has reported analyst beating fourth-quarter profits. The firm's chief executive, Andrew Liveris, announced in the firms earnings conference call he will step down from [...]
Financial watchdog warns firms over contracts for difference, following review of 10 sample firms February 2, 2016 The financial watchdog has warned that companies offering contracts for difference (CFDs) may not be doing enough to vet their clients before taking them on. The Financial Conduct Authority is concerned that financial companies are not doing enough to prevent financial crime or assess the suitability of their clients. There’s concern that CFDs are being [...]
