By: Courtney Goldsmith

I am a journalist for City A.M. reporting on the energy and mining sectors. I also keep an eye on the pharmaceuticals sector and cryptocurrencies. Email: courtney.goldsmith@cityam.com

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Maersk shares sink as profits take a hit from impairment charges

February 8, 2017

Shares in Maersk sank in morning trading after the company reported a huge loss in 2016 due to impairment charges caused by oversupply and low demand. The figures AP Moller-Maersk fell to the bottom of the Stoxx 600 index this morning after reporting an annual loss of $1.9bn (£1.5bn) compared with a profit of $925m the previous year. The Danish shipping [...]
Rio Tinto is gifting a diamond deposit to the Madhya Pradesh government to cut costs

February 7, 2017

Rio Tinto said it will gift an Indian diamond project to the government of Madhya Pradesh after stopping production there last year in order to cut costs. Under a government order signed last month, the Indian government said it will accept ownership of the Bunder mine and take on responsibility for the assets – meaning all land, [...]
Statoil’s shares slip on disappointing fourth quarter results, but its outlook remains positive

February 7, 2017

Norwegian oil major Statoil today reported disappointing fourth-quarter earnings due in part to low oil prices. The figures The company was hit by a $2.3bn (£1.86bn) impairment charge due to reduced long-term expectations for oil prices. This impacted net operating income, which was a loss of $1.9bn compared to gains of $152m for the same period in 2015 and analysts' [...]
Hurricane Energy has revealed its Lancaster field is set to outperform “conservative” estimates

February 7, 2017

Hurricane Energy's said its 300m barrel estimate from its Lancaster field is now thought to be too conservative. The oil company said it expects a "material uplift" in anticipated reserves ahead of a competent persons report (CPR) which will quantify the resources at the end of the first quarter. Shares increased more than three per cent at the [...]
Tata Steel has returned to profit in its fourth quarter results

February 7, 2017

India's Tata Steel reported its first profit in five quarters, beating analyst expectations for its fourth quarter. The figures The steel giant said it had a consolidated net profit of 2.32bn rupees (£27.8m) for the three months to 31 December compared with a loss of 27.48bn rupees the previous year. Analysts were estimating 1.74bn rupees [...]
Ramped up political and financial risks sends gold investing demand surging to its best January in five years

February 7, 2017

Last month, gold investing demand had its strongest January since 2012 as financial and political risks "become reality". Gold investing demand, net of client selling, totaled 0.4 tonnes last month, data from precious metals platform BullionVault showed. This was the metal's best January in five years. Last year's full-year gold demand was also its strongest since 2012, [...]
Eco Atlantic Oil & Gas is set to be the latest Canadian firm to list on London’s junior market

February 7, 2017

Tomorrow, Eco Atlantic Oil and Gas is set to be the second Canadian energy firm to list on London's Alternative Investment Market (Aim) in a month. The Toronto Stock Exchange-listed company holds Atlantic licences offshore Guyana and Namibia, and said it raised £5m after originally aiming for around £2m to £3m in funds it will use to push ahead [...]
DCC shares spike after it announces a new energy acquisition with ExxonMobil’s Norwegian unit

February 7, 2017

Shares in DCC have surged after the company's energy arm said it will buy the retail petrol station network of ExxonMobil's Norwegian unit, Esso Norge, for 2.43bn Norwegian krone (£235m). The company rose to the top of the FTSE 100 index this morning, and its shares were up 6.67 per cent at 6,800p in early trading. Dublin-based DCC, which [...]
Ofgem’s price cap on prepayment meters will save Brits £80 per year

February 7, 2017

Britain's energy regulator has announced a price cap that could save more than 4m households around £80 per year. Ofgem's temporary cap on prepayment meters is one of the results of the Competition and Markets Authority (CMA)'s two-year investigation of the energy market. The levels of the cap vary for electricity and gas, by meter type and region, [...]
Uber’s chief executive has quit Trump’s business advisory group

February 2, 2017

Uber's chief executive Travis Kalanick has just quit Donald Trump's business advisory group, according to an email to employees. Kalanick's resignation comes after the US President issued an executive order banning entry to people from seven majority-Muslim countries. "Joining the group was not meant to be an endorsement of the president or his agenda but unfortunately [...]

Bank of England’s Mann says minimum wage rise linked to youth employment

Macclesfield FC: FA Cup heroes in talks with ‘huge’ foreign investors

Valentine’s Day: Fancy a romantic bowl of chocolate spaghetti?

By: Courtney Goldsmith

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