Premier Oil shares slide as explorer hits reduced production guidance July 15, 2020 Shares in midcap Premier Oil slipped this morning as the company announced that it had hit its reduced production guidance of 65,000 to 70,000 barrels of oil per day. Earlier this year, the exploratory firm reduced its output guidance from 70,000 to 75,000 barrels a day after difficulties at one of its flagship fields. However, [...]
Oil prices slip as Opec prepares to relax production curbs July 14, 2020 Global oil prices slid today amid growing concerns that producer cartel Opec would ease its record production curbs just as a rising number of coronavirus cases threatened to stall the reopening of the world’s economies. US standard West Texas Intermediate fell 0.8 per cent to $39.80, while worldwide benchmark Brent Crude dropped 0.4 per cent [...]
Virgin Atlantic secures £1.2bn rescue deal after months of turbulence July 14, 2020 Sir Richard Branson’s Virgin Atlantic has secured a £1.2bn rescue deal after nearly four months of uncertainty over its future. The deal, which Sky News reported could be unveiled this afternoon, will save thousands of jobs at the embattled carrier. In a statement, chief executive Shai Weiss hailed the deal, saying that the “last six [...]
British Airways to sell art collection amid coronavirus cash squeeze July 14, 2020 Struggling British Airways (BA) is flogging 17 pieces from its art collection at auction house Sotheby’s, as the cash-strapped carrier continues to battle the coronavirus pandemic. In total, the combined pieces could be worth up to £1.4m, according to estimates, with the most expensive, Bridget Riley’s Cool Edge, slated to sell for £1.2m. The sale, [...]
China threatens to sanction Lockheed Martin over Taiwan arms sales July 14, 2020 Lockheed Martin looks set to be slapped with sanctions by China for its role in providing arms to Taiwan, in a move likely to further damage the US’ relationship with the east Asian giant. Last week the US government approved a $620m upgrade package for a surface-to-air missile system, in which Lockheed is the main [...]
Morgan Sindall lands £250m Lewisham Gateway development deal July 14, 2020 Construction firm Morgan Sindall has received £252m in funding from private landlord Get Living to complete the Lewisham Gateway redevelopment project. The development, which is expected to be completed in 2023, will 649 rentable properties, as well as a combined 50,000 square feet of shops, restaurants and office spaces. It will also contain Lewisham’s first [...]
Consumer spending surges as lockdown restrictions end July 14, 2020 Brits rushed back to the shops in June after lockdown restrictions ended, prompting the biggest jump in sales since May 2018 as consumers indulged in some much-needed retail therapy. According to new data from the British Retail Consortium, total sales rose 3.4 per cent in June in the first month of growth since lockdown measures [...]
DFS to cut jobs at Dwell and Sofa Workshop as revenue falls £271m July 14, 2020 Furniture firm DFS has announced that it will cut jobs as part of a restructuring programme after the coronavirus pandemic caused revenue to drop £271m year-on-year to £725m. The company said that the cuts would take place at subsidiaries Dwell and Sofa Workshop, and were necessary in order to maintain DFS’ “future competitiveness”. The restructurings [...]
Construction work begins on €2bn Viking Link subsea power cable July 13, 2020 Construction work on the world’s longest subsea power cable, the Viking Link, has today begun, the National Grid has announced. Running between Bicker Fen in Lincolnshire and South Jutland in Denmark, the 764km power line will be able to provide renewable power to 1.4m households upon completion in 2023. Today, Siemens Energy, which will build [...]
Tesla shares surge again on hopes of S&P 500 listing July 13, 2020 Shares in electric vehicle firm Tesla continued their meteoric rise today, jumping another 14.6 per cent to hit $1,770.33 this afternoon. The new increase means that the firm’s shares have increased over 650 per cent in the last 12 months, when they were trading at $233. Since beating expectations for vehicle delivery numbers at the [...]
