Aluminium group EN Plus to buy back a fifth of shares February 6, 2020 Russian aluminium and power producer EN Plus said it would buy back a fifth of its shares from state bank VTB for $1.6bn (£1.24bn) in response to the US lifting sanctions on the group. Oligarch Oleg Deripaska, who has close ties to Russian president Vladimir Putin, offloaded his controlling stake in EN Plus to VTB [...]
Coronavirus: Opec agrees provisional 600,000 barrel oil production cut February 6, 2020 Oil cartel Opec’s technical committee has recommended a 600,000 barrel per day production cut in an attempt to counter falling demand due to China’s coronavirus outbreak. Sources told Reuters that the group was awaiting Russia’s decision on the potential cut, which is larger than the 500,000 barrel curb that had been mooted. If approved by [...]
Riverstone sells stake in UK’s only fracker Cuadrilla February 6, 2020 Riverstone has sold its 45 per cent stake in Cuadrilla to mining firm AJ Lucas, meaning that the Australian company now owns 93 per cent of the UK’s only fracking firm. The sale of Riverstone’s stake comes as no surprise, as the investment group has long been looking to exit the business after a series [...]
Water bills set for £17 cut as new price controls begin February 6, 2020 Water bills for households in the UK will be cut around £17 this year as new price controls on utilities companies come into effect. For the average home, bills will fall from £413.33 to £396.60, taking them back to the same level as they were at the beginning of the last decade. The four per [...]
Equinor beats expectations as oil firm unveils new climate programme February 6, 2020 Norway’s Equinor trumped analyst expectations today by posting a smaller than expected drop in profits in the final quarter, as it unveiled a raft of new climate commitments. Profit before tax at the state-owned firm fell to $3.5bn (£2.7bn), down from $4.4bn for the same period last year, but ahead of forecasts of $3.3bn. The [...]
Total chief warns of coronavirus impact as annual income falls February 6, 2020 The chief executive of French oil firm Total today warned that coronavirus would have a significant impact on oil demand as the company reported a 13 per cent fall in annual income. Patrick Pouyanne said that the outbreak, which has killed 563 people thus far and knocked oil prices by about $10, said the impact [...]
Tullow Oil to cut third of workforce as firm seeks to reduce costs February 5, 2020 Tullow Oil is set to cut a third of its workforce in order to save about $20m (£15.4m) on administrative costs as the firm fights back from November’s share price collapse. The Irish explorer, which focuses its operations on Africa, has begun a process of cost-cutting which could see its staff drop from 950 members [...]
Oil prices soar as coronavirus cure rumours fuel optimism February 5, 2020 Oil prices broke three weeks of consistent falls today, soaring four per cent as markets reacted wildly optimistically to reports that a breakthrough had been made in the search for a coronavirus cure. Global benchmark Brent crude gained almost $2 to reach $55.91, an increase of 3.6 per cent. West Texas Intermediate shot up 3.5 [...]
GSK falls short of forecasts as firm prepares to split February 5, 2020 Multinational drug firm Glaxosmithkline (GSK) saw a small rise in operating profit and earnings in 2019 as the firm announced it had begun its planned split into two companies following its venture with Pfizer. However, earnings per share fell short of analyst expectations at 123.9p, below consensus estimates of 125p. Pressure on the price of [...]
Coronavirus: Cathay Pacific staff set for 21 days leave as spread continues February 5, 2020 Hong Kong’s Cathay Pacific airline has asked all of its 27,000 staff to take three weeks of unpaid leave in the coming months as demand crashed thanks to the coronavirus outbreak. The disease has now killed 490 people, with China’s National Health Commission confirming 65 more deaths yesterday, suggesting that the virus is spreading faster. [...]
