Sacked Rio Tinto executive Alan Davis steps down from board of Rolls-Royce with no explanation November 18, 2016 A former Rio Tinto executive who was sacked by the mining giant on Wednesday has stepped down from the board of Rolls-Royce with immediate effect. Alan Davies, who joined the Rolls-Royce board in 2015, was a non-executive director and member of the British manufacturing group's nominations and governance committee, the audit committee and the safety and ethic committee. "I [...]
This Big Six energy provider has become the first major supplier to promise a price freeze this winter November 18, 2016 Big Six energy provider SSE has become the first major supplier to promise a price freeze this winter, capping them at their current levels until "at least" next April. SSE supplies energy to more than 8m customers in Britain and Ireland. The group's statement on household gas and electricity prices follows recent speculation that the [...]
S&P: US oil and gas firm tips global corporate defaults to the highest rate at this time of year since 2009 November 18, 2016 The number of companies worldwide that have defaulted reached 146 this week, the highest level at this point in the year since the financial crisis was raging in 2009. A US-based oil and gas company tipped the corporate default scale, Standard & Poor's said today, continuing the trend in energy-firm defaults the credit ratings agency noted [...]
Brent crude and West Texas Intermediate crude oil prices rebound as dollar surge weakens and Opec hopes revive November 18, 2016 Oil prices rebounded this morning after a surge in the US dollar weighed on the black stuff and took Brent crude below $46 and US sweet crude under $45. Brent crude flat at $46.49 a barrel this morning, lifting from a low of $45.78, as optimism that the Organisation of the Petroleum Exporting Countries (Opec) managed [...]
Fuller’s facing unappetising cocktail of Brexit, living wage and business rate increases despite outperforming the market in first half November 18, 2016 Fuller's insisted it has "outperformed the market" in the first half of the financial year but cautioned that it faces an unappetising brew of Brexit, the onset of the National Living Wage and business rate changes. Overall revenue at the pub operator and brewer grew 11 per cent to £197.6m in the six months to 24 September, up [...]
Spot gold prices fall to five-and-a-half-month low and edge closer to $1,200 an ounce following US interest rake hike hints November 18, 2016 The price of gold fell to a more than five-month low again this morning, edging closer towards $1,200 an ounce, as US interest rate hints led the dollar to rise against most major currencies. Spot gold prices fell by around one per cent to below $1,205 an ounce this morning, before a slight rebound that took [...]
A third of working families struggling to pay energy bills despite three-year price freeze, uSwitch finds November 17, 2016 Almost 4m households, or one in three working families, are already struggling to pay their energy bills this winter despite there being no major price hikes for three years, according to new research. Half of working families are planning to cut their energy use this winter so they can afford their bills, energy price comparison [...]
US crude stockpiles shake oil markets again as reported weekly build sends Brent and West Texas Intermediate prices down November 16, 2016 Oil prices edged lower today after another week of expectation-busting rises in US crude stockpiles. Global benchmark Brent crude shed 1.2 per cent, or 56 cents, to trade at $46.39 a barrel this afternoon, while US sweet crude lost 1.4 per cent, or 65 cents, at $45.16 a barrel. Weekly US crude oil inventories surged by [...]
Aggreko share price falls three per cent after oil and shipping downturns weigh on revenues for sixth consecutive quarter November 16, 2016 Weakness in the US oil and gas industry has dragged down revenues at temporary power provider Aggreko, in its sixth consecutive quarter of declines Underlying revenue fell seven per cent in the third quarter, the FTSE 250-listed group said in a trading update today, though full-year results are expected to be "broadly in line" with [...]
Liberty House founder Sanjeev Gupta completes purchase of Tungsten Bank to create new “industry friendly” Wyelands Bank November 16, 2016 The British industrialist at the helm of commodities group Liberty House has bought Tungsten's banking arm to create an "industry friendly" bank for smaller UK engineering and manufacturing companies. Sanjeev Gupta, who founded the metals company when he was a student at Cambridge, has bought Tungsten Bank through his private estate Wyelands Holdings. The deposit-taking [...]
