Rolls-Royce shares dip despite success in cost-cutting turnaround plan November 16, 2016 Rolls-Royce's share price dropped today despite the group saying its huge cost-cutting drive is likely to be at the top end of its targeted range. The manufacturing giant is one year in to a turnaround programme to reset its finances after posting five consecutive profit warnings in the 20 months leading to November 2015. In [...]
The world will reach peak oil within years, the IEA warns, as it declares the era of fossil fuels is “far from over” November 16, 2016 The world could reach peak oil and face a supply shortage within years, causing it to enter a new phase of boom and bust prices, the International Energy Agency (IEA) has warned. Investment in crude oil development fell to its lowest level since the 1950s in 2015 and 2016 data so far shows no signs of [...]
Exxon Mobil in talks with Chad following court order for $74bn fine in October November 16, 2016 Exxon Mobil is in negotiations with Chad after a court in the central African nation fined the US firm $74bn (£59bn) over unpaid royalties. The world's largest publicly traded oil and gas company has appealed the court ruling, which was released on 5 October, but the appeals hearing has been delayed because of the talks, Bloomberg [...]
Brexit and Donald Trump prompt Oxford Dictionaries to crown “post-truth” the international word of the year November 16, 2016 If you thought you could escape Brexit and the shock rise of Donald Trump when it came to the 2016 word of the year, we have some bad news for you. After a "highly charged" 12 months, Oxford Dictionaries has named "post-truth" as its 2016 international word of the year (though maybe it should be [...]
We’re all Scrooge-ing it: Why you shouldn’t expect generous Christmas presents from your London-based friends this year November 16, 2016 If you were looking forward to receiving a bountiful array of presents from your London-based friends this Christmas, it may be time to start tempering your expectations. Britain is a nation of generous gift givers, according to research from Very.co.uk, with 74 per cent of adults preferring to give a gift rather than receive one. [...]
Opec optimism boosts Brent crude and West Texas Intermediate crude oil prices more than four per cent November 15, 2016 Oil prices rebounded more than four per cent today on renewed hopes of an Opec output cut deal. After falling to a three-month low on Monday, global benchmark Brent crude prices were up 4.3 per cent, or $1.91 cents, to $46.34 this evening, while US sweet crude was buoyed 4.7 per cent, or $2.03, reaching [...]
Copper prices slide as rally following Donald Trump’s election begins to reverse November 15, 2016 Copper prices slid today after a rally prompted by the surprise election of Donald Trump as US president came to a halt. Three-month copper prices on the London Metal Exchanged dropped as far as 3.6 per cent during trading today and were down almost two per cent to $5,465 per tonne around mid-afternoon. "Price action in copper [...]
Defence and aerospace group Meggitt returns to growth and appoints former Rolls-Royce executive as COO November 15, 2016 Shares in aerospace and defence giant Meggitt rose almost five per cent today after the firm appointed a former Rolls-Royce executive as its new chief operating officer and reported a return to organic growth. Tony Wood, a former head of aerospace at Rolls-Royce, will join Meggitt on 1 December. Chief executive Stephen Young said Wood's "extensive industry [...]
Confused much? Oil major Total embraces solar power at 5,000 of its petrol stations in $300m investment November 15, 2016 Seemingly without a hint of irony, French oil major Total has said it will spend $300m (£239m) equipping around a third of its service stations worldwide with solar panels within the next five years, including 800 in France. The group said the installations at 5,000 of its petrol stations were another step towards becoming the "responsible energy major" [...]
Less than sparkling: Sales dip at Anglo American’s diamond unit De Beers November 15, 2016 Anglo American's diamond unit, De Beers, shone a little less bright this autumn as sales of its rough cut gems dipped ahead of the key Christmas holiday season. Sales reached $470m (£375m) in the ninth "sales cycle" of the year at the predominantly Africa-focused gem group. This was down from $494m in the eighth cycle. De Beers [...]
