Ousted Tata Sons chairman Cyrus Mistry to remain head of Tata Steel as turnover dips at the metals firm November 11, 2016 The former chairman of Tata Group's parent company will remain at the helm of Tata Steel, according to reports. Cyrus Mistry was suddenly removed as the chairman of holding group Tata Sons last month and was temporarily replaced by his predecessor, Ratan Tata. Mistry will stay on at Tata Steel, television channel ET Now reported, [...]
Brent crude and West Texas Intermediate prices shed more than one per cent as Opec production data reignites glut fears November 11, 2016 Oil prices have been tracking lower today as the ongoing supply glut and fears that an Opec conference later this month will not result in a production cap weighed on the market. After lifting yesterday, the price of US sweet crude was trailing down 1.34 per cent, or 60 cents, in early afternoon trading to [...]
Range Resources shares jump by a fifth after successful drilling at Trinidad well November 11, 2016 Shares in London-listed oil and gas explorer Range Resources soared more than 20 per cent today after the group said it has started drilling its next development well in an ongoing programme in Trinidad. The well, which is located in the Morne Diablo field, is a re-drill of a former well and is expected to [...]
Copper prices are eyeing up their biggest weekly rally in 35 years following Donald Trump’s pledge to boost infrastructure spending November 11, 2016 Copper prices are eyeing their biggest weekly rally in 35 years today following US president-elect Donald Trump's commitment earlier this week to boost infrastructure spending. Three-month copper on the London Metal Exchange was trading up 3.5 per cent to $5,601 per tonne, a level it hasn't reached since mid-2015, and up more than $700 since [...]
North Sea oil and gas production has been unaffected by Brexit but a second, successful Scottish Indy ref could slash oil by 100,000 barrels a day November 11, 2016 The Brexit vote has not shaken up forecasts for North Sea oil and gas production, according to BMI Research, but a successful second bid for Scottish independence could slash output in the region. BMI Research's core view on the UK's primary oil and gas sector remains unchanged, with oil output estimated to reach 978,000 barrels per [...]
Net profit at Rosneft plunges more than 70 per cent as weak Brent crude oil price continues to bite November 11, 2016 Russia's largest oil producer, Rosneft, has become the latest firm to report a hit from weak oil prices in the third quarter as net profit at the group plummeted 71 per cent. The figures Net income attributable to Rosneft's shareholders in the third quarter slid to 26bn roubles (£325m), driven by lower operating profit, while earnings before [...]
International Energy Agency warns of “relentless” oil oversupply next year if Opec output cut fails to cap production November 10, 2016 The International Energy Agency (IEA) has warned global oil markets risk another year of "relentless" oversupply if Opec does not hash out a firm production cut later this month in Vienna. In its monthly oil market report, the agency pointed to other producers boosting output and global demand remaining flat as increasing threats to a [...]
Vedanta Resources’ share price leaps 15 per cent after the firm says it expects zinc production to rise and declares an interim dividend November 10, 2016 FTSE 250-listed metals group Vedanta Resources' share price rocketed more than 15 per cent today after the firm said it expected its zinc production to rise and declared an interim dividend. The figures Revenue at the India-based group dipped 15 per cent to $4.9bn (£3.9bn) in the six months to 30 September, while earnings before interest, tax, [...]
Ophir Energy shares jump 13 per cent on joint operating company agreement for Equatorial Guinea gas project November 10, 2016 Shares in Africa and Asia oil and gas exploration company Ophir Energy have jumped 13 per cent after the firm agreed to establish a joint operating company (JOC) to develop a gas block off Equatorial Guinea. A subsidiary of the former FTSE 250-listed group, Ophir Holdings & Ventures, has signed a binding agreement with OneLNG, [...]
Tata spat escalates as Cyrus Mistry ousted as chair of Tata Consultancy Services following leaked email and sudden sacking scandal November 10, 2016 The row between Indian conglomerate Tata and the ousted former chairman of its parent group has resurfaced after the company removed him from the helm of another Tata firm. Cyrus Mistry, who was sacked suddenly as the head of Tata Group's holding company Tata Sons last month, has been fired from the helm of the behemoth's [...]
