Oil prices rise one per cent as Opec chief reaffirms commitment to output cut later this month November 7, 2016 Oil prices have rallied more than one per cent today after producers' club Opec said it was committed to hashing out an output cut agreement later this month in a bid to curb the global supply glut. Global benchmark Brent crude lifted 1.25 per cent, or 57 cents, to $46.15 a barrel, while US equivalent West Texas Intermediate crude [...]
US Presidential Election 2016: Donald Trump has lashed out at the FBI after Hillary Clinton was cleared of an email scandal (again) November 7, 2016 Republican Presidential candidate Donald Trump has lashed out at the FBI for closing its inquiry into Hillary Clinton's emails for a second time. James Comey, director of the Federal Bureau of Investigation, said no criminal charges against the Democratic nominee were warranted. In a letter to Congress, Comey said the agency had worked "around the clock" [...]
The oil boss who wants to bore you October 31, 2016 Gulf Keystone’s finance chief tells Francesca Washtell of his plan to quietly repair the oil firm. From his relaxed demeanour, it’s hard at first to believe Sami Zouari, Gulf Keystone Petroleum’s chief financial officer, when he says he found it an “exhausting” process bringing the company back from the brink. Earlier this month, the Kurdistanfocused [...]
Gold prices: Value of the yellow stuff rises in modest rally as Hindu festival of Diwali approaches October 27, 2016 The price of gold has modestly rallied in the run-up to Diwali, the Hindu festival of lights, on Sunday. Spot gold prices were trading at $1,269.83 per ounce today, up almost $30 from lows earlier this month. Prices often rise as the festival approaches each autumn, as giving and receiving gold is a key part of [...]
Tata Sons drama escalates as board of conglomerate hits back at leaked email from ousted chairman Cyrus Mistry October 27, 2016 A disagreement between the board of Indian conglomerate Tata Sons and its former chairman has escalated after executives hit back at claims made in a leaked private email. Tata Sons' management today said the email from Cyrus Mistry, who was sacked suddenly on Monday, was full of "unsubstantiated claims and malicious allegations". In a confidential [...]
Amec Foster Wheeler’s share price plummets 19 per cent as group warns oil and gas sector to decline next year and postpones capital markets day October 27, 2016 Shares in oilfield services firm Amec Foster Wheeler sunk 19 per cent this morning after the group said it was bracing for further declines in the oil and gas sector next year. Amec said it was expecting activity in its solar business to "reduce significantly" from the record levels seen this year, though it added [...]
Ousted Tata Group chairman claims Tata Steel among businesses that could prompt $18bn worth of writedowns October 26, 2016 The ousted chairman of Tata Group has claimed Tata Steel Europe is among five unprofitable businesses that could prompt $18bn (£14.7bn) worth of writedowns at the parent company. Cyrus Mistry said the writedowns would be triggered by a “realistic assessment” of the fair value of companies within the group, including Tata Steel Europe, Tata Power [...]
Brent crude price rises above $50 a barrel again on US stockpile data October 26, 2016 The price of Brent crude has risen back above $50 a barrel, after trading below the key threshold for a short time today. This was boosted by data from the US Energy Information Administration (EIA), released today, which showed domestic crude inventories fell 553,000 barrels last week, against a 1.7m barrel increase forecast by analysts. In late afternoon trading, [...]
Cut-price Chinese and Russian imports keep steel outlook negative into 2017, according to Moody’s October 26, 2016 Cheap imports from China and Russia will continue to constrain European steel prices over the next year, according to a report from Moody's Investors Service. As well as putting pressure on European prices, imports will also soak up "a fair share of the expected growth in steel demand", Moody's said. This was based on the [...]
Antofagasta share price sinks after miner releases downbeat copper production update October 26, 2016 Shares in FTSE 100-listed miner Antofagasta slumped today, dragging down the rest of the blue chip index, after the company said its full-year copper output will be "close to the lower end" of its forecast range. Production rose across the board in the third quarter, with copper production rising 9.4 per cent year-on-year to 504,000 [...]
