Shares in engineering group GKN close down on warning that growth rates are “easing” in its major markets October 25, 2016 Shares in engineering group GKN closed 2.9 per cent lower today after the group warned it might have a bumpy road ahead in its major markets. Sales performed in line with expectations in the nine months to 30 September, rising 21 per cent to £6.9bn, the company said in a trading update. However, organic growth came [...]
US oilfield services group Baker Hughes ramps up cost cutting drive and foresees rise in North American oil sector October 25, 2016 US oilfield services firm Baker Hughes yesterday said it will make more cost cuts than anticipated this year as it reported a smaller-than-expected quarterly loss. Revenue at the Houston-based company fell 38 per cent to $2.35bn (£1.92bn) in the quarter ended 30 September. A more than 30 per cent drop in total costs and expenses [...]
North Sea oil group Xcite Energy heading for liquidation after crunch talks fall apart October 25, 2016 North Sea oil firm Xcite Energy is headed for a liquidation within weeks that will see shareholders wiped out after crunch talks between management and bondholders broke down. Shares in the Aim-listed firm were suspended today after negotiations to hand 98.5 per cent of Xcite's shares to lenders failed to reach a deal. The group's main [...]
US oil dips below $50 on output cut comments made by Russian envoy and dollar rally October 25, 2016 The price of US benchmark West Texas Intermediate (WTI) crude has fallen below the $50 mark this afternoon. A dollar rally and indications that Russia will not implement an oil production cut alongside Opec next month pushed WTI down 1.2 per cent to $49.92, while Brent crude was down 1.5 per cent to $50.70. WTI [...]
Lockheed Martin adjusts full-year outlook as profits and sales soar after selling IT arm October 25, 2016 The Pentagon's number one weapons supplier Lockheed Martin has lifted its full-year profit guidance after beating analyst expectations in the third quarter. The figures Net sales at the Maryland-based defence firm rose 14.8 per cent to $11.6bn (£9.5bn) in the third quarter ended 25 September, up from $10.1bn in the same period of last year. This was [...]
Anglo American share price lifts as most guidance goes unchanged but copper production drags at the mining giant October 25, 2016 Anglo American shares rose more than three per cent today, after the troubled miner said most of its output guidance was broadly unchanged on the last quarter. The figures The FTSE 100-listed group made mixed progress with an ongoing plan to streamline the company to focus on copper, diamonds and platinum. Production at Anglo's diamond business, De Beers, increased [...]
Australia’s richest woman invests $300m in Yorkshire potash mine owned by fertiliser group Sirius Minerals October 25, 2016 The company directed by Australia's richest woman has signed a $300m (£246m) financing deal with fertiliser group Sirius Minerals for its Yorkshire potash mine. The British arm of Hancock Prospecting, chaired and directed by iron ore tycoon Gina Rinehart, will buy $50m worth of Sirius shares and a five per cent royalty stream of the first 14 megatonnes [...]
Oil prices dip after Iraq opts out of Opec arrangement to cut production October 24, 2016 Oil prices shed more than one per cent today after Iraq said it did not want to be part of an Opec deal to slash production to help rebalance the market. Brent crude was trading down 63 cents, or 1.22 per cent, this afternoon to $51.15 per barrel. West Texas Intermediate (WTI) crude, the US [...]
Glencore lands thermal coal supply deal for $95 a tonne with Japanese utilities in one-third price boost October 24, 2016 Glencore has signed a year-long contract to supply Japanese utility companies with Australian thermal coal for almost $95 a tonne. The spot price of Australian thermal coal, which is the Pacific benchmark, reached $100 last week for the first time in four years. The material is mostly used in power generation and has rallied to almost double [...]
National Grid to spend £1.9bn to keep power lines out of sight in Lake District and wider Cumbria in Moorside power plant connection project October 24, 2016 National Grid has announced plans to spend £1.9bn to keep power lines out of sight, some of which will pass through the Lake District, to connect a proposed nuclear power station to the electricity grid. More than half of the £2.8bn being spent on the 102-mile cabling scheme to link NuGen’s Moorside plant in Cumbria [...]
