Oil prices: FTSE energy stocks tumble after Opec coronavirus chaos March 9, 2020 FTSE 100-listed energy stocks have crumbled in early trading after Saudi Arabia initiated a price war that saw oil prices collapse today. Shell’s share price plummeted 21 per cent before trimming losses to stand down 14.8 per cent by 9.50am, while BP’s tumbled 17.3 per cent to 326.9p. Petrofac fell over 50 per cent to [...]
National Infrastructure Strategy set to be delayed until after Budget March 5, 2020 The government’s National Infrastructure Strategy is expected to be postponed until after next week’s Budget. The delay will enable the new chancellor Rishi Sunak to refocus the strategy towards achieving a ‘net zero’ economy by 2050, after only stepping into his role last month. The detailed plan to invest £100bn by 2050 will be key [...]
Exxon Mobil will continue expansion drive despite oil volatility March 5, 2020 Exxon Mobil will keep pursuing its current strategy of investing in new oil exploration, despite prices of the resource falling. The oil giant will pour money into shale gas, of which the US is the world’s largest producer, and new oil fields. This comes as doubts rise about global demand for oil following the outbreak [...]
Spire Healthcare on track for 2020 targets March 5, 2020 Spire Healthcare remains on track to meet targets for 2020 after it swung back into profit last year. Revenue increased 5.3 per cent from £931.1m in 2018 to £980m for the year ended 2019. Instead of 2018’s £5.6m loss, profit before tax was £9.6m. Operating profit also jumped 32.8 per cent from £71.1m to £94.4m [...]
City of London braces for coronavirus: Banks, insurers and audit firms activate contingency plans March 5, 2020 With health secretary Matt Hancock warning that the UK should prepare for “widespread transmission” of coronavirus, City of London firms have braced for impact. Banks, insurers, law firms and accountancy giants have dusted off contingency plans, instituted travel bans and cancelled events to try and mitigate the effects of the coronavirus outbreak. HSBC and Deloitte [...]
FTSE reshuffle: Kingfisher, NMC Health and Tui booted out of top City index March 4, 2020 Several embattled firms have been relegated from the FTSE 100 of listed companies as part of its quarterly review. Screwfix owner Kingfisher, embattled firm NMC Health and holiday company Tui will be moved to the FTSE 250 index of companies. In their place, miner Fresnillo, Intermediate Capital Group and Pennon Group will join the FTSE [...]
Fuel prices fall on back of coronavirus crisis March 4, 2020 Coronavirus fears pushed prices lower on UK petrol station forecourts in February with some of the biggest reductions in diesel since 2000. According to data out today by the RAC, average UK unleaded petrol fell 2.93p to 124.02p a litre by 29 February, compared to 126.95 at the start of the month. Diesel also fell [...]
World Bank announces up to $12bn in immediate funds to help fight coronavirus March 3, 2020 The World Bank is to release up to $12bn (£9.3bn) immediately to fight the global spread of coronavirus. The funding emerged on the same day the Federal Banking Reserve cut interest rates to protect the US economy from the economic consequences of the outbreak. Traditionally, the role of the World Bank is to lend money [...]
Sirius shareholders approve controversial Anglo American £405m takeover March 3, 2020 Investors have approved a controversial rescue bid by rival Anglo American for troubled mining firm Sirius Minerals. The meeting in London today approved the deal with 80.3 per cent of votes in favour and 19.7 per cent against. It will provide a saving grace for Sirius’ north Yorkshire mine, which was set to be closed [...]
Decision won’t be made on future of Ellesmere Port car plant until state of EU trading relationship becomes clear March 3, 2020 A final decision on the future of Ellesmere Port’s car plant will likely not be made until the end of the year. The car industry has been one of many saying it could be adversely affected if a trade deal is not struck. PSA, which is currently merging with Italy’s Fiat Chrysler, makes its Vauxhall [...]
