By: Jessica Morris

I write about energy and industrials for City A.M. I'm particularly interested in geopolitics, energy policy and, of course, the ever lively oil markets.

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Circle Oil share price plummets after it warns “little or no value” left for shareholders

May 20, 2016

Circle Oil tumbled as much as 75 per cent to 0.5p per share this morning, after it warned shareholders there could be "little or no value" left. The bleak assessment is based on the Aim-listed firm's $77.5m (£53.2m) outstanding debt position, as well as "indicative proposals" it's received to date. Read more: Will oil prices fall [...]
S&P: Energy firms drive corporate defaults to highest since post-financial crisis

May 20, 2016

The commodity crunch helped push the number of firms defaulting on their debt to the highest level since 2009, according to credit ratings agency Standard & Poor's. Energy and natural resources companies accounted for more than half of the 72 corporate defaults so far this year. Of these, 29 were in the struggling oil and gas sector, while 12 came [...]
Copper is heading for its third weekly decline

May 20, 2016

Copper is heading for its third weekly decline today, having come under pressure from the stronger dollar. Three-month copper on the London Metal Exchange shed 0.7 per cent to 4,580 per tonne, following a 0.7 per cent loss in the previous session. Read more: Glencore share price falls as copper production slides Copper has shed around nine per [...]
Government policies to avoid blackouts will add £100 to UK household bills

May 20, 2016

Government schemes to keep the lights on and meet low-carbon targets will add £100 to annual household bills within five years. The capacity market and contracts for difference which help guarantee the UK's energy security will help drive energy subsidies up by 124 per cent by 2020-21. Read more: National Grid warns government over handing blackout responsibilities to energy [...]
BP is raising £400m to bolster its balance sheet

May 19, 2016

Oil major BP wants to raise £400m to shore up its balance sheet which has been battered by low oil prices. BP said today it will issue cash-settled convertible bonds as part of its regular debt issuance process, with the proceeds being used for "general corporate processes". Read more: What crisis? BP buys North Sea field "This [...]
Chinese steelmakers hit out at US tariff hike

May 19, 2016

Chinese steelmakers hit out at the US' decision to slap imports of their products with a five-fold tax hike, marking an increase in the ongoing trade war. Asked if China will appeal the US anti-dumping duties at the World Trade Organisation, Liu Zhenjiang, secretary general of the China Iron and Steel Association told Reuters: "There's too much trade [...]
Oil services groups FMC Technologies and Technip to team up in $13bn deal

May 19, 2016

France's Technip and US rival FMC Technologies said today they would merge to create an oil services company worth $13bn (£8.9bn). It comes as the industry has been enacting cost cuts to weather the oil price rout which has hit exploration and production. Technip and FMC expect the all-share deal to save at least $400m in annual costs by 2019. Read [...]
Lamb to the slaughter: Government warns Brexit is a baaaad idea for the UK sheep industry

May 19, 2016

The government has warned Britons that Brexit would trigger and economic meltdown, leaving each household £4,300 worse off a year, just as an an "electric shock" sends energy costs up by at least half a billion pounds. Read more: Brexit wouldn't cause a "profound shock" – but would be a positive change of direction for Britain But [...]
Oil prices slide below $48 on the strong dollar

May 19, 2016

Oil prices continued to fall this morning on the stronger dollar, a shock rise in US stockpiles and surging output worldwide. Brent crude, the global benchmark, slumped 2.5 per cent to $47.7 per barrel today. West Texas Intermediate crude, the US benchmark, slipped 2.2 per cent to $47.1. Read more: Shell latest oil major to be embroiled in row over [...]
London tops smarts cities index with Bristol in second place

May 19, 2016

London has come out top of the rankings for factors which make a smart city, according to new research. London scored 80.5 for its use of digital technology to improve services, helping it top Huawei's smart cities index. The capital was praised for urban innovations such as the congestion charge and its strong commitment to open data with the London Datastore. [...]

Inflation remains a headache on both sides of the Atlantic

Real Madrid top Deloitte Football Money League as Champions League revamp boosts Premier League’s rivals

Cirque du Soleil OVO, Royal Albert Hall review: Amazing tricks, okay clowns

By: Jessica Morris

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