Government should halt National Grid gas unit sale, union says September 24, 2016 A union is calling on the government to halt the estimated £11bn sale of a majority stake in National Grid's gas unit to overseas investors. GMB, the union for energy workers, accused National Grid of using the vital piece of UK infrastructure — which supplies gas to 11m British homes and businesses — as a "cash cow". [...]
Thousands of City jobs at risk as US banks issue Brexit relocation warning September 24, 2016 Thousands of City jobs are at risk after a string of US investment banks reportedly warned Prime Minister Theresa May that they could preemptively move their operations out of the UK. The bank bosses are said to have delivered the warning at a round-table with the Prime Minister and a host of key US investors in New York [...]
Jeremy Corbyn re-elected as Labour Party leader September 24, 2016 Jeremy Corbyn has won his second Labour leadership contest despite concerns over his ability to take the party to victory in a General Election. The Islington North MP extended last year's winning margin after attracting 313,309 votes, which amounts to a share of 61.8 per cent. The figure put Corbyn comfortably ahead of challenger Owen Smith who received 193,229 [...]
Snapchat to change its name to Snap Inc September 24, 2016 Messaging startup Snapchat has announced plans to change its name to Snap Inc., reflecting its move into other products. "We decided to drop the “chat” and go with Snap Inc!," it said in a statement today. It coincides with the release of its first hardware product Spectacles — sunglasses that can record up to 30 second videos [...]
Snapchat unveils sunglasses with a built-in camera September 24, 2016 Messaging startup Snapchat revealed its first foray into hardware today, with the release of video-sharing sunglasses. The widely-anticipated device, which the company is calling Spectacles, can record up to 30 second videos at a time and will go on sale later this year priced at $130 (£100). It's also changing the name of the company to Snap Inc., Snapchat said today. "We’ve [...]
Saudi Arabia offers to cut production by 1m barrels if Iran freezes output September 23, 2016 Reports suggest Saudi Arabia has offered to cut production by 1m barrels if its regional rival Iran agrees to freeze output. The de facto Opec leader's offer comes ahead of widely anticipated talks between the world's biggest oil producers taking place in Algeria next week. Sources told Reuters that the offer, which is yet to be accepted [...]
Goldman Sachs holds onto its commodities crown September 23, 2016 Goldman Sachs is still king of the investment banks when it comes to commodities trading. Data from analytics firm Coalition showed that the Wall Street stalwart made the most money from trading commodities such as oil, coal and metals after coming top in the past two years, Bloomberg reported. JP Morgan and Citigroup took second and third place [...]
Anglo American nabs new finance director from Fortescue Metals September 23, 2016 Anglo American said today it has nabbed its new finance director from Australian rival Fortescue Metals. Stephen Pearce will join the miner as finance director next year, replacing current finance director René Médori, who announced his decision to retire in April. Pearce will join Anglo's management committee on 30 January, before joining the board and taking over as finance director with effect [...]
Shell’s North Sea assets eyed by Maersk Oil ahead of split September 23, 2016 Maersk is reportedly in talks to buy Royal Dutch Shell's portfolio of North Sea assets as the Copenhagen-based shipping giant mulls splitting itself in two. The conglomerate said yesterday it will split its energy and transport divisions, enabling them to focus on their respective markets. The former has suffered amid a two-year oil price rout, while transport [...]
Oil prices fall as investors look to next week’s Opec meeting September 23, 2016 Oil prices fell overnight, ending two days of strong gains, as investors turned their attention to next week's meeting of the world's biggest oil producers. Brent crude, the global benchmark, fell as much as 0.99 per cent to $47.18 per barrel as traders took on a cautious attitude ahead of a gathering of oil producers [...]
