Oil re-enters bull market as it shrugs off rising Saudi exports August 18, 2016 Oil thundered back into bull market territory today, despite rising exports from de facto Opec leader Saudi Arabia. Brent crude, the global benchmark, swelled 0.92 per cent to $50.31 per barrel on London's ICE Futures Exchange this afternoon. Its US counterpart, West Texas Intermediate crude, rose 1.75 per cent to $47.61. Both benchmarks are now up [...]
Kaz Minerals shares jump as new copper mines progress August 18, 2016 Shares in Kaz Minerals closed up 9.90 per cent to 179.90p this afternoon, on a jump in pre-tax profits and progress at its two key copper mines in Kazakhstan. The figures The Kazakhstan-focused firm's revenue fell 11 per cent to $302m (£229.7m) in the six months ended 30 June, down from $341m in the first half of 2016. [...]
Premier Oil shares rise as the weaker pound helps it swing to profit August 18, 2016 Shares in Premier Oil rose as much 3.59 per cent to 79.25p in opening trading after the independent oil and gas producer returned to profit in the first half of the year. The figures Premier Oil reported pre-tax profit of $110m (£83.57m) in the six months to June, up from a loss of $214.6m in the same period [...]
Remove trade barriers to meet green goals, World Energy Council says August 18, 2016 Tearing down barriers to trade and investment in energy would help countries meet their green goals, the World Energy Council has said. The UN-accredited body believes this would speed up the creation of a lower-carbon energy system. It would help countries obtain cheaper, more secure and more sustainable power generation. Read more: Q&A with the World [...]
Victoria’s Secrets owner L Brands’ second quarter results beat expectations August 17, 2016 Victoria's Secrets owner L Brands' shares jumped in after-hours trading after it shook off retail industry woes with rising sales and earnings. The company, which also owns Pink and Bath & Body Works, reported comparable sales rose two per cent to $2.89bn in the second quarter ended 30 July. During this period it opened seven [...]
Cisco becomes latest tech giant to slash jobs August 17, 2016 Networking giant Cisco confirmed plans to axe around seven per cent of its global workforce. The layoffs — which amount to 5,500 jobs — mean it will join other tech giants such as Microsoft, Intel and HP who have all made sizeable layoffs in recent years. Read more: The US stocks bucking the global selloff trend (for now) It came [...]
London police swoop on Sage employee amid fraud investigation August 17, 2016 Canada Police arrested a Sage employee today at Heathrow airport on charges of conspiring to defraud the accountancy software maker. The woman was arrested in connection with an alleged fraud against the firm. She has since been bailed, the statement said. Read more: Sage Group transformation leads to revenue boost Over the weekend, [...]
US Federal Reserve minutes contain hawkish undertones August 17, 2016 The minutes from the US Federal Reserve's meeting on 26-27 July showed growing support for an interest rate rise. An unnamed individual agreed with the Federal Open Market Committee member who voted to increase borrowing costs at the meeting. "Given their economic outlook, they judged that another increase in the federal funds rate was or would soon be warranted, with a [...]
Global oil nudges “magic number” $50 per barrel August 17, 2016 Oil headed toward the "magic" $50 mark this afternoon, after a larger-than-expected drop in US oil stocks buoyed investor confidence. Brent crude, the global benchmark, jumped 0.91 per cent to $49.68 per barrel on London's ICE Futures Exchange this afternoon. Its US counterpart, West Texas Intermediate crude, rose 0.26 per cent to $46.70 on the New York [...]
China warns “protectionist” Australia after it blocks investment in energy grid August 17, 2016 Beijing warned over its future willingness to invest in Australia, after two Chinese firms were prevented from taking a controlling stake in its largest energy network. State Grid Corporation, which is a Chinese state-backed firm, and billionaire Li Ka-shing's Hong Kong-based Cheung Kong Infrastructure had submitted bids of more than A$10bn (£5.94bn) for a 50.4 per cent stake [...]
