Oil shakes off losses after Saudis hint at action to stabilise crude market August 11, 2016 Oil prices jumped today after Saudi Arabia said Opec could take action to stabilise crude markets. Saudi energy minister Khalid al-Falih said the Organisation of Petroleum Exporting Countries and non-Opec members would discuss the current situation, and whether there was a need to stabilise prices, at an informal meeting on 26-28 September. Fears that the market [...]
Commodities trader Noble swings to second quarter loss August 11, 2016 Embattled commodities trader Noble swung to a loss in the second quarter, as it continued with a turnaround plan to regain investor confidence. The Hong-Kong based group said today that it had initiated the sale of its power marketing business Noble Americas Energy Solutions, with the proceeds due to be ploughed into its turnaround plan. "Interest in [...]
Australia moves to block Chinese investment in energy grid August 11, 2016 Australia's government is taking steps to stop two Chinese firms from taking a controlling stake in its largest energy network, citing national security concerns. It puts Australia in a similar position to the UK, where the politicians must balance security concerns related to China's involvement in Hinkley against the importance of a good relationship with the world's second [...]
These airports have the most expensive parking charges August 11, 2016 The RAC has slammed airports across the UK for charging customers "sky high" parking fees. It said that most of the UK's 20 busiest airports charge motorists for dropping off passengers, however six of them "still offer some free parking provision". London's Luton and Stanstead airports insist on a minimum of £3 for a stay [...]
Chinese firm linked to Hinkley Point accused of nuclear espionage August 11, 2016 The Chinese firm which has been lined up to invest in the Hinkley Point C power plant is facing a nuclear espionage charge in the United States. China General Nuclear Power (CGN) allegedly conspired to steal American energy industry secrets to fast track the development and production of Chinese reactor technology. Read more: Is May set to abandon [...]
Gold miner Centamin glitters as it hikes production estimates August 10, 2016 CENTAMIN’s solid set of half-year results, in which it cut costs and boosted production, helped its shares close up 1.28 per cent to 173.80p today. The figures Centamin's gold production swelled 30 per cent year-on-year to 140,306 ounces in the six months to 30 June. The gold miner's production costs per unit shrank 34.70 per cent [...]
Toscafund urges Speedy Hire chairman to resign ahead of general meeting August 10, 2016 Activist investor Toscafund today published an open letter to Speedy Hire, reiterating its call for the industrial tools and equipment rental firm's chairman to resign. Toscafund believes Jan Astrand has failed to deliver during his time as executive chairman and lacks the "appropriate track record or attitude" to oversee the company's turnaround. It now wants him to resign ahead of [...]
Brent crude and WTI: Oil tumbles after US oil stocks unexpectedly rise August 10, 2016 Crude prices tumbled this afternoon, as a surprise build in US oil inventories offset the second-biggest weekly drop in US gasoline stocks this summer. Brent crude, the global benchmark, fell 1.78 per cent to $44.18 per barrel, while its US counterpart West Texas Intermediate crude slipped 1.87 per cent to $41.97. Read more: Fitch warns European oil [...]
Coal industry urges UK government to reconsider carbon capture storage August 10, 2016 THE COAL industry is urging the new government to change its stance on support for the development of carbon capture storage (CSS). The World Coal Association, which represents FTSE-listed miners such as Glencore and Anglo American, has written to business secretary Greg Clarke asking him to better support the requisite technology in the UK. CCS would remove and store CO2 emissions [...]
Opec warns of “lingering concerns” over US and European oil demand August 10, 2016 Opec today flagged "lingering concerns" over weak demand from US and European oil refiners, a factor which has contributed to the recent fall in crude prices. The Organisation of Petroleum Exporting Countries (Opec) said, despite the recent fall in oil prices, refining margins weakened last month due to a glut of oil products such as petrol. This was [...]
