Fitch warns European oil majors unlikely to break even this year August 3, 2016 Fitch warned today that the cash-strapped European oil majors are unlikely to break even until next year. It comes after Royal Dutch Shell, BP, Total and Eni revealed a disappointing set of first half results. They didn’t benefit as expected from oil prices swelling about a third during this period. The credit ratings agency said the results suggest big oil [...]
Rio Tinto share price falls as first half profits nearly halve August 3, 2016 Shares in Rio Tinto fell 0.70 per cent to 2,424.50p per share today, after the miner's first-half profit fell to its weakest in 12 years. The figures: Rio's underlying earnings tumbled 47 per cent year-on-year in the first half to $1.56bn, from $2.92bn. This beat analysts' forecasts of around $1.46bn. Its efforts to shrink net debt also exceeded expectations, falling [...]
Tighter pensions rules urged to avoid BHS-style failures August 3, 2016 The Pensions Institute has issued a stark warning over businesses "milking and dumping" pension schemes, as it called on the government to do more to prevent this. It came after a study by Keith Wallace, president of the Association of Corporate Trustees and author of the report, found dozens of examples of businesses exploiting surpluses and shedding deficits in [...]
Fund manager warns investors UK dividends “likely to fall” August 3, 2016 The managers of the £655m Evenlode Income Fund have warned that UK dividends are "likely to fall over the next year or two". Hugh Yarrow and Ben Peters said that the referendum vote could make it more difficult for UK domestic sectors – such as banks, commercial properties, construction, house builders and retailers – to sustain [...]
US oil holds above $40 after falling into bear market territory August 2, 2016 Crude prices crept into positive territory today, after US oil dropped below $40 per barrel for the first time since April yesterday. Brent crude, the global benchmark, rose 0.69 per cent to $42.43 per barrel in late afternoon trading. Its US counterpart, West Texas Intermediate, swelled 0.17 per cent to $40.23. Increases in the number of [...]
Fresnillo shares rise after its profits more than double August 2, 2016 Fresnillo shares sparkled today, after the precious metals miner struck gold in the first half of 2016. It comes on the back of investors boosting gold and silver prices by rushing into the so-called safe haven assets following Britain's decision to leave the European Union in June. Read more: The Royal Mint hails best results in over a thousand [...]
Engineer Rotork tumbles as it warns on impact of low oil prices August 2, 2016 Rotork fell to the bottom of the FTSE today as its clients deferred spending due to the oil price downturn. The figures Rotork's group revenue fell 3.7 per cent to £263.9m in the first six months of 2016, driven by weak order growth last year, and was down from £274.2m a year earlier. The company's pre-tax profit fell 32 per [...]
Oil rout forces Kuwait to hike petrol prices 80 per cent August 2, 2016 Kuwait will hike its petrol prices by more than 80 per cent from 1 September, as part of the Opec member's adjustment to lower for longer oil prices. Its cabinet said yesterday that the price for the highest grade petrol would rise to 165 fils a litre, from 90 currently, according to a report by state news agency KUNA. Read [...]
