Oil majors to stage sharp rebound due to crude’s modest revival July 24, 2016 Oil majors' second quarter earnings will show a sharp rebound when they're released next week, largely due to a modest recovery in the world's stricken oil markets. BP will kick off proceedings when it reports on 26 July, followed by Total and Shell on 28 July and Exxon and Chevron a day later. "Oil majors' second quarter 2016 earnings [...]
Steel overcapacity recognised by G20 amid global crisis July 24, 2016 The world's biggest economies recognised the need for an international response to the problems wrought by industrial overcapacity, particularly in the embattled steel sector. A statement that coincided with the meeting of G20 finance officials said: "We recognise that excess capacity in steel and other industries is a global issue which requires collective responses." Read more: Industry veteran to [...]
Lords to investigate energy market as supply security “seriously threatened” July 21, 2016 The House of Lords economic affairs committee today launched a new inquiry into whether there are failures in the UK energy market. The committee is worried that government policies to keep the lights on this winter provide poor value for money for consumers and taxpayers. Read more: National Grid to take bids for one of world's [...]
Swedish group trumps Trump with UK offshore wind farm near his golf resort July 21, 2016 A wind farm, which had been opposed by controversial US presidential candidate Donald Trump, got given the go-ahead today. Swedish energy firm Vattenfall confirmed it will invest £300m in the 11-turbine wind farm off the coast of Aberdeen. It will take 100 per cent ownership of the project, having bought Aberdeen Renewable Energy Group's 25 per cent [...]
North Sea oil firms urged to revisit contingency plans after Brexit vote July 21, 2016 Companies operating in the North Sea are being urged to revisit contingency plans drawn up amid fears of a sustained oil price rout, following the Brexit vote. Crude fell as low as $27 per barrel in January, nearly 80 per cent below its peak in June 2014. This forced firms in the basin to think about [...]
Ashtead shares pop on the back of US peer’s strong results July 21, 2016 Ashtead Group was lifted by a solid set of financial results from its US peer United Rentals. The UK equipment rental company became the FTSE 100's biggest riser today, as its shares swelled 4.4 per cent to a one-year high in early morning trading. Read more: Ashtead builds on a set of good results United Rentals' second quarter [...]
Cairn Energy at centre of HSBC rate-rigging allegations July 21, 2016 Cairn Energy is the client at the centre of a US investigation into rate-rigging, currency fixing and market manipulation, City A.M understands. US prosecutors allege two senior HSBC employees artificially boosted sterling ahead of a $3.5bn deal (£2.7bn in today's prices), netting the bank around $8m in profit. Bloomberg reported that the oil explorer had hired HSBC in 2011 to convert the sales proceeds of [...]
MPs sound alarm over CMA remedy for energy price comparison sites July 21, 2016 MPs have written to new business secretary Greg Clark, urging him not to implement a Competition and Markets Authority recommendation which would no longer require energy price comparison sites to show potential switchers the whole market. The energy and climate change committee warned that the move could undermine consumer trust in the energy market and strangle competition. [...]
London-listed miner Kennedy Ventures to raise £2m towards lithium project July 20, 2016 Kennedy Ventures is raising £2m to help fund the miner's potential lithium project in Africa. The Aim-listed firm will issue 66.7m shares at 3p each, nearly 40 per cent below its closing price on Tuesday. Read more: General Electric backs German renewable battery start-up Sonnen The cash will be used by its 75 per cent [...]
