FTSE 100 Live: Pound dips and stocks set to slip as Andy Burnham victory triggers political uncertainty
BHP shares fall as iron ore output disappoints due to Samarco shutdown July 20, 2016 Shares in BHP Billiton fell today, after iron ore output from the world's biggest miner came in below expectations. Iron ore output fell 2.58 per cent on an annual basis to 227m metric tonnes in the year ended 30 June, below its original estimate of 247m metric tonnes. Read more: Industry veteran to head firm formed from Tata's [...]
Industry veteran to head firm formed from Tata’s long products division July 20, 2016 British Steel, the company that emerged from the sale of Tata Steel's European long products business to Greybull Capital, announced today that it has appointed industry veteran, Roland Junck, as executive chairman. Junck, who has stints at the helms of Nyrstar and ArcelorMittal under his belt, will lead the new firm until a permanent chief executive is found. [...]
Anglo American shares slip as bad weather takes shine off copper target July 20, 2016 Anglo American cut its annual target for copper output today, after severe winter weather chilled the miner’s operation in Chile. Its full-year guidance for copper output was slashed to between 570,000 and 600,000 tonnes for 2016, down from as much as 630,000 tonnes. The 2017 target was also revised lower. This year's output target for [...]
Why the UK will need more than rate cuts to offset Brexit shock July 20, 2016 Although growth has been less vigorous than in previous recoveries, the UK economy has made real progress since the Lehman-crisis — the private sector has deleveraged, household balance sheets have strengthened and labour market participation has reached a record high. The near-term Brexit-induced confidence shock promises to reverse some of these positive trends. Uncertainty will reign [...]
National Audit Office slams government’s decision to scrap carbon capture scheme July 20, 2016 The National Audit Office (NAO) today slammed the government's decision to scrap support for carbon capture storage (CSS) technology, a move it says will cost the taxpayer billions. The scheme would've helped the UK meet its green targets by removing and storing CO2 from coal or gas-fired power stations. Read more: Shell says UK energy demand set to fall [...]
Rio Tinto sinks to bottom of the FTSE 100 as output misses estimates July 19, 2016 Rio Tinto tumbled yesterday, as the miner's second quarter production results came in below expectations. Rio continued to feed the global glut of iron ore, as production in Australia swelled eight per cent annually to 80.9m metric tonnes in the second quarter. Meanwhile, the group's global copper output rose five per cent to 141,000 tonnes. Read more: Rio Tinto lowers 2017 iron ore [...]
Oil wavers as traders weigh glut fears against supply disruptions July 19, 2016 Oil prices dipped in and out of positive territory yesterday, as traders weighed fresh output disruptions against persistent oversupply fears. Brent crude, the global benchmark, remained flat at $46.96 in afternoon trading, having fallen 1.4 per cent yesterday. And US crude, known as West Texas Intermediate, dipped 0.46 per cent to $45.03, after settling about 1.6 [...]
How nuclear terrorism is a $1bn opportunity for this UK firm July 19, 2016 Radiation detection firm Kromek believes its product, which helps security services protect cities from nuclear terrorism, presents a $1bn opportunity in the next five to 10 years. The DS3 detectors — small, blackberry-like devices that can be carried around by individual police officers — create a comprehensive heat map of radiation. This then identifies irregular radiation sources, such as a person [...]
EEF warns Brexit vote will leave manufacturing sector in recession until 2017 July 19, 2016 EEF issued a stark warning about the impact of the Brexit vote on Britain's manufacturers today, as its forecasts now suggest the sector will stay in recession until 2017. The industry body predicts it will shrink by 0.3 per cent this year, and 1.1 per cent in 2017. This compares to previous predictions for it to remain flat [...]
Businesses can provide the equivalent electricity of six new power stations July 19, 2016 Manufacturing sites, hospitals and retail stores all have the potential to provide 10 times more electricity supply — or the equivalent of six new power stations Up to six per cent of Britain's peak electricity requirement, or 9.8 gigawatts, could be met by businesses better managing their electricity demand and onsite generation, according to a new report from the Association [...]
