International court backs Philippines in South China Sea dispute July 12, 2016 A United Nations tribunal today ruled in favour of the Philippines, in a case it bought against Chinese claims to maritime rights in the South China Sea. Beijing had ramped up its rhetoric ahead of the decision, with president Xi Jinping warning earlier this month that it is "not afraid of trouble". But the Permanent Court of [...]
Oil hovers rebounds from two-month low as traders eye Opec monthly report July 12, 2016 Oil pushed away from a two-month low today as supply squeezes threatened to re-emerge. Brent crude, the global benchmark, jumped 1.82 per cent to $47.09 per barrel this morning. Meanwhile, West Texas Intermediate crude, the US benchmark, swelled 1.52 per cent to $45.44. Read more: UK's largest oil and gas engineer Amec clinches two North Sea contracts Traders told Reuters that this [...]
EDF takes big bite out of Chinese wind energy developer July 12, 2016 Embattled French utility giant EDF has taken a majority stake in UPC Asia Wind Management. The firm's renewables unit, EDF Energies Nouvelles, paid an undisclosed amount for a stake in the Chinese company which develops and builds wind projects. EDF added that partners UPC China and US-based Global Environment Fund will remain shareholders. The company has singled [...]
Britain gets more power from sun than coal for first time in May July 12, 2016 Britain has generated more electricity from the sun than coal-fired power plants for the first time on a monthly basis, new research has shown. Solar panels in homes and businesses across the UK produced 1.38 teratwatt hours (TWh of electricity) in May. The Times reported that was much more than coal-fired power stations, which added 0.89 TWh of electricity according [...]
UK’s largest oil and gas engineer Amec clinches two North Sea contracts July 12, 2016 Amec Foster Wheeler said today that it has won two North Sea contracts with oil explorer Repsol Sinopec. The FTSE 250-listed firm has agreed to provide labour at seven offshore sites across Scotland, in addition to looking after the modifications and repairs. Read more: Oil further below $50 as economic storm clouds gather over Asia Both contracts are for [...]
Consumer spending rises as Shoppers shrug off Brexit vote but uncertainty lingers July 12, 2016 Shoppers have so far shrugged off Britain's vote to leave the European Union, but its future impact remains mired in uncertainty. Consumer spending swelled 3.1 per cent on an annual basis in the second quarter, according to data from Barclaycard, as the last two months helped offset a less impressive performance in April. Read more: Investor confidence index drops [...]
Standard Chartered snaps up 10 Boeing Next Generation 737-800s July 11, 2016 Standard Chartered said that it had placed a $960m (£741.11m) order for 10 shiny, new Boeing Next-Generation 737-800s. The investment bank said that they will be added to its portfolio of over 110 aircraft that are rented out to clients worldwide. The announcement was made as the Farnborough air show kicked off today. Read more: David Cameron has announced a new [...]
Moody’s issues warning over “fragile five” Opec member Angola July 11, 2016 Moody's issued a stark warning over Angola "going it alone" today, after the fragile five Opec member halted funding talks with the International Monetary Fund. Angola suspended talks over a three-year loan which would've supported its foreign exchange reserves and the government's difficult fiscal adjustments. Longer-term, the cash could've helped it reduce its reliance on oil. Read more: Nigeria [...]
Oil further below $50 as economic storm clouds gather over Asia July 11, 2016 Oil fell further below $50 per barrel today, amid fresh concerns that weak economies in Asia would sap demand there. Brent crude, the global benchmark, fell 1.24 per cent to $46.18 per barrel in early afternoon trading. Its US counterpart, West Texas Intermediate, slumped 1.32 per cent to $44.81. Read more: Norway union and oil [...]
Petrofac pulls plug on contract with Malaysian state-owned oil firm Petronas July 11, 2016 Petrofac shares popped today after the oilfield services provider scrapped a contract with Malaysia's state-owned oil firm. Petrofac's Malaysian subsidiary and its partners agreed an early stoppage to the development of the the Beranti gas field, located about 150km offshore Peninsular Malaysia, with Petronas. Petronas was due to pay Petrofac $357m (£275.4m) for the contract last year, which resulted in a profit of just $1m [...]
