Judge freezes miner Vale’s assets after burst dam kills 58 in Brazil January 28, 2019 Prosecutors in Brazil have seized over £2bn in assets from Vale to ensure the miner patches up a dam which burst on Friday, killing over 50 people. Hundreds are still missing, presumed dead, after mud and water buried homes and mining facilities in the town of Brumadinho. Read more: At least 17 people killed after BHP Billiton [...]
Petra Diamonds’ stock rally hit by falling prices at crown jewel mine January 28, 2019 Petra Diamonds' shares dropped heavily this morning after prices fell at the mine which produced the British crown jewels' two largest diamonds. A revenue increase of eight per cent to $207m was not enough to boost investor confidence after like-for-like diamond prices dropped four per cent, hit by lower-quality output from its Koffiefontein and Cullinan mines. [...]
Saudi Aramco strengthens grip on South Korean demand with $1.6bn deal for Hyundai Oilbank stake January 28, 2019 The world’s largest energy company Saudi Aramco is looking to take a $1.6bn (£1.2bn) stake in a South Korean oil refiner, as it seeks to diversify its portfolio. The firm is planning to take a 20 per cent of Hyundai Oilbank, the smallest refiner in the country. Read more: Saudi Aramco signs $25bn in deals as [...]
Shell to announce pumped up profits on high oil prices January 27, 2019 Oil giant Royal Dutch Shell is set to announce soaring annual profits this week, although fourth quarter results will be affected by a drop in oil prices at the end of last year. Net income is expected to rise 34 per cent to $21.1bn (£15.9bn) in the full year to the end of December 2018, up [...]
Energy watchdog to launch review in a bid to protect businesses from abusive brokers January 27, 2019 The UK’s energy regulator is to launch a review of the energy market for small businesses this year in a bid to stamp out abusive practices by brokers. Ofgem said it will conduct a strategic review of the microbusiness retail market “to understand market challenges and consumer experience” and to identify actions it should take [...]
The Bureau of Investigative Journalism secures £800,000 to fund growth January 25, 2019 The Bureau of Investigative Journalism has secured a new round of fundraising, bucking the trend after a torrid week of job cuts among digital media outlets. The not-for-profit news organisation said it has received £800,000 over two years from global charity Luminate, which was set up by eBay founder Pierre Omidyar. Read more: Buzzfeed and Verizon [...]
ECB Headwinds, IMF downgrade for Europe – What Can We Expect from 2019? January 25, 2019 | City Talk This week bankers and leaders around the globe have come together for the World Economic Forum in Davos. A key topic has been what we can expect from 2019 and beyond, in the face of a global slowdown, climate change, the US shutdown, trade wars and Brexit. On top of that, the ECB revealed that [...]
Jardine Matheson briefly loses $41bn in value following mystery trade January 24, 2019 Hong Kong-British conglomerate Jardine Matheson briefly lost $41bn (£31.5bn) in its share value today with the company blaming an electronic trading error. Jardine Matheson’s Singapore-listed shares traded down 83 per cent before rebounding, in what was originally suspected to be a so-called fat-finger trade. Around 167,500 shares in the company traded at $10.99 versus Wednesday’s [...]
Business lender Iwoca gets a helping hand with £7.5m from London fund Augmentum Fintech January 24, 2019 Small business lending challenger Iwoca is planning to close its next funding round within weeks, as the first stage of investment is revealed. London-listed fund Augmentum Fintech has plugged £7.5m into the round, which Morning Wire understands to be part of a much larger series D raise to be announced in early February. A representative for Iwoca declined [...]
Shares plunge in listed law firm Gordon Dadds following £10m placing January 24, 2019 Shares in listed law firm Gordon Dadds plunged nearly 25 per cent today after it announced a £10m share placing. The firm said the accelerated bookbuild was successful and oversubscribed, conditional on the passing of a placing resolution at a general meeting and the admission of the shares to the Aim market. The firm’s share price [...]