European banking shares take a hammering as Deutsche Bank falls to its lowest ever June 16, 2016 European banking shares dropped today – with Deutsche Bank's share price falling to its lowest-ever in early trading. Deutsche shares fell as low as €12.94 , 2.5 per cent lower, while the UK's big four lenders were also hit, with HSBC dipping 1.1 per cent to 420.95p, Barclays falling 2.5 per cent to 157p, Royal [...]
FTSE 100 firms pay billions to shareholders as pension deficits balloon June 16, 2016 Fresh research has shown that 35 of Britain’s biggest companies paid out more in dividends than their ballooning pension deficits. And 54 FTSE 100 firms paid out a total of $48bn to their shareholders annually for the past two years, almost equal to their combined pension scheme deficit of $52bn. Read more: Show us the money: [...]
Wood Mackenzie: Oil industry to cut $1 trillion spending as North Sea hits “critical phase” June 15, 2016 The global oil industry will spend $1 trillion (£704bn) less on development and exploration in 2015-20, just as the UK's North Sea sector hits a critical phase. Development investment will be around 22 per cent less than what was anticipated before the oil price rout started in the middle of 2014. And an additional $300bn will be cut [...]
At the close: FTSE 100 back on the up as markets and sterling recover some lost ground June 15, 2016 The FTSE 100 ended a four-day losing streak and sterling recovered some of its lost ground in a reassuring day for the markets. After yesterday's routing which wiped £30bn from the UK's leading companies, the blue chip index ended up 0.7 per cent at 5,966.80. That wasn't enough, however, to offset even half of yesterday's dramatic losses, [...]
Goldman Sachs declares end to oil price recovery June 15, 2016 Goldman Sachs has dismissed what's been described by some analysts as a recovery in the global oil markets. The uber bear said it expects a "modest" deficit in the coming months due to current prices, before the market returns to surplus early next year. Rising demand, falling US oil output as well as supply disruptions [...]
Rarer than a unicorn? This venture capital firm just floated in London June 15, 2016 Draper Esprit, the European firm which has backed startups such as LoveFilm, Graze and Lyst has made its stock market debut in a rare move for a venture capital firm.. With a dual listing on Aim and Ireland's Enterprise Securities market (ESM), shares on London's junior market were up as much as four per cent on the [...]
Hollywood Bowl strikes for £280m London IPO June 15, 2016 Hollywood Bowl Group, the UK's largest 10-pin bowling operator, will float on the London Stock Exchange next month in a deal valuing it at around £280m. The group, which runs 54 bowling centres around the country, has been striving to modernise the popular pastime with Americana-themed diners, licensed bars and interactive scoring systems that "customers didn't even know they wanted". Steve [...]
With 10-year German bunds now yielding less than nothing, are bond markets a disaster waiting to happen? June 15, 2016 Tim Price, manager of the VT Price Value Portfolio, says Yes. Almost certainly, yes. With 10-year German bond yields having turned negative, there is now $11 trillion worth of sovereign debt around the world that yields less than nothing. And yet there has never been more debt in the system. The word “madness” springs to mind. [...]
North Sea to warn government subsea sector risks losing world-leading position June 14, 2016 North Sea oil and gas leaders will deliver a stark warning to the government tomorrow, saying that the subsea sector risks losing its world-leading position. Industry body Subsea UK is leading a delegation to tell Westminister what it must do to help the embattled sector, which focuses on the exploration, drilling and development of oil fields located [...]
IEA says global oil markets appear to be balancing June 14, 2016 The International Energy Agency has joined the rising crescendo of voices which have said oil markets are moving towards balance. "At halfway in 2016, the oil market looks to be balancing," according to the IEA's widely watched monthly oil report released today. But this wasn't enough to lift investors' confidence, with oil prices staying below $50 per barrel. Read [...]