Chevron posts deeper-than-expected loss in the first quarter April 29, 2016 Chevron has posted a deeper-than-expected loss due to the oil price rout and tighter refining margins. The company swung to a loss of $725m (£495.4m) in the first quarter, or 39 cents per share, from a profit of $2.6bn, or $1.37 per share a year earlier. It posted revenue of $23.55bn during this period, compared [...]
Exxon Mobil profit beats expectations on leaner costs April 29, 2016 Exxon Mobil's profit plunged in the first quarter of this year, however cost cutting and asset sales helped it avoid an even messier set of results. The world's largest listed energy company's net income fell 63 per cent to $1.8bn (£1.2bn) in the first three months of 2016, or 43 cents per share, compared with $4.9bn, or [...]
Oil prices are charging towards their best month in seven years April 29, 2016 Oil prices whizzed higher this afternoon, leaving them set to clock their biggest monthly gain in seven years. It comes as both the US and global benchmarks hit their highest level this year, trading at $46.27 and $48.30 per barrel respectively. The weak dollar and falling US production helped offset concerns over a lingering glut of the [...]
Venezuela orders two-day working week as energy crisis bites April 29, 2016 Venezuela has given public sector workers a two-day working week as its government fights to weather a worsening power crisis. Britain was forced to introduce a three-day week to combat energy shortages during the 1970s. A coal miners' strike followed the first oil crisis when an Organization of Petroleum Exporting Countries (Opec) embargo sent prices soaring. Venezuela's president, Nicolás Maduro, said on [...]
At the open: FTSE 100 slips back after strong start to the week April 29, 2016 The FTSE 100 is finishing the week on the back foot as a series of disappointing trading updates weighed on the markets this morning. The benchmark index sank by one per cent on the open and stood at 6,262 in the first hour of trading – wiping off gains made earlier in the week and putting the [...]
Premier Oil share price rises after it completes acquisition of E.On North Sea assets April 29, 2016 Shares in Premier Oil skipped higher this morning after it completed the acquisition of E.On's North Sea oil and gas fields for $120m (£83m). The London-listed firm's shares rose as much as four per cent to 76.17p per share in early morning trading, giving it a market capitalisation of around £365m. Tom Durrant, chief executive of Premier, [...]
Boris Johnson (nearly) empties mayoral inbox after approving Alpha Square and former Westferry Printworks schemes April 28, 2016 With just a week left until his term as London mayor comes to an end, Boris Johnson will leave two major planning schemes in his inbox for his successor to review after giving the go-ahead two controversial developments this week. Plans for Alpha Square, a 63-storey residential tower being proposed by Asian property firm Far East [...]
When two don’t become one: Kensington & Chelsea clamps down on applications to combine homes April 28, 2016 First it was mega-basements, now joined homes are coming under scrutiny. The Royal Borough of Kensington & Chelsea (RBKC) has said it is keeping a stern eye on homeowners who want to knock properties together in attempt to meet its supply targets and prevent the loss of any more homes. Research from high-end property search firm [...]
Heron Tower owners secure £400m refinancing deal April 28, 2016 The owners of the Heron Tower in the City have agreed a £400m refinancing deal with ING and German bank Landesbank Baden-Württemberg (LBBW). The two banks have jointly underwritten the five-year senior term loan in a deal believed to value the tower at around £720m. Law firm Baker & McKenzie advised the banks on the deal while Olswang acted for the [...]
At the close: Miners send the FTSE higher as the banking roller coaster rolls on April 28, 2016 The FTSE 100 has somewhat recovered after a dreadful afternoon and has managed to pick up from earlier lows thanks to a rally in oil prices. The FTSE ended the day flat at 6,322.4 points, up just two points from 6,319.91 on Wednesday. Investors were initially caught off-guard by the news that the Bank of Japan would not extend its stimulus plan. [...]