Port Talbot steelworks set to be bought by management according to reports – while unions agree pay cut ahead of sale of Tata’s Scunthorpe steel plant to Greybull Capital April 19, 2016 The troubled Port Talbot steelworks may be saved as management step up with an offer. Stuart Wilkie, managing director of Tata Strip Products UK, is reported to be leading a management buyout of the plant. Tata's decision to sell its UK operations put 4,000 jobs at Port Talbot alone at risk, and some put the total [...]
Sigma Capital profits rise ten-fold as push into private rental sector pays off April 19, 2016 Kuwaiti-backed property developer Sigma Capital has posted a jump in full-year profits after its push into the growing private rental sector (PRS) paid off. The Aim-listed company, which has offices in London, Manchester and Edinburgh, said revenues increased by 74 per cent to £6.72m last year while profit from operations rose 877 per cent from £1.63m to £1.82m. Profit before [...]
Fitch: EMEA oil majors’ profits could plummet 22 per cent this year April 19, 2016 Fitch has warned that the earnings of seven oil majors in Europe, the Middle East and Africa could fall by 22 per cent this year, as the firms continue to be pummelled by the commodities rout. It would come after a 34 per cent drop in 2015, which the credit ratings agency described as a severe, although not disastrous [...]
Ashmore’s share price climbs as it stems outflows on improved emerging market confidence April 19, 2016 Ashmore Group has posted outflows of $1.1bn (£764m) in the three months to the end of March, making it the emerging market focused asset manager's seventh consecutive quarter of net outflows. Assets under management rose by $1.9bn to $51.3bn, beating analyst expectations. This time last year the manager was looking after assets totalling $61.1bn, however. Ashmore's blended debt, external debt, corporate debt, [...]
Next chief executive Lord Wolfson’s bonus halved last year as retailer fails to meet top earnings target April 19, 2016 Next chief executive Lord Wolfson's bonus fell to half the amount received the previous year after the retailer failed to meet its top earnings target. The Tory peer, who has been at the helm of the company for the past 15 years, was paid £4.76m in cash and shares last year, including a £503,000 bonus. Although that was still higher [...]
The FTSE 100 just hit a 2016 high April 19, 2016 Is this a sign stock market volatility has begun to ebb? The FTSE 100 hit its highest level in 2016 this morning, as a strike in Kuwait continued to do what this weekend's Opec summit in Doha couldn't: push oil prices up. The FTSE rose 0.5 per cent to 6,382 points in the first half-hour of trading, [...]
Oil continues its mighty ascent as Kuwait strike helps shake off Doha disappointment April 19, 2016 Oil is proving to be not so slippery after all this week, as the benchmark commodity extended yesterday’s gains to climb even further above $40 (£27.90) a barrel this morning. Brent Crude is now trading at $43.26, up 0.82 per cent and back to levels seen last Friday before the weekend’s shenanigans in Doha, where the [...]
IBM revenue drops for 16th consecutive quarter but beats expectations April 18, 2016 While software giant IBM 's revenue fell for the 16th consecutive quarter, its results beat analysts' expectations. The New York-based firm's operating earnings per share fell 19 per cent to $2.35 in the three months ended 31 March, but this still beat analysts' estimates for $2.09. The company's shares slumped slightly in early after-hours trading. Read more: Software giant IBM posts [...]
Brent crude and WTI: Oil price drop after Doha cushioned by Kuwaiti strikes April 18, 2016 The sharp drop in oil prices following the collapse of talks in Doha was cushioned by a Kuwaiti oil industry strike today. Brent crude, the global benchmark, tumbled more than seven per cent in early trading after oil majors, Opec (the Organisation of Petroleum Exporting Countries) and Russia failed to agree on a plan to freeze [...]
Citigroup says commodities rout is finally over April 18, 2016 Citigroup has called an end to the commodities rout which has sent shockwaves through the global economy, and pummelled the balance sheets of mining giants. "There is growing evidence that virtually all commodities have stared at a price bottom and are groping for a return to normal," Citigroup analysts wrote in a note received today. [...]