Vedanta Resources gets more leeway with debt covenant change April 11, 2016 Shares in Vedanta Resources rose today, after the miner secured changes to its debt covenants which will give it more financial leeway amid the commodity price rout. The India-focused miner said certain changes agreed with creditors at its request came into effect on 31 March, the end of its financial year, and will stand until 30 [...]
Proptech: Aviva backs property tech start-up Opun with £3m funding April 11, 2016 An online property startup that helps homeowners find local contractors to repair their homes has secured £3m of funding from Aviva's new capital venture arm. Opun, which was founded two years ago by entrepreneurs Rod Brown and John Cushing, acts effectively like a broker by putting renters or landlords in touch with craftsmen in their area and [...]
Cranswick’s share price hops higher with £40m acquisition of East Anglian poultry farm April 11, 2016 Pork producer Cranswick has announced it is fattening up its operations with the acquisition of a family-owned poultry business for £40m, sending shares up by more than six per cent this morning. The FTSE 250-listed food producer, which supplies products ranging from sausages to pies to supermarkets such as Sainsbury's, said it has bought the entire issued share capital of CCL Holdings and [...]
Row over BP boss Bob Dudley’s pay ramps up April 11, 2016 The row over BP chief executive Bob Dudley's pay packet stepped up a gear today, after shareholder advisory group ShareSoc urged its members to vote against the oil major's remuneration report. It comes amid rising ire among shareholders and advisors about Dudley's $19.6m (£13.9m) compensation package for last year. Read more: BP's Bob Dudley banks $19.6m despite losses BP wants to [...]
Moody’s downgrades Shell due to BG acquisition April 9, 2016 Moody's has slashed Royal Dutch Shell's credit rating, citing the impact of its £36bn acquisition of smaller rival BG on its leverage. The two companies merged on February 15, creating the world's second-biggest publicly-traded oil and gas company measured by market cap. But the credit ratings agency warned today that it has left Shell with increased leverage, leading [...]
FTSE 100 closes at a new 2016 high after commodities rally April 8, 2016 The FTSE 100 caught the Friday feeling today, closing at a high for the year after bouncing off some upbeat commodities stocks. The bluechip index clocked out for the week at 6,204, up 1.1 per cent and its highest close since jolly New Year's Eve traders-cum-revellers saw it hit 6,242 on the final day of last [...]
Tullow Oil share price slides as it confirms damage to Ghana field April 8, 2016 Tullow Oil will suffer reduced oil output due to a damaged ship at its Jubilee field in Ghana, however the company assured it won't have a "material impact" on revenue. The FTSE 250-listed oil explorer expects production to restart in two weeks, but under revised conditions. And it'll still take time to ramp up, Tullow added. The company will re-issue [...]
Oil gushes higher as it heads for best week in five April 8, 2016 Oil prices sprung into action this afternoon, helped by rising hopes for a freeze deal when the world's major oil producers meet next Sunday. Brent crude, the global benchmark, rose 4.6 per cent to $41.23 per barrel this afternoon, and it's up 6.6 per cent for the week. If it holds onto these gains Brent [...]
Antofagasta names replacement to outgoing chief executive April 8, 2016 London-listed copper miner Antofagasta has appointed an insider to replace outgoing chief executive Diego Hernández who is retiring with immediate effect. Iván Arriagada, who has been head of the FTSE 100-listed company's minerals division since last February, was widely tipped to be Hernández 's successor. Read more: Antofagasta's revenue falls on copper price rout He'd previously worked for a string of commodity titans, including BHP [...]
Brent crude and WTI: Where big banks think the oil price is heading next April 8, 2016 Speculation about when the tarnished black gold will recover continues to swirl around financial markets. The chatter is growing louder as the world's major oil producers prepare for a crunch meeting due to take place in Doha next Sunday. They're widely expected to firm up a preliminary oil freeze deal in February between four countries – Saudi Arabia, [...]