FTSE finishes the week higher after Brent crude, WTI oil and commodities prices rally March 4, 2016 The FTSE 100 finished the week comfortably above the 6,000 mark, after a week in which the price of oil surged. The FTSE finished at 6,199 points – 1.1 per cent higher. That brought its total rise for the week to 1.7 per cent. The rally came after the price of oil surged every day [...]
BP group chief executive Bob Dudley rakes in $19.6m, including a boost to bonus, for year ended December 2015, despite the oil and gas company tumbling into a loss-making position March 4, 2016 BP's group chief executive Bob Dudley took home $19.6m (£13.8m) last year, despite the oil and gas company plummeting into a loss-making position. The company's year ended December 2015 annual report, which was published today, reveals that Dudley's remuneration packaging including pension had risen by 19.7 per cent from $16.4m the year before. The amount Dudley received as [...]
Goldman Sachs set to cut up to 10 per cent of fixed income and currency trading staff March 4, 2016 Goldman Sachs is set to cut between five and 10 per cent of staff in its fixed income and currency trading business. Reuters reports the cut is part of an annual process usually resulting in around five per cent of total staff leaving. Read more: Goldman Sachs profits plummet amid legal costs The bank employed 36,800 people at [...]
Glencore, Anglo American and Antofagasta share price: FTSE miners continue rally as copper prices pop March 4, 2016 London-listed miners continued to rally today, as copper prices surged towards the biggest weekly gain in four months as investors returned to riskier assets. Bright economic data out of the US, coupled with rising oil and commodity prices have encouraged investors. It was reinforced by hopes for further monetary stimulus from China. On the London Metal [...]
North sea oil firms warned of serious organised crime threat from gangs as prices fall March 4, 2016 The embattled North Sea oil sector has been warned it's being targeted by gangs of organised criminals, as firms there cut costs in the face of tumbling oil prices. Police are approaching big companies on concerns that gangsters could try to undercut legitimate businesses which provide waste or security services. Oil prices have fallen from [...]
London Stock Exchange chief executive talks up prospect of “industry-defining combination” with Deutsche Boerse March 4, 2016 London Stock Exchange Group's chief executive has talked up the “industry-defining combination” a potential merger with Deutsche Boerse would create. In a conference call this morning following the release of LSEG’s preliminary 2015 results, Xavier Rolet spoke of the company’s “global aspirations”. But he said he was unable to answer questions about a potential offer from New [...]
Guy Hands is now chairman, chief investment officer and interim chief executive of Terra Firma as it says boss Tim Pryce will step down March 4, 2016 Guy Hands' private equity firm, Terra Firma, has announced its chief executive is planning to step down. In a statement today, Terra Firma, which has stakes in Odeon and Wyevale Garden Centres, said Tim Pryce will relinquish his role as chief executive after seven years – although he will remain as managing director of the firm and [...]
High Street sales slip back into the red in February as shoppers hold out for bargains March 4, 2016 A resurgence in shoppers flocking to the high street at the start of the year came abruptly to a halt in February after sales slumped back into the red. Accountancy firm BDO's monthly high street track released today shows a 1.7 per cent fall in sales for February – the first negative growth for the month of February since 2012 [...]
National Grid warns government over handing blackout responsibilities to energy regulator Ofgem March 3, 2016 National Grid has warned that handing over its role in preventing blackouts to energy regulator Ofgem would only serve to bring further uncertainty to the market. The department of energy and climate change is looking at options for improving energy security, including greater independence for the system operator – which some believe means giving blackout [...]
BHS appoints KPMG as it pursues CVA in bid to end deadlock with landlords over unsustainable rents March 3, 2016 Struggling department store chain BHS is set to enter into a company voluntary arrangement (CVA) in an effort to deal with "unsustainable" rents, which could see the group, previously owned by retail mogul Sir Philip Green, disposing of a number of stores. A CVA allows insolvent companies to pay creditors over a fixed period, while continuing [...]