Halliburton to slash 5,000 jobs under pressure from low oil prices February 25, 2016 Halliburton announced today it is to slash 5,000 jobs, cutting its workforce by eight per cent, in a bid to withstand the prolonged weak oil market. The oil services company has already reduced global headcount by 25 per cent – almost 22,000 employees – since 2014. The price of the black stuff has plummeted since June [...]
Derwent London signs up Capita to Copyright Building after year of record lettings February 25, 2016 Derwent London said has struck a deal to let an entire office building in London's West End to professional services firm Capita as it posted a strong set of full-year results. The FTSE 250 developer said Capita has agreed to pre-let 87,150 square feet of office space at The Copyright Building on Berners Street more than a year ahead of completion, in [...]
Spirits company Diageo to pay $75m to Vijay Mallya after he steps down from United Spirits February 25, 2016 Owner of Johnnie Walker Diageo is to pay $75m (£53m) to Vijay Mallya in a deal that will result in the businessman stepping down as chairman of United Spirits. Mallya, an Indian businessman, sold United Spirits to Diageo in 2012. Diageo paid £1.8bn for a 55 per cent stake in the company. However, Diageo and Mallya [...]
At the close: FTSE 100 index surges as banks’ share prices including Lloyds, RBS and Barclays rise February 25, 2016 The FTSE 100 index rocketed on Thursday as banking stocks surged, supported by the news that fourth quarter UK GDP was revised upwards to 0.5 per cent. The index closed 2.48 per cent higher at 6,012 points, led higher by Lloyds Banking Group and RSA Insurance Group. "European banks were the centre of market turmoil two [...]
Two big US shale gas firms Continental Resources and Whiting Petroleum halt key projects February 25, 2016 Two of the largest US shale gas producers are halting key projects, as the once buoyant industry continues to cool. Continental Resources and Whiting Petroleum are halting fracking operations in Bakken, an area which has been one of the biggest drivers of the US shale gas boom. Leaving wells drilled but uncompleted enables shale gas [...]
Do you use the UK’s worst bank? Barclays voted the most disappointing bank – while First Direct is named top lender February 25, 2016 It's been a tough few months for the UK's lenders. And not one to miss a chance to kick a bank when it's down, Moneysavingexpert has unveiled its ranking of the UK's best and worst lenders – and it's not looking good for Barclays. The ranking put First Direct at the top, with 91 per cent of current account customers [...]
Countrywide blames volatile residential sales market for 40 per cent drop in profits February 25, 2016 Britain's largest residential property services group Countrywide suffered a 40 per cent slump in profits last year after a slowdown in house sales following the General Election and increasing competition from online agents took its toll on the group. The company, which owns 50 high street brands including Hamptons, Blundells and John D Wood, said pre-tax profits slumped to £47.7m in [...]
St James’s Place share price up after company hikes dividend and reveals strong operating profits for the year ended December 2015 despite uncertainty in global stock markets February 25, 2016 Share price in St James's Place rose today as the company impressed investors with a healthy operating profit for its year ended December 2015 and a hike to its dividend. The wealth management company reported operating profits of £660.2m for 2015, up from £596.4m in 2014, while profits from new business rose to £440.7m, up [...]
Premier Oil share price falls as losses widen on oil price rout February 25, 2016 The figures The UK-based Premier Oil's pre-tax losses swelled by 128.9 per cent to $829.6m in the year ended December 31st, up from $362.5m in 2014. The independent oil and gas company also announced $583.5m of impairment charges on lower near-term oil price assumptions, mainly relating to its North Sea Solan field project. Revenue fell 35 per cent to $1.1bn while oil [...]
Lloyds Banking Group cuts bonuses after PPI hits profits again February 25, 2016 Lloyds Banking Group may have hiked its dividends, but its workers are in for less of a treat. In a statement today the lender said its 2015 bonus has been cut to £353.7m. That figure is 4.3 per cent lower than last year's £369.5m. As a percentage of pre-bonus underlying profit, the bank's total bonus [...]