Wework downgraded by Fitch after IPO troubles leave hole in finances October 2, 2019 Global ratings agency Fitch has downgraded WeWork’s credit rating two notches to “CCC+”, pushing the office space giant into junk territory following the official withdrawing of its initial public offering (IPO) filing. Wework had hoped to raise at least $3bn (£2.4bn) from the floatation as well as borrowing a further $6bn in a loan contingent [...]
FTSE 100 sinks as Brexit ultimatum and manufacturing crisis pummel European stocks October 2, 2019 The FTSE 100 fell one per cent in early trading today as markets stumbled over Boris Johnson’s “take it or leave it” Brexit ultimatum and weak US economic data. London’s blue-chip index dropped to 7,287.8 points shortly after open today, following global stocks plunging into a sea of red overnight. Read more: Boris Johnson’s ‘clarity [...]
Aston Martin: The float that left the City shaken, not stirred October 2, 2019 Over the years, Aston Martin observers have watched the firm’s most famous client, James Bond, career into the river Tiber, skid across the polar ice caps and hurtle off an alpine road in its cars. Each time, ludicrously, he emerges alive. So when chief executive Andy Palmer told investors: “We don’t make cars, we make [...]
Saudi Aramco to pay out $75bn dividend as it courts investors ahead of IPO September 30, 2019 Saudi Aramco has said it plans to pay a base dividend of $75bn (£61bn) in 2020 as it gears up for its highly-anticipated public float. Read more: JP Morgan set to pip rivals for Saudi Aramco mega-float The Saudi Arabian state oil giant has been courting potential investors for the initial public offering (IPO), from [...]
Cuadrilla: More fracking this year in Lancashire unlikely after earthquake September 30, 2019 Fracking is unlikely to restart at Cuadrilla’s controversial site in Lancashire this year, the company admitted today over a month since an earthquake ripped through the site, bringing an end to drilling. Instead the firm said it would ensure Preston New Road will not be brought to a standstill as it tests how much gas [...]
Gulf Marine Services promises to build for the future after turbulent year September 30, 2019 Under-pressure oil service company Gulf Marine Services said it was building for the future as it tried to sail a turbulent market. The company has ripped out its entire board in the past year, replacing every director after shareholder pressure, it said. It comes as revenues fell two per cent to $55m (£45m) over the [...]
Government rubbishes Hammond’s hedge fund Brexit conspiracy theory September 30, 2019 The government has hit back at aBrexit conspiracy theory that Boris Johnson is colluding with currency traders by forcing a no-deal Brexit, claiming Labour is causing greater yet market uncertainty. Shadow chancellor John McDonnell demanded answers from the Conservatives, after former chancellor Philip Hammond wrote an article for The Times which claimed that speculators had [...]
An open Shell: Oil major likely to miss production guidance new transparency push shows September 30, 2019 Royal Dutch Shell opened up its books ahead of its quarterly results for the first time today as shareholder pressure forced its hand towards more transparency. The oil major will start publishing a quarterly update, it said, ahead of its results. Read more: New Horizons: BP boss tasked with clearing up oil spill looks for [...]
Markets mixed on US-China trade war worries September 30, 2019 Markets globally were mixed today, with fears of a growing trade was between the US and China hitting confidence. The Ftse 100 rose two points to 7,428 points this morning, but the FTSE 250 and FTSE 250 both fell. Read more: Oil prices fall on possible limit to China investments Asian markets were affected by [...]
New Horizons: BP boss tasked with clearing up oil spill looks for exit after a decade at the top September 29, 2019 The head of BP, who stepped into the top job as the company faced the biggest crisis in its history, is preparing to step down as he nears his 65th birthday. Bob Dudley’s time at the company will be marked by the scramble to deal with the fallout from the Deepwater Horizon spill and fire [...]
