Tullow Oil announces new chief executive as it reports “another tough year” January 11, 2017 Tullow Oil today announced that chief executive Aidan Heavey will leave the role to become group chairman later this year, and will be replaced by the company's chief operating officer, Paul McDade. Heavey, who founded Tullow and has led it for 31 years, will take on the chairman role after the group's annual general meeting on [...]
Brent crude dips below $55 a barrel on a strong dollar and growing fears that supply cut efforts won’t be effective January 10, 2017 Oil prices fell more than two per cent today to their lowest level in almost a month, taking global benchmark Brent crude back below the $55 a barrel mark. Brent fell 2.4 per cent, or $1.29, to $53.65 a barrel in late evening London time. West Texas Intermediate crude, meanwhile, was testing $50 a barrel – [...]
The FTSE reaches another record high as sterling continues to slide after Theresa May’s single market comments January 10, 2017 The FTSE reached yet another record high this morning as sterling continued to fall, as comments by the Prime Minister over the weekend indicating that remaining within the single market will not be a priority during Brexit negotiations continued to take their toll. The FTSE 100 rose to a peak of 7,261.16 at the start of trading, [...]
With the oil price higher, a credible central bank and warmer relations with the US, Russia’s stock market and the rouble could rise even further this year January 10, 2017 Since Donald Trump’s election, investors have embraced his tax-cutting, regulation-ripping agenda, and have been resolute in backing perceived winners and dumping losers. Developed markets are in; emerging ones are out – the obstinate tycoon must be pleased. Since 9 November, the promise of higher fiscal spending in the US has raised bond yields, and caused the [...]
Prime Minister Theresa May blames the sinking pound on media reports of a looming “hard Brexit” January 10, 2017 Theresa May has blamed the fall in sterling on press reports that she is planning a so-called hard Brexit. The pound fell to its lowest level against the dollar since October yesterday, after the Prime Minister heavily implied the UK will not stay in the Single Market after Brexit. Sterling dropped from $1.229 at the [...]
Oil falls two per cent as concerns rise that increase in US production will undercut Opec deal January 9, 2017 Oil prices fell more than two per cent today after figures indicated US production is growing and could undercut global deals to cut supplies and boost the global market. Data released by US oilfield services provider Baker Hughes today showed US energy companies added oil rigs for a 10th week in a row to 529, extending a [...]
IG Group sees the positive in French watchdog push back, shortly after UK clamps down on spreadbetting market January 9, 2017 IG Group today offered its support to the French watchdog's latest efforts to clampdown on the spreadbetting market. In a statement, the spreadbetting firm said the latest raft of rules from Autorite des Marches Financiers (AMF) "will provide substantial protection for consumers and greatly improve standards in the sector". AMF recently confirmed new restrictions on electronic marketing of contract [...]
Weak sterling pushes FTSE 100 to open at yet another record January 9, 2017 The FTSE 100 has opened at a record high, building on last week’s string of positive performances, with sterling weakness providing a Monday boost. London's blue chip index rose as far as 7,239.26 points, its highest point ever, after ending last week at 7,210.05 points. Sterling fell as low as €1.1542 against the euro at the [...]
Is Warren Buffett’s U-turn on airlines a nod to his value investing past? January 6, 2017 | City Talk Warren Buffett, the investment billionaire, has been pretty rude about the aviation sector. As the Sage of Omaha unambiguously put it in a 2002 interview: “If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money.” Buffett went on to [...]
TCP Icap shares jump as US election result causes trading frenzy January 6, 2017 Shares in broking giant TCP Icap, formerly known as Tullet Prebon, jumped this morning after it unveiled a bumper year as investors worked themselves up into a frenzy of activity after the US election result. Shares jumped as much as 10 per cent to 484p this morning, after the company said it expected revenue to [...]
