Oil prices slide below $48 on the strong dollar May 19, 2016 Oil prices continued to fall this morning on the stronger dollar, a shock rise in US stockpiles and surging output worldwide. Brent crude, the global benchmark, slumped 2.5 per cent to $47.7 per barrel today. West Texas Intermediate crude, the US benchmark, slipped 2.2 per cent to $47.1. Read more: Shell latest oil major to be embroiled in row over [...]
UK bank shares climb following Fed hike speculation May 19, 2016 Bulls piled into UK banks this morning as the Remain camp took a boost in the polls and the US Federal Reserve signalled it could hike interest rates next month. Equites across the board tumbled – a standard reaction to signals of tighter monetary policy – sending the FTSE 100 down by 1.5 per cent [...]
199 problems and a glitch is one: NYSE is having technical problems May 18, 2016 The New York Stock Exchange suffered a technical glitch in early trading on Wednesday resulting in trades for nearly 200 ticker symbols being cancelled. The unspecified glitch first occurred at 9.27am in New York. Things were back up and running by 10.09am, however the latest update at 10.26am indicated the problem had returned. Nearly an hour [...]
Before the bell: What you need to know before the US market open May 18, 2016 Japan avoids a recession and the oil price could be about to climb over $50 per barrel for the first time this year. Here's what you need to know before the US market open at 2:30pm London time. Markets look flat before the open. S&P futures are dead-centre, not even a point off. The Nasdaq is down by 0.01 [...]
Antofagasta warns copper prices will remain low for at least two years May 18, 2016 Chilean copper miner Antofagasta has said it expects copper prices to remain low for the next two to three years. Speaking at Antofagasta's annual general meeting today, chairman Jean-Paul Luksic said: "As we look forward we are not counting on an improved macroeconomic environment although we have recently seen some positive signals to this effect. We are expecting another [...]
Oil prices ease off 2016 highs May 18, 2016 Oil prices eased off 2016 highs, as rising supplies softened concerns about production disruptions in Nigeria and Canada. Brent crude, the global benchmark, slumped 0.1 per cent to $49.2 per barrel today. Meanwhile, West Texas Intermediate crude, the US benchmark, was flat at $48.3. Read more: Shell latest oil major to be embroiled in row over exec pay [...]
Shell latest oil major to be embroiled in row over exec pay May 18, 2016 Royal Dutch Shell became the latest oil major to become embroiled in a row over executive pay, after BP shareholders rejected chief executive Bob Dudley's pay deal. Two investor advisory firms have recommended Shell shareholders oppose chief executive Ben van Beurden's 2015 remuneration. While his pay is due to fall eight per cent to €5.1bn (£4m) compared to a year [...]
Goldman Sachs upgrades commodities to neutral as it cuts outlook for equities May 18, 2016 Uber bear Goldman Sachs is feeling slightly better about commodities, but the brighter outlook didn't extend to equities. The investment bank upgraded commodities to neutral on a three-month basis, saying supply disruptions should support oil prices. At the same time, growth and valuation concerns led it to downgrade equities to neutral over a 12-month horizon. Read more: Commodity [...]
Bacanora Minerals boss: 2020 will be a “magic” year for lithium May 17, 2016 The boss of one of the world's biggest lithium mines has singled out 2020 as a "magical" year for the so-called "white petroleum". Lithium forms a small but essentially irreplaceable component of rechargeable batteries. It's currently used in small-scale devices such as mobile phones, but could eventually revolutionise the car industry, as well as how we use the [...]
Legal expert warns UK’s North Sea industry risks suffering a “brain drain” May 17, 2016 A legal expert warned employment law has left the UK's already embattled North Sea oil and gas sector at risk of a "brain drain". Katie Williams, employment specialist and partner at Pinsent Masons, blamed the widespread use of contracts which stop individuals joining a potential competitor for anything up to 12 months after leaving a job. [...]
