Rio Tinto gives go-ahead to £3.7bn Oyu Tolgoi mine expansion May 6, 2016 Rio Tinto and its partners gave the greenlight to a $5.3bn (£3.7bn) expansion of its Oyu Tolgoi mine in Mogolia today. The move demonstrates the mining giant's confidence that low copper prices will stage a turnaround in a few years time. The London-listed company, the Mongolian government and Turquoise Hill Resources, approved the next stage in the [...]
The falling oil price could be about to trigger one of the biggest ever waves of bankruptcies in the US May 5, 2016 The oil price slump could be pushing the US to one of its biggest waves of bankruptcies. This week Midstates Petroleum and Ultra Petroleum went under, pushing the total number of energy sector bankruptcies to 59 since the beginning of the oil rout, according to Reuters data, the law firm Haynes & Boone and bankruptcydata.com. The avalanche of bankruptcies is closing [...]
At the close: Steady as she goes on the FTSE 100? May 5, 2016 Markets were put through their paces today, but failed to hold onto early gains as the bad stories just kept on coming. The FTSE 100 closed the day up 0.1 per cent at 6,117.25 after starting with a 40-point ascent in the first 90 minutes of trading. The French Cac 40 slipped back 0.3 per cent [...]
Saudi Aramco raises oil prices into Asia in biggest hike for more than a year May 5, 2016 Saudi Aramco, the Saudi Arabian state-owned oil company, is hiking oil prices into Asia in the biggest rise for over a year. Aramco, which recently announced that a five per cent listing of its shares later this year would value it at around $2 trillion, said today it will raise its official selling price for benchmark Arab [...]
Portmeirion buys candle maker Wax Lyrical for £17.5m May 5, 2016 Portmeirion, the owner of Spode and Royal Worcester has bought candles to go with its tableware after snapping up Wax Lyrical for £17.5m. The Aim-listed firm said it has acquired the entire share capital of Lighthouse Holdings, the parent company of the Lake District business and the UK's biggest manufacturer of home fragrances. Wax Lyrical is both [...]
Before the bell: What you need to know before the US market open May 5, 2016 Oil has steamed ahead so far today, with West Texas Intermediate crude oil higher by three per cent at $45.70 a barrel after wildfires in Canada, as well as fighting in Libya dragged on production. International benchmark Brent crude added 2.6 per cent to $45.75 a barrel. Yesterday the latest US inventories posted a higher than expected addition to stockpiles [...]
Derwent London signs up credit card giant to White Collar Factory as first quarter lettings jump May 5, 2016 Derwent London said it has let two more floors at its White Collar Factory scheme in east London to credit card company Capital One. The announcement comes as the developer shrugs off uncertainty in the market to post a strong quarterly update. FTSE 250 constituent Derwent said Capital One has pre-let 29,500 square feet in the scheme's 16-storey tower [...]
Oil price jumps after Canadian production is threatened by wildfires sweeping the country May 5, 2016 The price of oil has been pushed up today after wildfires ravaging Canada’s oil-sands district forced companies to put production on hold. Meanwhile, fighting in Libya weighed on output around the Middle East and North Africa. US benchmark West Texas Intermediate climbed three per cent to $45.12 a barrel, adding to gains made yesterday. Read more: Crude oil surge [...]
Inmarsat share price tumbles after profits plummet and revenue guidance revised down May 5, 2016 Inmarsat reported that its profits had plummeted in its quarterly results today, and it wasn't much longer before its share price followed. The satellite and communication services company revealed that its profits before tax had fallen to $58.5m (£40.3m) for the three months ended March 2016, compared with $96.3m the year before. Shares in the [...]
Sweet: Hotel Chocolat just priced its IPO May 5, 2016 It's a sweet day if you're into equities, for Hotel Chocolat – the upmarket confectioner whose offerings include a £100 box of chocolates – has unveiled the pricing of its IPO. The retailer, which announced its plans to float on Aim back in March, said today it expects to be valued at £167m once it lists – [...]
