Glencore turns to Libyan oil to shore up balance sheet November 21, 2015 Glencore has clinched a deal to buy around half of the oil Libya is currently exporting, as part of the mining and commodities trader's bid to turn its fortunes around. The arrangement with Libya's state-run National Oil Corporation has been running since September, market sources told Reuters. It leaves Glencore responsible for loaning and finding buyers for crude [...]
Glencore share price gives up gains November 21, 2015 Shares in troubled Glencore closed down 1.6 per cent to 90.12p per share today, after suddenly slipping into the red this afternoon. This came despite the announcement that board member and former Morgan Stanley boss John Mack has bought 500,000 shares in the company. The company's shares had risen for the third consecutive day at [...]
Npower could be sold off by parent company German utility RWE November 21, 2015 German utility company RWE could sell off Npower if it can't find a way to turn the struggling business around. Bernhard Guenther, RWE's chief financial officer, told Reuters during an interview that it will take at least until 2017 to return the British energy firm to profit, and investors are questioning whether it's worth holding onto. "We're not [...]
Nike share prices jumps as sportswear giant announces $12bn share buyback programme and dividend increase November 20, 2015 Nike's share price opened five per cent higher on the New York Stock Exchange today after the sportswear titan announced it would be hiking its dividend by 14 per cent. Investors, also cheered by a $12bn (£7.9bn) share buyback programme and a two-for-one stock split, reacted with gusto to the new 32 cents per share [...]
FTSE 100 finishes best week since early October as miners continue to make gains November 20, 2015 The FTSE 100 clocked its best week since early October, ending the day up 0.07 per cent at 6,334.63 points, up from 6118.28 at last week's close and holding firm in the wake of the Paris terror attacks. The index has been helped this week by the prospect of a Fed rate rise looking more likely [...]
Cisco share price rises as it snaps up London-based software company Acano for $700m November 20, 2015 London-based conferencing software company Acano is to be snapped up by Cisco for a cool $700m (£459m), the US tech company said today. Cisco hopes the move will help it capitalise on what the company describes as a massive shift in the video connection market whereby "customers want the ability to easily connect from anywhere, from [...]
Abercrombie & Fitch share price soars as third quarter profit more than doubles November 20, 2015 Shares in Abercrombie & Fitch were up 17.2 per cent to $22.9 per share in pre-market trading today, after the US fashion chain reported third quarter profit more than doubled. Net income attributable to the company rose to $41.9m (£27.5) in the 13 weeks ended October 31, up from $18.2m a year earlier. While total revenue slumped [...]
Volkswagen to cut 2016 investment budget to spend a maximum of €12bn November 20, 2015 Embattled carmaker Volkswagen is going to slash its investment budget for next year as it looks to find a way to save costs to deal with the emissions scandal. The company said it will spend a maximum of €12bn, a fall of near €1bn compared to previous years' budget. Read more: Matthias Muller admits: "This will [...]
Jobs saved as part of collapsed steel firm Caparo sold off November 20, 2015 Part of the collapsed steel firm Caparo has been sold off, safeguarding the jobs of 76 employees, its administrators PWC said today. Caparo Testing Technologies, which tests and inspects parts, has been sold to another testing and inspection company Applus+. The sale will save jobs in four locations and two customer sites across the Midlands and south of [...]
US Treasury Department shakes up inversion rules to deter companies moving to lower tax jurisdictions, but may not present risk to Pfizer and Allergan deal November 20, 2015 The US Treasury Department late last night revealed new measures to limit the tax benefits of corporate inversions, which companies were using to move their residence into a lower tax jurisdiction when acquiring an overseas business. The notice issued last night curbs companies’ ability to combine their assets with an overseas entity they are merging [...]
