Amec Foster Wheeler wins £125m BP contract March 3, 2016 There was another slither of good news for investors in Britain's largest oil and gas engineering group today, after it announced a £125m with energy giant BP to build a plant for its Forties Pipeline System in the North Sea. It comes a day after Amec revealed a new deal for its £1.7bn debt facility. The move is expected to shore up its balance [...]
Aggreko says first half profits will be lower as the oil price rout claims its latest victim March 3, 2016 Temporary power services firm Aggreko has said first half profits are likely to be lower in the first half of this year, however its shares jumped as analysts said that this wasn't "as bad as expected." The figures Pre-tax profit fell 13 per cent to £226m in the year ended 31 December, from £289m in [...]
Moody’s downgrades five Omani banks: BankMuscat, Oman Arab Bank, National Bank of Oman, Bank Dhofar and HSBC Bank Oman SAOG March 3, 2016 Credit ratings agency Moody's has downgraded five Omani banks, having slashed the country's credit rating last month due to low oil prices. Moody's downgraded the long-term deposit rating of BankMuscat, Oman Arab Bank, National Bank of Oman, Bank Dhofar and HSBC Bank Oman. It also kept their ratings under review for downgrade. The banks can no longer rely on the Omani government as a safety [...]
Government must adopt a radical new post-crisis approach to achieve full employment, focusing on making sure people do not leave the workforce in the first place, says Resolution Foundation report March 3, 2016 A radical new post-crisis approach is needed if government wants to achieve its goal of full employment, a report released today has found. According to the study by the Resolution Foundation, which is based on a nine-month investigation, government should be focusing on labour market participation and bringing those who are currently classed as economically inactive [...]
American Eagle Outfitters share price up in after-hours trading as fashion retailer sees sales and profits soar in its year ended January 2016 March 2, 2016 Share price in American Eagle Outfitters rose in after-hours trading today, as the company revealed that profits almost trebled in its most recent set of results. The fashion retailer announced revenue of $3.5bn (£2.5bn) for its year ended January 2016, up seven per cent from $3.3bn the year before, and net income of $218.1m, up 172 [...]
Skullcandy share price down in after-hours trading as headphone company reports fall in net income despite higher sales for year ended December 2015 March 2, 2016 Shares in Skullcandy dropped in after-hours trading, as the headphone company revealed a fall in profits in its most recent results despite rising sales. Net income dropped to $5.9m (£4.2m) for the year ended December 2015, down 23 per cent from $7.6m the year before, although net sales rose to $266.3m, up seven per cent from [...]
Parents and grandparents spent £18bn supporting their adult children last year, with almost half of those in London saying their kids are relying on their contributions March 2, 2016 Parents who were secretly hoping the financial burden would ease once their little darlings reached 18 are probably feeling a little hard done by, as UK parents and grandparents shelled out £18bn on their adult children and grandchildren last year. According to research released today by the Post Office Money, nearly one in five (18 per [...]
US slaps 266 per cent tariff on cheap China steel dumping March 2, 2016 The UK’s steel sector has come under renewed pressure from cheap Chinese imports after the US ramped up tariffs. The US Department of Commerce has slapped tariffs of 266 per cent on Chinese cold rolled coil steel, compared with a tariff of between 13.8 per cent and 16 per cent in the EU. The industry [...]
Bank of England’s Jon Cunliffe says housing market risks are rising March 2, 2016 Risks in the housing market are rising, a Bank of England official warned today. However, deputy governor Sir Jon Cunliffe added that they were not as high as in 2014 when the Bank took action to cool the market. “The markets now coming back again, so maybe some of those risks are becoming a little [...]
FTSE reshuffle: Who’s in and who’s out of the blue-chip index – Morrisons, Sports Direct, Aberdeen Asset Management, Paddy Power Betfair, Informa, Mediclinic International March 2, 2016 Supermarket Morrison's has stormed back into the FTSE 100, having only been given the boot in the index's last quarterly review. News of a tie up with Amazon gave the big four grocer the boost it needed, sending its share price to 205.4p, up around 10 per cent on the week. Morrison's will be joined in the blue-chip [...]
