Brent crude and WTI: Oil prices rise as traders close short positions February 26, 2016 Oil prices reversed earlier losses to inch into positive territory this morning, however traders warned that the gains were largely due to "technical" movements. Brent crude, the global benchmark, increased 1.3 per cent to $35.74 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark swelled 1.33 per cent to $33.51. But traders said the [...]
Italy’s Eni whose chief executive Claudio Descalzi warned oil prices could hit $200 posts £6.6bn loss in the fourth quarter of 2015 February 26, 2016 The company whose chief executive famously warned oil prices could spike at $200 per barrel has been forced to slash spending, after writedowns driven by low oil prices pushed it to a loss in the fourth quarter. Italian oil major Eni announced plans to cut capital expenditure by 20 per cent this year, as it revealed an [...]
House prices rise again, with the value of London residential properties shooting up by 14 per cent year-on-year, while sales inch down two per cent February 26, 2016 The price of residential property has edged up with the capital seeing the biggest increases in value over the last year, figures released today show. According to the Land Registry's monthly market trend data for January 2016, the average price of residential property in England and Wales rose by 7.1 per cent over a year and [...]
RBS share price plummets as litigation costs mount for RBS – but losses narrow February 26, 2016 Royal Bank of Scotland Group (RBS) shares plummeted 10.5 per cent to 218.3p as markets opened, despite losses narrowing to just under £2bn last year. Still, it's its eighth straight year of losses. The figures RBS said its loss attributable to ordinary shareholders hit £1.98bn last year, down from £3.47bn in 2014. Total income fell to £12.92bn, from £15.15bn last year, while pre-tax profits [...]
London Stock Exchange Group chief executive Xavier Rolet to step down following Deutsche Boerse proposed merger completion, and Carsten Kengeter to be boss of newly combined group February 26, 2016 Current chief executive of the London Stock Exchange Group (LSE) Xavier Rolet will step down from his role once the proposed merger with Deutsche Boerse completes. In an announcement about the proposed merger this morning, the exchanges revealed that the newly combined company would be domiciled in the UK, with LSE in London and Deutsche Boerse in Frankfurt as subsidiaries and headquarters [...]
EU referendum: Brexit could cause turmoil for more than half of small businesses in London who are relying on a workforce that comes from across the EU February 26, 2016 A Brexit could be bad news for more than half of small businesses in London who are counting on migrant workers to keep them up and running, according to a specialist accounting firm. "We do the accounting for several hundred small businesses in London, with more than half of them relying on a workforce that includes [...]
UK Oil & Gas: Ukog share price falls as pre-tax losses widen February 26, 2016 The figures: UK Oil & Gas' pre-tax losses widened by around 87 per cent to £1.7m, from £906m a year earlier. This was largely due to costs associated with the group's investments and assets, particularly within its core Weald Basin Portland and Kimmeridge tight oil licences and the new Isle of Wight portfolio. The Aim-listed company invested £3.7m [...]
IAG share price falls despite low fuel costs boosting profits for 2015 February 26, 2016 British Airways owner International Airlines Group (IAG) has unveiled higher than expected profits for the year ending 2015, as a result of cheaper fuel prices and customer demand. The airline conglomerate, which represents British Airways and Iberia, among others, reported an operating profit before exceptional items of €2.34bn (£1.84bn) last year – a year-on-year increase of 125 per cent. [...]
Former Financial Times owner Pearson share price up as publishing company reveals loss before tax for year ended December 2015 as sales also take a knock February 26, 2016 Share price in Pearson rose this morning as the publishing company revealed it had fallen into a loss-making position and its sales had dipped slightly. The publisher reported a loss before tax of £433m for its year ended December 2015, down from a profit before tax of £255m the year before. Meanwhile, levels of sales [...]
London workers did nearly £9,000 of unpaid overtime last year – as the UK racks up £31.5bn of unpaid work February 26, 2016 We're all used to putting in those extra few hours a week – but how much would you make if you were actually paid for it? New research has calculated that the average London worker could have made an extra £8,669 last year… The research by the Trades Union Congress, found 5.1m UK workers collectively [...]
