Oil price rises despite a hike in US stockpiles February 25, 2016 Oil bounced back late last night after losing ground earlier in the day. The rise was due to Venezuela reaffirming a mid-March meeting of oil producers that would include Saudi Arabia, Russia and Qatar. Saudi has been working to broker a deal with both Opec and non-Opec countries to stabilise prices that have slumped 70 per [...]
TalkTalk accuses Ofcom of dodging BT Openreach decision after digital review demands better access for rivals, sending BT’s share price soaring February 25, 2016 TalkTalk boss Dido Harding has slammed Ofcom for “kicking the Openreach can down the road”, after the telecoms regulator decided not to split off the infrastructure arm from BT. Ofcom yesterday released the results of its once-a-decade industry review that stopped short of demanding Openreach be hived off from BT, but said the option was still [...]
Domino’s Pizza’s share price jumps after tasty fourth quarter results February 25, 2016 Domino's Pizza's share price surged after reporting better than expected fourth quarter results, including double-digit same-store sales growth. The pizza delivery company reported revenue of $741.2m (£530.6m) during the quarter, pushing its share price up more than 10 per cent. Domino's said revenue was helped by higher supply chain volumes and sales of equipment to [...]
Halliburton to slash 5,000 jobs under pressure from low oil prices February 25, 2016 Halliburton announced today it is to slash 5,000 jobs, cutting its workforce by eight per cent, in a bid to withstand the prolonged weak oil market. The oil services company has already reduced global headcount by 25 per cent – almost 22,000 employees – since 2014. The price of the black stuff has plummeted since June [...]
Sterling keeps clear of hitting 30-year low February 25, 2016 Sterling held its ground today, managing to steer clear of a 30-year low against the dollar. The pound spiked at $1.3996, a climb of around half a per cent on its value at the start of the day. However, if later fell back to $1.3920. The pound has fallen sharply this week after London Mayor [...]
Derwent London signs up Capita to Copyright Building after year of record lettings February 25, 2016 Derwent London said has struck a deal to let an entire office building in London's West End to professional services firm Capita as it posted a strong set of full-year results. The FTSE 250 developer said Capita has agreed to pre-let 87,150 square feet of office space at The Copyright Building on Berners Street more than a year ahead of completion, in [...]
Spirits company Diageo to pay $75m to Vijay Mallya after he steps down from United Spirits February 25, 2016 Owner of Johnnie Walker Diageo is to pay $75m (£53m) to Vijay Mallya in a deal that will result in the businessman stepping down as chairman of United Spirits. Mallya, an Indian businessman, sold United Spirits to Diageo in 2012. Diageo paid £1.8bn for a 55 per cent stake in the company. However, Diageo and Mallya [...]
At the close: FTSE 100 index surges as banks’ share prices including Lloyds, RBS and Barclays rise February 25, 2016 The FTSE 100 index rocketed on Thursday as banking stocks surged, supported by the news that fourth quarter UK GDP was revised upwards to 0.5 per cent. The index closed 2.48 per cent higher at 6,012 points, led higher by Lloyds Banking Group and RSA Insurance Group. "European banks were the centre of market turmoil two [...]
Brent crude and WTI: Oil prices fall further as oversupply concerns grow February 25, 2016 Oil prices fell further today after new data stoked concern that the supply glut is continuing to build against a backdrop of slowing global growth. Brent crude, the global benchmark, added to earlier losses shedding 1.69 per cent to $33.83 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark, fell 2.27 per cent to $31.42. U.S. government data showed [...]
Two big US shale gas firms Continental Resources and Whiting Petroleum halt key projects February 25, 2016 Two of the largest US shale gas producers are halting key projects, as the once buoyant industry continues to cool. Continental Resources and Whiting Petroleum are halting fracking operations in Bakken, an area which has been one of the biggest drivers of the US shale gas boom. Leaving wells drilled but uncompleted enables shale gas [...]
