BHP Billiton share price falls as it announces more impairment charges and iron ore production guidance January 20, 2016 BHP Billiton languished towards the bottom of the FTSE today, after the mining giant's first half operational review laid bare the impact of plunging global commodity prices on its balance sheet. The company said it would take an additional $300m (£211.6m) to $450m in impairment charges from its first-half earnings, due to redundancies, inventory write-downs as well as royalty and taxation matters. [...]
Volkswagen emissions scandal: Why VW may not be last carmaker to rock the auto industry January 20, 2016 The week the latest twist in the ongoing Volkswagen saga emerged. Apparently none too happy with its behaviour, some UK investors will be taking action against the firm over lost earnings in the wake of the emissions fixing scandal. But VW and Renault are not the first major car firms to run into difficulties, and [...]
Russian rouble falls to 18-year low against the dollar January 20, 2016 The Russian rouble has fallen to its lowest value against the dollar since its 1998 redenomination. The rouble has lost around 57 per cent of its dollar value since mid-2014, when oil prices began to decline sharply. Swings in the rouble have closely tracked movements in oil prices over the last two years. Crude oil [...]
Another steelmaker Sheffield forgemasters is axing up to 100 jobs January 20, 2016 Sheffield Forgemasters, the UK's largest independent steel maker, is axing up to 100 jobs as the crisis engulfing Britain's steel industry deepens. It comes two days after Tata Steel, the UK's largest steel maker, said it would cut 1,050 jobs, mostly at Port Talbot in South Wales. "This is undoubtedly a long period of industry contraction, with major recovery seemingly [...]
Zurich share price plunges as it warns losses from storms Desmond, Eva and Frank will hit $275m January 20, 2016 Zurich Insurance Group today announced estimated losses from storms Desmond, Eva and Frank will hit $275m (£194m). Because of the large amount of payouts the company is expecting to make in relation to flood damage, as well as other recent natural disasters, it also warned of a fall in operating losses for its general insurance business in the fourth quarter of 2015. [...]
UK unemployment drops to its lowest rate for over a decade, but earnings growth hits nine-month low January 20, 2016 Pay growth has fallen to a nine-month low, according to figures published this morning. Average weekly earnings not including bonuses rose 1.9 per cent in the three months to November compared with the same period last year, the Office for National Statistics said. It marks a slowdown from two per cent in the three months to October. [...]
Swiss Market Index plummets, down 3.5 per cent mid-morning January 20, 2016 The Swiss Market Index (SMI) fell dramatically this morning, down 3.5 per cent by mid-morning to 7,938.86, from a previous close of 8,223.76. Particularly poor performers included Zurich Insurance Group, which fell 8.4 per cent, offshore drilling company Transocean, which dropped 5.4 per cent, and Credit Suisse Group, which tumbled 4.8 per cent. Zurich's announcement [...]
Oil prices: Glencore chairman Tony Hayward and UBS chairman Alex Weber warn oil to stay lower for longer as WTI slides towards $27 January 20, 2016 Market mavens beat the "lower even for longer" drum on oil prices during an annual meeting of global political and business elites, as US crude careered towards $27 per barrel. Brent crude, the global benchmark, shed 2.89 per cent to $27.93 per barrel today. West Texas Intermediate (WTI) crude, the US benchmark, slumped 3.4 per cent [...]
World Economic Forum 2016: Davos’ digital dream is a long way from business reality January 20, 2016 Digital transformation is front and centre at this year’s World Economic Forum in Davos. The fourth industrial revolution is on everyone’s lips (and screens). It’s widely suggested that the world is in the early stages of a new fundamental shift, where digital will transform existing industries and solve some of the world’s most pressing issues. [...]
E.On slashes gas prices by more than five per cent as chief executive says it’s “the right thing to do” January 20, 2016 Energy giant E.On has announced a decision to slash 5.1 per cent off its gas prices – equivalent to three weeks' gas use, or £32 off your annual bill, it said today. The company said it was also launching two new dual fuel tariffs, including one aimed at people aged over 60 and one two-year [...]
