Rio Tinto returns record dividend as firm warns of coronavirus impact February 26, 2020 Rio Tinto today returned a record final divided of $3.7bn as the Anglo-Australian mining giant thanked the strength of its “world-class portfolio and balance sheet” for helping it through the “current volatile environment”. However, the FTSE 100 firm warned that it was “closely monitoring the impact of the Covid-19 coronavirus and [is]prepared for some short-term [...]
BP profit plunges but oil giant beats expectations in Bob Dudley’s swansong February 4, 2020 Bob Dudley bowed out after a decade as BP’s chief executive today as the firm outperformed analyst expectations in the face of a challenging macroeconomic environment. Despite a 26 per cent fall in profit in the final quarter of 2019, the oil giant’s underlying replacement cost (RC) figure – BP’s definition of net income – [...]
Glencore shares rise as cobalt production offsets copper drop February 4, 2020 Shares in global miner Glencore rose five per cent this morning as the firm brushed off lower production volumes of metals such as copper, gold and silver. Production of the red metal slipped six per cent in 2019 to 1.37m tonnes, whilst gold production fell 15 per cent to 848,000 tonnes. The company has been [...]
Lender Amigo kickstarts formal sales process January 27, 2020 Lender Amigo today launched a strategic review and opened itself to offers as its founder signalled he wants to sell on his majority stake in the struggling company. All or part of Amigo’s business could be sold after founder James Benamor’s Richmond Group said it was open to divesting its stake of 60.66 per cent. [...]
City Moves for 9 December – Who’s switching jobs at Duff & Phelps, Ironveld and Nomura? December 9, 2019 Today’s City Moves includes Duff & Phelps, Ironveld and Nomura Duff & Phelps Global advisory firm Duff & Phelps has announced the appointment of Marcus Morton as managing director in the firm’s valuations advisory services practice in London. Marcus will focus specifically on the financial services sector. He has over 25 years of experience in [...]
Cairn Energy quits Norway with $100m subsidiary sale November 27, 2019 Edinburgh-headquartered Cairn Energy this morning announced it would sell its final Norwegian oil subsidiary to Solveig Gas for $100m (£77.7m). The disposal of Capricorn Norge AS, which is expected to complete in January, will see Cairn reduce its committed exploration capital expenditure by $100m. Read more: Cairn Energy shares drop 10 per cent The FTSE [...]
De Beers diamond sales improve despite market challenges November 13, 2019 Anglo American announced this morning that sales at diamond specialists De Beers had hit their highest level since June, but remained lower than normal for this time of year. De Beers sold $390m (£303.8m) of rough diamonds in November, a considerable jump on its previous sale of $297m, but less than the $442 achieved at [...]
Whitbread share price tumbles on Barclays downgrade September 30, 2019 Whitbread suffered a fall in its share price this morning after Barclays downgraded the UK’s biggest hospitality company. The Premier Inn owner’s share price has tumbled five per cent during trading today after its rating was cut by Barclays, which moved its recommendation from ‘Overweight’ to ‘Equal Weight’. Read more: Markets mixed on US-China trade [...]
City Moves for 12 September – Who’s switching jobs at Stobart Aviation, the Hymans Robertson Foundation and RBC Capital Markets? September 12, 2019 Today’s City Moves includes Stobart Aviation, the Hymans Robertson Foundation and RBC Capital Markets. Stobart Aviation Former BA Cityflyer general manager Luke Hayhoe has joined Stobart Aviation as aviation business development director as it works to boost relationships with its customer airlines at London Southend airport, Carlisle Lake District airport and Teesside International Airport. Luke, [...]
City reacts as no-deal Brexit risk looms and pound staggers August 28, 2019 As the political feud intensified in Westminster this afternoon over Boris Johnson’s decision to suspend parliament, over in the Square Mile investors have been reacting to the latest twist in the Brexit drama. The Prime Minister’s plans to suspend parliament sent the pound sliding, while shares in UK airlines and housebuilders – which are typically [...]