BP makes major oil discovery in Gulf of Mexico December 18, 2013 Oil giant BP has announced this morning that it's made a "significant discovery" in the deepwater Gulf of Mexico. This is the company's third discovery in recent years – it announced findings in 2006 and 2009 – but is its largest discovery in the region since the Deepwater Horizon spill in 2010. It may well reignite the heated [...]
Money printers De La Rue hit by tough market November 25, 2014 Banknote printer De La Rue saw its profits plunge by 36 per cent in the six months to 27 September, falling from £28.4m to £18.1m. Revenue fell by eight per cent, from £234m to £215m, and the firm’s dividend was cut by 41 per cent, from 14.1p to 8.3p. This was despite banknote print volumes [...]
Barclays-backed firm Third Energy plans to start fracking in North Yorkshire November 25, 2014 Gas company Third Energy has applied for planning permission to begin fracking in North Yorkshire. The firm, a startup backed by Barclays, first drilled the KM8 well at its Kirby Misperton in 2013. Chief executive Rasik Valand said: “Our analysis indicates that there could be a significant new gas reservoir in our North Yorkshire licence [...]
Severn Trent share price dips as water company prepares to slash 500 jobs after profits drop November 25, 2014 Water company Severn Trent is preparing to cut 500 jobs after reporting a 27.7 per cent reduction in profit before tax during the six months to 30 September 2014, dropping from £191m to £138m. However, underlying profit before tax was up 10.3 per cent to £156m from £141m, while turnover improved by 2.7 per cent, [...]
Aviva meets criticism over Friends Life deal November 24, 2014 Analysts have warned that Aviva’s share price could continue to decline, following news that the insurance group is in talks concerning a £5.6bn merger with rival Friends Life. Shares dropped by more than five per cent yesterday when the markets opened for the first time since the news broke. “The market is in a state [...]
Bayer share price up as pharmaceutical company looks to sell peripheral units to fund Zoetis takeover November 24, 2014 The German chemical and pharmaceutical company Bayer is considering selling its $2.5bn (£1.6bn) diabetes device business. The company is working with Credit Suisse on the sale with firms such as Cinven, EQT Partners AB and Triton Advisors possibly lining up bids. Bayer also wants to float its plastics unit on the stock market, according to [...]
Petrofac profits suffer as Brent tumbles further November 24, 2014 Shares in oil and gas services firm Petrofac fell by more then 26 per cent yesterday after the company issued a profit warning, citing the impact of falling oil prices. Petrofac also blamed delays and operational issues at many of its projects as it reset its expected 2015 profit to $500m (£318m) from the previous [...]
Aviva share price falls as Friends Life shares rise: Surprised market reacts to deal bombshell November 24, 2014 The market was divided yesterday following the announcement of a planned merger between insurer Aviva and its competitor Friends Life. Aviva saw its shares fall by more than five per cent during the day, while shares in Friends Life climbed by six per cent. Most analysts agreed that the announcement was surprising, with [...]
Grocery sales grow at slowest pace since 2005 February 11, 2014 BRITAIN’S grocery market is growing at its slowest pace since 2005, with only discounters as well as Waitrose and Sainsbury’s defying the downturn and growing market share. Figures out yesterday from Kantar Worldpanel showed that grocery sales rose by 2.4 per cent in the 12 weeks to 2 February compared with the same time last [...]
London Report: Survey figures forecast to show more UK growth February 2, 2014 MANUFACTURING data, due out today, is the first of the UK survey figures that will be the highlights of this week’s economic calendar. Construction figures will follow tomorrow and services data on Wednesday, with all sectors expected to show further growth. Industrial production data is due on Friday. Martin Beck of Capital Economics said: “On [...]