Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Acacia shareholder Odey will vote against Barrick bid if it stays unchanged June 13, 2019 Investor Crispin Odey has backed a Barrick Gold offer for Acacia Mining in principle, but said it would not accept the bid as it stands. Odey Asset Management, will reject offers from Barrick unless they are open to negotiation, according to a letter seen by the Financial Times. It comes after Barrick made an offer [...]
SSE set to close coal plant with 158 staff June 13, 2019 Power company SSE has said it plans to shut its last remaining coal plant in the UK, as the fuel is slowly phased out of the economy. Fiddler’s Ferry in Warrington, Cheshire, will close at the end of March 2020, under new proposals. SSE said it will consult with unions and the site’s 158 workers [...]
Petropavlovsk investor hits out at Takeover Panel as investigation ‘casts shadow’ June 13, 2019 A major investor in London-listed miner Petropavlovsk has hit out at the Takeover Panel over an “endless” investigation. The panel started probing shareholder Cabs after the board of gold miner Petropavlovsk was ousted a year ago. It has yet to report, Cabs said, “casting an unnecessary shadow over the company”. The investor, which is also [...]
Iceland speeds up store roll-out as Christmas ad improves perceptions June 13, 2019 Iceland Foods is aiming to speed up its store roll-out this year despite facing a market with uncertain customers. The figures Sales rose 4.5 per cent over the financial year to almost £3.2bn, the company announced today. Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) fell 8.4 per cent to £140m. It came after [...]
Middle East tensions push up oil prices as tankers burn in the Gulf of Oman June 13, 2019 International oil prices surged this morning as reports emerged that two oil tankers had caught fire in the Gulf of Oman. A port in the United Arab Emirates got a distress signal from the Front Altair, Bloomberg reported earlier today. Bloomberg later reported that the Kokuka Courageous tanker has also been hit. The ship’s manager [...]
Ineos plans $800m investment in Texas petrochemicals plant June 12, 2019 British chemicals giant Ineos is looking to plough more than $800m (£630.4m) into a Texas project, according to local reports. The money will be used to expand its La Porte petrochemical plant, the Houston Chronicle reported. The 40-acre extension will bring 1,500 construction jobs to the site, and increase Ineos’ permanent workforce by 25 people. [...]
Norway’s sovereign wealth fund to divest from fossil fuel investments June 12, 2019 The world’s biggest sovereign wealth fund appears set to sell its $1bn (£788m) stake in London-listed Glencore, after Norwegian politicians today passed a bill to divest from fossil fuel investments. The decision will see the country’s $1 trillion fund sell stakes in companies which get more than 30 per cent of revenues from coal. It [...]
Oil prices pushed down by US stockpile data June 12, 2019 Oil prices dropped nearly three per cent this morning as news emerged that US stockpiles rose last week. International standard Brent crude fell 2.6 per cent to $60.72 at around 11.15am today. Meanwhile, US standard was down 2.8 per cent to $51.79. Oil inventories in the States grew by 4.9m barrels last week. Analysts had [...]
Government plan sets UK on track to cut emissions to zero by 2050 June 11, 2019 Parties and campaign groups praised the Prime Minister as she today announced a plan to eliminate Britain’s contribution to global warming by mid-century. A government bill, introduced tomorrow, will put Britain on a path more ambitious than any other G7 economy. It calls for the country to reach net zero emissions by 2050. “This is [...]
Mining stocks pull up FTSE 100 June 11, 2019 Mining giants helped push up the FTSE 100 this morning as China announced increased local government spending. The miners were also boosted by Chinese iron prices which jumped by nearly six per cent in today’s trade. Evraz, Antofagasta, Rio Tinto, Gencore and BHP rose between two and four per cent each. They were all among [...]
