Proactive Investors -
- FTSE 100 falls 13 points to 8432
- easyJet (LON:EZJ) descends as CEO heads for departure gate
- BT (LON:BT) impresses with "cashflow inflection"
Chevron to sell last assets in North Sea
Oil giant Chevron (NYSE:CVX) says it is preparing to sell the last of its assets in the North Sea, leaving the region for the first time in 55 years.
A sale will involve the group's divestment of its 19.4% stake in the Cair oilfield, the BP-operated site located to the west of the Shetland region.
It is the largest oilfield in the North Sea, producing an average of 120,000 barrels per day.
Chevron is currently preparing for its US$53 billion acquisition of rival Hess and has pencilled in the sale of US$20 billion worth of its assets to support the move.
Bitcoin holds onto yesterday's stellar gains
Bitcoin (BTC) soared more than 7.5% against the US on Wednesday, making for the strongest single-day session for the world’s largest cryptocurrency in nearly two months.
The rally brought the BTC/USD pair to its strongest point in three weeks and the bulls have managed to hold onto these gains in early Thursday trades.
Bitcoin’s solid performance follows a softer-than-expected consumer inflation read for April which “lit a fire under equities once again”, said IG analysts.
Bret Kenwell, analyst at eToro, equated the consumer inflation print to a “Goldilocks report” for equities, with the optimist evidently filtering through to the cryptocurrency markets.
Reality stars charged for promoting sham trading scheme
A horde of reality TV stars have been charged by the Financial Conduct Authority (FCA) for promoting an unauthorised foreign exchange trading scheme via Instagram.
Geordie Shore's Scott Timlin, multiple The Only Way is Essex stars and Love Island contestants such as Rebecca Gormley and Eva Zapico were all found to have been involved in the scheme.
The FCA charged Emmanuel Nwanze for running an unauthorised investment programme which saw advice given on buying and selling contracts for difference, which it was not permitted to do.
The 'fiinfluencers' were accused of promoting the Instagram account which issued the unauthorised advice and will stand before Westminster's Magistrate Court in June.
Thames Water shareholder quits board
Thames Water's largest shareholder has withdrawn its representative from the embattled water provider's board as the company continues to struggle with its £18 billion debt pile.
Michael McNicholas, the managing director at Omers Infrastructure, the Canadian pension fund, confirmed he will no longer be a non-executive director for Thames Water.
Kemble, the parent company of Thames Water, is expected to see several other resignations in the coming days from board members who represent connected companies.
It comes after an equity funding round was shelved after Ofcom refused to allow the swingeing price increases that the shareholders demanded in return for their participation.
Japan economy shrinks, but weightloss drugs boost Denmark GDP
Some gross domestic product figures were reported today for two notable economics.
Japan’s economy shrank faster than expected in the first quarter, with GDP contracting 2% compared to the same quarter last year, worse than the 1.5% drop in forecast.
Compared to the fourth quarter, GDP was down 0.5%, as households and companies cut back.
Denmark meanwhile nearly doubled its growth forecast for this year to 2.7% thanks to weight-loss drugmaker Novo Nordisk (CSE:NOVOb) boosting the economy.
The economy ministry in Copenhagen raised its forecast from 1.4% in December as Novo Nordisk (NYSE:NVO) ramps up production of its blockbuster drug, which is branded Ozempic for diabetes and Wegovy for weight loss, resulting in forecast export growth of 7% from 4.2% previously.
"It’s an absolute rarity that the government makes such a significant upward adjustment of the forecast," Tore Stramer, chief economist at the Danish Chamber of Commerce, told media.