on oil price crash
Profit adjusted for one time items and inventory changes fell to $532 million from $2.6 billion a year earlier, the London based company said in a statement Tuesday. Analysts had expected a loss of $244.9 million, according to the average of 12 estimates compiled by Bloomberg.
The average price of Brent crude, the global benchmark, slumped to the lowest in almost 12 years in the quarter. That hampered efforts by Chief Executive Officer Bob Dudley to boost earnings even after he trimmed billions of dollars of spending, cut thousands of jobs and deferred projects to weather the market rout. BP's quarterly results, the first among the world's oil majors, are likely to be an indication of how the others will perform.
Brent's decline below $28 a barrel in January made crude cheaper for BP's refineries, yet weak fuel demand during a mild winter in Europe and the USdrove down refining margins. Global processing margins dropped to $10.50 a barrel in the first quarter, 31 per cent lower than a year earlier and 20 per cent lower than the preceding quarter, according to data on BP's website. crude production slows and major producers including Saudi Arabia study a possible cap on output. The increase in prices has pushed up BP's shares 1.8 percent this year after a 14 per cent decline in 2015.
BHS goes into administration with 11,000 jobs under threat Monday April 25
BHS has filed for administration, putting 11,000 jobs at risk. Philip Duffy and Benjamin Wiles of Duff Phelps said BHS had "no alternative but to put the group into administration to protect it for all creditors". group will continue to trade as normal while administrators look for someone to buy the chain. MORE on the brink of collapse: everything you need to know high street store has been unable to find 60 million in emergency funding needed to pay wages and rent and stop it going under.
New 20 note design and personality unveiled by Bank of England Friday April 22
Artist JMW Turner and his painting The Fighting Temeraire will feature on the new design of the Bank of England's 20 note to enter circulation in 2020. English Romantic artist was chosen from a list of public nominations the first time Nike Air Max 2017 Black the Bank has asked who should appear on a specific banknote. note, to be made of polymer, will eventually replace the current 20 note featuring the economist Adam Smith.
The Governor and The Company of The Bank of England
Mitsubishi office raided in Japan as shares slide towards record low on fuel economy test scandal Thursday April 21
The offices of Mitsubishi have been raided in Japan after the company admitted to falsifying fuel economy data, sending shares plummeting 35 per cent in two days. watched in horror as the stock price fell a further 20 per cent on Thursday to trade around 583 yen following a raid on the Mitsubishi plant in the central Japanese city of Okazaki. was halted due to the surfeit of investors trying to sell stock. More than third of the company's value evaporated in the sell off.
Oil tumbles as Kuwait strike ends Wednesday April 20
The oil price is in retreat this morning after Kuwaiti workers ended a three day strike. Brent crude has slumped by 2.5 per cent already, down over $1 to $42.95 per barrel, as traders anticipate more oil flowing from Kuwait again. had walked out on Sunday, protesting against austerity cutbacks that will hit their wages and benefits. were lower than analysts, who had anticipated 580,000 in the US and 3.5 million globally, were looking for. It is also facing tough competition from Hulu and Amazon, which unveiled a new monthly subscription pricing model yesterday.
Chinese growth slides Friday April 15
China's economy grew at its slowest pace since 2009 in the first three months of the year, although there were signs that the world's second largest economy was stabilising. so called Dragon economy grew 6.7 per cent in the first quarter, official figures showed. 2017 Nike Air Max That was down slightly on the previous quarter's 6.8 per cent but in line with Beijing's forecasts. Nike Air Max 2017 Chinese banks issued nearly double the amount of new loans in March than in February while retail sales growth accelerated from 10.2 per cent to 10.5 per cent and industrial output advanced from 5.4 per cent to 6.8 per cent, well ahead of expectations.
Qilai Shen/Bloomberg via Getty Images
IMF warns Brexit will create 'severe global damage' Tuesday April 12
The IMF has slashed the UK's growth forecasts for this year, saying uncertainty created by the Brexit referendum in June is already hurting the domestic economy. It is a major intervention from the IMF into the referendum debate. The IMF's managing director Christine Lagarde has previously spoken about the negative economic impact of Brexit. But this is the first major warning from the Fund itself. IMF cut its 2016 GDP growth forecast for Britain to 1.9 per cent, down from the 2.2 per cent it projected in January. After Japan, it was the joint second largest downgrade handed out to any country in the G7.
Brighton Pier sold for 18m to former Pizza Express boss Friday April 8
Brighton Pier, one of UK's most iconic structures, is set to be sold in an 18 million deal to Eclectic Bar Group, chaired by former Pizza Express entrepreneur Luke Johnson. The Grade II listed landmark in East Sussex was placed on the market for the first time in more than 25 years back in 2011, before being withdrawn the following year. group said the purchase of the "iconic British asset" will boost its earnings. MORE music college set to close and be demolished against homeless man arrested after begging for 10 pence quashed College praised by parents for pioneering transgender uniform is one of the UK's most popular visitor destinations with over 10 million visitors per year, making it the most visited place in the South East. The pier itself is Britain's most popular attraction outside London," Luke Johnson said.
Panama Papers: HSBC and Credit Suisse dismiss claims Tuesday April 5
Credit Suisse and HSBC, two of the world's largest wealth managers, dismissed on Tuesday suggestions they were actively using offshore structures to help clients cheat on their taxes. comments came a day after a leak of four decades of documents from a Panamanian law firm that specialises in setting up offshore companies showed widespread use of those instruments by global banks on behalf of their clients and triggered a raft of government investigations across the world.
Budget 2016 Wednesday March 16
The Chancellor of the Exchequer has delivered his eighth budget and there 2017 Nike Air Max was plenty in it for businesses large and small to chew over. The Chancellor also unveiled a sugar tax. The levy, which will raise 520 million, will be charged to companies who make sugary drinks rather than on the cans or bottles themselves. It will be introduced from 2018
Maria Sharapova: Nike, Tag Heuer and Porsche distance themselves following drugs test Tuesday March 8
Sponsors have moved quickly to distance themselves from Maria Sharapova after the five time Grand Slam tennis champion admitted failing a drug test. addition to the moves from Nike and Swiss watchmaker Tag Heuer, German carmaker Porsche said it was "postponing planned activities" with Ms Sharapova until the situation became clearer. Sharapova said she had been taking meldonium since 2006, on the advice of her family doctor.
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