Oil futures contracts recorded gains with both Nymex WTI and Brent crude trending higher for two consecutive trading sessions, as figures showed that China’s actual oil demand continued to drop in July.
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Standard Chartered (STAN) is now in something of bind following the $300m fine vevied by US regulators for lax security measures against lax money. US authorities have ordered the bank to stop working with some clients in the United Arab Emirates. But the UAE’s central bank has warned that Standard Chartered may face legal action brought by clients whose accounts are closed.
AGA Rangemaster's (AGA) group operating profits rose by 60 per cent to £2.4m at the interim stage. The group says its expectations for full year operating profit remain unchanged with performance expected to be well ahead of last year's £8.2m. Revenues were up 3.3 per cent to £123.5m - and the group says it is on track to show strong pre-tax profit growth.
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The London Stock Exchange (LSE) posted a 22 per cent rise in operating profits to £102m in the three months to June 30 on the back of a strong IPO performance. The burse also revealed a £938m rights issue that will fund part of the £1.6bn acquisition of the Frank Russell index business. The 3-for-11 issue is at £12.95 a share represents a discount of 35 per cent on current trading.
Shares in Magnolia Petroleum (MAGP) soared today after it revealed that net production has increased by two thirds since April. Net production measured 257 barrels oil equivalent per day up from 150 boepd on April 1. Growth in production is a result of new wells coming online.
Harvey Nash, the global executive recruitment and professional services group, is pleased to announce that it has completed the acquisition of Beaumont KK ("Beaumont"), an executive recruitment company based in Tokyo, specialising in executive recruitment, leadership consulting and assessment services throughout Japan, Singapore and the Asia Pacific region.
Executive recruiter Harvey Nash (HVN) announced that it has completed the acquisition of Beaumont KK, a specialist recruitment company based in Tokyo, which serves Japan, Singapore and the Asia Pacific region.
Hibernia REIT (HBRN) announces that it has exchanged contracts with an affiliate of Atlas Capital Group LLC to acquire The Forum building in the IFSC, Dublin 1, for a price of €37.8m
RSA Insurance (RSA, which is re-jigging its business, is selling its Singapore and Hong Kong insurance businesses saying the gains achieved will further boost its capital strength. The FTSE 100 insurance group said it would pocket £130m in the sale proceeds.
OTHER BUSINESS NEWS:
The troubled Co-operative Bank has reported a pre-tax loss of £75.8m for the first half of 2014, down from £845m a year ago. The bank was rescued in 2013 after discovering a £1.5bn capital shortfall.
Shares in Bank of America Corp were actually on the rise following the announcement of the deal with the Department of Justice, which involved fines for mortgage settlements totalling $16.7bn.
