Member Info for 2227

S&P Ratings slashed its forecast for oil prices by $10 a barrel, citing severe supply-demand imbalance due to the coronavirus outbreak.

The ratings agency lowered its 2020 assumptions for crude commodity benchmarks Brent and West Texas Intermediate to $30 and $25 a barrel.

https://www.thenational.ae/business/energy/s-p-ratings-slashes-crude-oil-forecast-for-2020-by-10-per-barrel-1.995710

Low oil prices should help to get rid of the excess capacity from the market. Good for Genel imo.

https://www.marketwatch.com/story/oil-prices-stage-rebound-after-days-of-relentless-selling-2020-03-19

Shares price likely to bounce imo.

"Given the resilience of the business, our strong performance in 2019, and our view of future prospects, we have retained our dividend of 10¢ per share"

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GENL/14468042.html

Bill Higgs, Chief Executive of Genel, said:

"The industry is currently facing headwinds that challenge companies to demonstrate their resilience and flexibility. Genel has a business model and strategy designed to shelter us from such extreme circumstances, with low-cost oil production, robust finances, and flexibility in our expenditure allowing us to pay a material dividend while retaining sufficient liquidity to capitalise on opportunities and take advantage of future upside. Our strong balance sheet with limited capital commitments allows us to invest in the most value accretive areas and pay this dividend at the prevailing oil price, even in a scenario with a temporary delay in payments from the KRG. We are a business that can generate excess cash at a sustained oil price of $40/bbl.

Given the resilience of the business, our strong performance in 2019, and our view of future prospects, we have retained our dividend of 10¢ per share, deferring an increase until external conditions improve. This is a yield of over 20% on our current share price, offering investors the compelling combination of a significant yield from a sustainable dividend and funded growth. Our portfolio positions us well for a future of fewer and better natural resources projects. It is low-cost and low-carbon - the right assets, in the right location, with the right footprint."

Budget was a total disappointment for the retail sector.
Very few of the retailers in shopping centres will qualify for business rate relief announced in the budget.

Chancellor Rishi Sunak is expected to use the Budget to outline a variety of measures to contain the impact of coronavirus on the economy.

Those could include slashing business rates and even VAT in order to help retailers through the crisis.

Rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history.

The Bank said it would also free up billions of pounds of extra lending power to help banks support firms.

Chancellor likely to introduce business rates relief too imo.

Gold is up $95 from a week ago.

Gold price closes $8 higher from the Friday close.

Gold hits 7-year high but analysts say the 'level of fear in markets' could push it to $2,000.

https://markets.businessinsider.com/commodities/news/gold-price-jumps-year-high-investors-rush-safer-assets-coronavirus-2020-3-1028976822

Gold is priced in US dollars. Any devaluation in ruble will reduce the cost of production in $ terms for POG.

Last Monday at noon the gold price was around $1600, it's $1680 now. It looks like moving toward $2000.

Gold may go above $1700 next week.

Up 17% this week.

Gold is still $75 higher than last Friday's close. The trend still seems to be upward.

Airlines face $113 billion hit from the coronavirus

Likely to dip below £10

https://edition.cnn.com/2020/03/05/business/airlines-coronavirus-iata-travel/index.html

$1663 and pushing up.

Closed at exactly 22p.