Member Info for MY21

At 0330GMT today, Brent crude oil one month futures contract is trading 0.09% or $0.06 lower at $65.33 per barrel. On Friday, the contract declined 0.23% or $0.15, to settle at $65.39 per barrel, extending its drop from the previous session. Meanwhile, data released on Friday showed that oil rigs in the US dropped by 11 to 668.

Heat harvested from the sea could supply energy to Shetland in Scottish first: The first renewable energy scheme in Scotland to draw heat from the sea could be installed in Shetland later this year.

North Sea production plunges at oil and gas giant BG: BG Group has reported a near 40% fall North Sea production amid disruptions caused by repairs and maintenance work

GSK guarantees dividend for three years: GlaxoSmithKline guaranteed its 5.4% prospective dividend yield for the next three years last week. The FTSE 100-listed pharmaceutical company made the pledge as it outlined a strategy for the next five years. Chief Executive Sir Andrew Witty said he expects the company to return to sales growth next year and pledged to maintain dividends at 80p until 2017. This encouraging announcement was enough to send the shares higher initially, but after the market digested news of the growing threat from cheap copycat drugs in the US and a reduction in the one-off return of cash to investors from £4billion to £1billion, the shares ended the week almost 4% down. Earnings per share declined by 16%, to 17.3p, during the three months to the end of March compared with a year earlier. GSK last week detailed a plan to cope with this rapid loss of revenue and profits, reversing plans to float its HIV drugs business ViiV Healthcare, in which it owns an 80% stake. The company says encouraging sales growth means it will hold on to the stake. The previously announced £4billion special dividend was reduced to £1billion. There is no doubting the challenges facing GSK, but it looks like the market has already priced a lot of the problems with the shares, which are currently trading on 17 times forecast earnings – a 15% discount to European peers Novartis and Roche. GlaxoSmithKline at £14.78. Questor says “Buy”.

Prospect of separate Scottish tax regime stokes business alarm: Directors of Standard Life are preparing to issue a coded warning next week on the dangers of Scotland’s tax regime diverging from the rest of the UK as business leaders fret over the fallout from the Scottish National party’s landslide victory.

Hester pay revolt: Stephen Hester suffered a setback when 16 % of RSA’s shareholders voted against the Chief Executive’s pay at the company’s annual meeting in central London (writes Kathryn Hopkins). The package could be worth as much as £5.7 million, as long as Mr Hester meets all his targets.

Professional pride’ drives BG Group Boss in Shell deal: The Chief Executive appointed to revive BG Group only to see it accept an offer from Royal Dutch Shell has said that delivering a high-performing company to its new Owner was a matter of “professional pride”.

Oil prices ended lower last week, as concerns of an oil oversupply were intensified after Iran’s Oil Minister reportedly stated that if sanctions against the nation were lifted this year it would boost its oil production to 5.7 million barrels per day by 2018. Earlier during the week, oil prices had risen following protests in Libya and after the EIA reported an unexpected decline in weekly US crude oil stockpiles. Brent crude oil prices dropped 2.1% to $65.39/barrel.

BG Group reported a 59% plunge in earnings before interest and tax in the first quarter amid a slump in the oil and gas sector. The company said it produced fewer barrels in the UK than expected due to shut-ins.

Construction giant in £17 million deal to build more schools in Scotland: Construction giant Galliford Try has been chosen to build four primary schools for Moray Council, subject to contract, in a deal worth up to £17 million writes Mark Williamson.

As gold slips further, cheap prices take shine off debt-laden miners: Debt-laden miners continuing to produce gold at a loss have depressed prices, the Boss of Randgold Resources has warned.

Randgold profit dips but attraction remains: Gold miners such as Randgold Resources remain an interesting investment option in an uncertain world that offers little or no return on cash, amid the persistent threat of a return of inflation. Mark Bristow, Chief Executive, said that first quarter pretax profits were down 44% to $60.9 million (£40 million), from $108 million in the same period last year. Production in the first quarter of 279,000 ounces was down 2.7% on the fourth quarter at 287,000 ounces, after technical difficulties hampered mining. The average gold price was also lower at $1,215 an ounce, down from about $1,300 a year ago. Cash generation improved markedly in the first quarter leaving cash on the balance sheet 71% higher at $141 million at the end of March. With such a strong balance sheet Randgold could also accelerate growth through buying assets from rivals who are struggling with lower gold prices and higher debt levels. The shares are by no means cheap –trading on 27 times forecast earnings, falling to 24 times next year – but this looks like one of the best places to get pure gold exposure through shares. Randgold Resources at £47.75-139p. Questor Says “Hold”.

RSA: clouding over: When Stephen Hester was appointed Chief Executive of insurer RSA in February last year the shares rose 8% in a week. But since then the clouds of low interest rates have obscured the sunny start and more than reversed that gain. Mr Hester has made the right moves to improve what was a troubled business. A £775 million rights issue last year fixed the balance sheet. The capital position is comfortable (but not excessively so). But the wind is not following. Low interest rates hurt in many ways. First they cut the income that RSA generates from its investment book. It expects £380 million of such income this year, against £439 million last year. Low rates also push yield-hungry investors to seek new homes for their capital, and insurance is one such home. The resulting capital influx pushes down premiums. So RSA did well to increase premiums slightly in the first quarter, reported on Thursday (although exchange rates pushed reported premiums down 6%). But add all the pressure together, and analysts expect RSA to report EPS of 32p for 2016. When Mr Hester was appointed, the estimate for 2016 was 56p. Thursday was a decent day for RSA. The shares edged ahead on the back of the first quarter numbers, while the jump in European government bond yields could also be helpful. But these are gaps in the clouds, rather than signs that the sun is returning.

Sorbic’s ex-CEO refuses to give back £8 million: The deposed Chinese Chief Executive of Sorbic International, an Aim-quoted food additive business operating in Shandong province, has refused to hand over nearly £8 million of the company’s cash and is continuing to control its day-to-day operations

Asian group makes £99 million takeover offer for Asia Resource Minerals: Asia Resource Minerals, the Indonesia-based coal group formerly known as Bumi and co-founded by Nat Rothschild, has received a £99 million takeover offer from an Asian consortium including Indonesia’s wealthy Widjaja family, which argues that the company needs a local Owner.

Sports Direct £44 million richer after property sale: Mike Ashley’s Sports Direct retail group has netted a windfall by selling off its West End offices to the expanding University of Westminster

Brent crude price slips as U.S. stocks fears subside: Fears that lower than expected stores of oil in the U.S. would start forcing the price of crude up faster subsided as the cost of a barrel of Brent slipped back below $67

Cheaper oil fuels soaring profits at Emirates: Emirates has done little to cool the row with U.S. and European airlines over allegations that it is a state-subsidised airline feeding off cheap oil, after the Dubai-based carrier reported soaring profits and dividends for its government Owners.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.17% or $0.11 lower at $65.43 per barrel. Yesterday, the contract declined 3.29% or $2.23, to settle at $65.54 per barrel, pulling back from its recent gains as concerns of a supply glut were intensified after Iran’s Oil Minister Bijan Zangeneh reportedly stated that if sanctions against the nation were lifted this year then it would pump about 5.7 million barrels of oil per day by 2018, compared to its current production levels of about 2.7 million barrels per day.

Cleeve Capital PLC (to be renamed Satellite Solutions Worldwide Group PLC on Admission Expected first date of trading: 12/05/2015 Description of business: The Company has conditionally agreed (pursuant to the signing of a binding sale and purchase agreement) to acquire the entire issued share capital of European focused satellite broadband provider, Satellite Solutions Worldwide Limited ("SSW"), for a consideration of approximately £5.19 million, to be satisfied by the issue and allotment of new ordinary shares in the Company, credited as fully paid... Person(s) interested: Before Admission: Name % Interest Hargreave Hale Limited 12.3% Candy Ventures SARL 10.3% Courtney Investments Limited 7.0% MD Barnard & Co. Limited 5.5% Rodger Sargent 4.1% Robert Proctor 4.1% Monecor (London) Limited 3.9% Basil Sellers 3.9% Following Admission: Name % Interest Andrew Walwyn 15.8% Candy Ventures SARL 10.9% Simon Clifton 10.2% Hargreave Hale Limited 5.1% MD Barnard & Co. Limited 4.8% Sports Resource Group Limited 3.7%