The company’s stock decline continued on Monday, down 10.6% in early trading. Its decline since last week came after US short-seller Muddy Waters took a short position on the stock and then published a highly critical report on the company’s financials. ” Such activity includes methods of driving down share prices known as spoofing and layering, according to the company. It said it had made regulators and criminal prosecutors aware of its “preliminary conclusions” and was considering its own options.
Saudi oil giant reveals earnings Saudi Aramco has reported a 12% slide in profit in its first half results statement , but it still makes more money than other company in the world. The oil price has fallen to around $58 per barrel , down from $69 to $66 per barrel in the same period in 2018. The energy titan says it was a key reason for why net income has dropped 4%, to $46.9bn . The move by Saudi Arabia’s state oil producer to declare its results publicly is seen as rare, as it is notoriously private when it comes to the group’s financials.
The cash injection would be on top of the £750m already planned from Chinese firm Fosun and a range of banks. The stock price fell to 7.15p. It comes as the Institute for Government warns MPs may struggle to block a no-deal Brexit when they return to parliament in September. Sterling is now trading at less than $1.21 against the dollar, compared to $1.70 just five years ago.
European markets muted The Euronext 100 and France’s CAC 40 were both flat at around 9.30am in London, while Germany’s DAX was up 0.2%. But Britain’s FTSE 100 index was down 0.2%, with Thomas Cook leading the decline. Overnight in Asia Japan’s Nikkei was up 0.5%, China’s Shanghai Composite index up 1.5%, and the Hong Kong Hang Seng was down 0.5%. What to expect in the US US stocks look set for a lower open on Monday.
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