Oil Prices Slide In Volatile Trade On Demand Concerns

Keller Group Sees Full-year Performance Inline, Bags Order From S.Arabia ‘s NEOM Giga Project

Keller Group plc (KLR), a geotechnical specialist contractor, on Monday said it expects full-year performance to be in line with expectations. It also announced a major new contract, as well as an update on strategic progress and interim dividend increase, ahead of the announcement of its interim results for the half year ended 26 June, scheduled for 2 August 2022.

Year 2022 is expected to be a year of growth, with full year performance to have the customary second half weighting, and to reflect the usual increase in trading momentum as the year progresses, the company said.

The Board is announcing a 5 percent increase in the interim dividend to 13.2 p compared with 12.6p last year.

Keller also announced that it has signed an umbrella Framework Agreement to undertake work on the NEOM Giga project in the Tabuk Province of North West Saudi Arabia.

The company is mobilizing for an anticipated first works order on a portion of Module 40 which has an expected value to Keller of around 50 million pounds, with the work anticipated to be completed within the next twelve months.

Shares of Keller Group closed Friday’s trading at 700 pence, up 5 pence or 0.72 percent from the previous close.

Leftist Gustavo Petro Wins Colombia’s Presidential Run-off

Former guerrilla Gustavo Petro has won Colombia’s presidential election by a slim majority in the run-off.

He is set to be sworn in as the Latin American country’s first leftist leader, after winning more than 50 percent of the votes against 77-year-old entrepreneur Rodolfo Hernandez.

Petro’s running mate Francia Marquez will become the first Afro-Colombian to be elected Colombia’s Vice President.

Delivering his victory speech on Sunday, Petro offered to hold talks with Hernandez.

He promised to bring about change in the country that is passing through worse socioeconomic situation under President Ivan Duque.

Sandvik To Buy Portugal’s PCD Tools Maker Frezite For Undisclosed Terms; Stock Up

Sandvik AB (SDVKY.PK), a Swedish engineering company, Monday said it has signed an agreement to acquire Portugal-based Frezigest, SGPS, or Frezite. The financial terms of the deal were not disclosed. Sandvik shares were gaining around 5 percent in the early morning trading in Sweden.

The transaction is expected to close during the third quarter of 2022 and is subject to customary closing conditions.

The company noted that the acquision’s impact on Sandvik’s earnings per share will be limited, yet slightly positive.

Frezite’s offering primarily consists of made-to-order polycrystalline diamond or PCD tools for metal and wood applications. The company, which has around 450 employees, generated revenues of around 450 million Swedish kronor in 2021, and is expected to grow at a mid-single digit organic growth rate in the medium term.

Following the acquisition, Frezite will be reported within Walter, a division within Sandvik Manufacturing and Machining Solutions. Frezite’s EBITA margin is slightly dilutive to Sandvik Manufacturing and Machining Solutions.

In Sweden, Sandvik shares were trading at 175.70 kronor, up 4.9 percent.

How Rosé Became a Lifestyle

Joey Wölffer of Wölffer Estate has turned pink wine into a symbol of the Hamptons life that she epitomizes.

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By Alex Williams

TUI emergency: Red alert as plane sends dramatic 7700 ‘Squawk’ code at 13,000ft

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European Economics Preview: Eurozone Current Account Data Due

The current account data from the euro area is due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Switzerland’s Federal Customs Administration releases foreign trade figures for May.

At 4.00 am ET, the European Central Bank is set to issue eurozone current account data for April. The deficit totaled EUR 1.6 billion in March.

In the meantime, producer prices and industrial production figures are due from Poland. Producer price inflation is forecast to rise to 24.8 percent in May from 23.3 percent in April. Economists expect industrial production to grow 15.3 percent annually after rising 13.0 percent in the previous month.

At 6.00 am ET, the Confederation of British Industry publishes Industrial Trends survey results. The order book balance is seen at 22 percent in June versus 26 percent in May.

Oil Prices Slide In Volatile Trade On Demand Concerns

Oil prices fell in volatile trade on Monday as investors grappled with concerns that a sharp slowdown in global growth could depress demand.

Traders also awaited the outcome of G7 and OPEC+ meetings this week for directional cues.

Benchmark Brent crude futures dropped half a percent to $108.61 a barrel, while WTI crude futures were down 0.6 percent at $107.

Concerns persist about the risks of a global recession after a pair of U.S. central bankers supported further sharp interest rate hikes to stem rapid price rises.

Despite relaxing COVID restrictions and gradual business resumption in major cities such as Shanghai last month, China’s industrial profits fell for a second month in May, data showed earlier today.

The G7 will discuss the prospect of reviving the Iran nuclear talks after two Iranian and European officials said that two issues including one on sanctions remained to be resolved. It is feared that the revival of the nuclear deal could lead to more Iranian oil exports.

OPEC is set to hold an ordinary meeting on June 29 followed by a meeting of OPEC and non-OPEC members on June 30.

It is expected that the group including Russia will likely stick to a plan for accelerated oil output increases in August.