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Last update: Mon, 08 Feb 2016 06am

Europe

Markets - Equity - Europe

Drax shares fall on UK change to biomass subsidies LONDON: Shares in British power producer Drax fell to their lowest in more than two years, wiping as much as 300 million pounds ($471 million) off its market value, after the government announced changes to a subsidy scheme for biomass plants. Changes to the subsidy system were needed because more biomass generation was being developed than expected and to safeguard funds for other types of low-carbon power generation, the Department for Energy and Climate Change (DECC) said in a consultation published on Friday. Drax shares were down 10 percent at 506 pence at 1105 GMT, after trading as low as 490.1 pence. The government is changing the way it supports renewable energy projects. It is replacing direct subsidies with a contracts-for-difference (CfD) system whereby qualifying projects are guaranteed a minimum price for their electricity.DECC said it would no longer grandfather, or guarantee, the subsidies offered under its previous Renewables Obligation ...

Markets - Equity - Europe

FTSE heads for worst weekly drop in two years, led by commodity stocks LONDON: Britain's FTSE share index slipped to a six-week low and headed for its biggest weekly loss in more than two years on Friday, as crude oil prices fell further and disappointing Chinese economic data hit commodity stocks. The UK mining index, down 1.6 percent, fell for a seventh straight session after data showed factory output in China, the world's biggest metals consumer, slowed last month.The oil and gas index fell 2.1 percent, tracking Brent ...

Markets - Equity - Europe

Europe shares set for biggest weekly loss in 2-1/2 years PARIS: European stocks tumbled again on Friday, leaving them on course for their biggest weekly loss since May 2012 as shares in oil and oil services firms sank further along with crude oil prices.The STOXX oil and gas index has plummeted 29 percent since June. The sell-off has wiped roughly $300 billion off market capitalisation of the sector, nearly the size of Denmark's annual GDP.Saipem dropped 4.2 percent on Friday, hitting a 10-year low, while ...

Markets - Equity - Europe

European stock markets drop at open LONDON: European stock markets eased lower in initial trade on Friday, with London's benchmark FTSE 100 index down 0.53 percent at 6,427.38 points.Elsewhere, Frankfurt's DAX 30 fell 0.69 percent to 9,794.20 points and the CAC 40 in Paris shed 0.67 percent to 4,197.48 compared with Thursday's close.Copyright AFP (Agence France-Presse), 2014 ...

Markets - Equity - Europe

Britain's FTSE slips to six-week low as miners slide LONDON: Britain's top share index slipped to a six-week low on Thursday as mining shares fell sharply on concern that metals demand is weakening, while some stocks traded without the attraction of their latest dividend payouts.Aberdeen Asset Management, 3I Group, Associated British Foods and Babcock fell 1.6 to 3.4 percent as they went ex-dividend on Thursday.The UK mining index declined the most among sectors, losing ground for a sixth straight session. The index fell 2.4 ...

Markets - Equity - Europe

Selloff slows as timid loan take-up boosts bets on ECB QE LONDON: A selloff in world stocks slowed on Thursday as oil prices steadied at a five-year low and lacklustre demand for virtually free ECB money stoked expectations that the bank will have to resort to full-blown quantitative easing.Wall Street was expected to see a small bounce back after recording its biggest fall since October on Wednesday. But European markets were heading for a fourth day of losses as political worries in Greece pummelled its stocks ...

Markets - Equity - Europe

Britain's FTSE hits six-week low as mining shares slump LONDON: Britain's top share index slipped to a six-week low on Thursday as mining shares fell on concern that metals demand is weakening and some stocks traded without the attraction of their latest dividend payouts.Aberdeen Asset Management, 3I Group, Associated British Foods and Babcock were 1.2 to 3.1 percent lower as they went ex-dividend on Thursday.The UK mining index declined the most among sectors, losing ground for a sixth straight session. Rio Tinto , BHP ...