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Pulse Business Wrap Oil prices falling? Who cares? Tullow declares profits

Tullow Oil has posted  a profit of 600 million dollars for 2015, representing a marginal percentage increase in revenue and profits.

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Hello, welcome to the Pulse Business Wrap

Here are the top stories for today,

 

Oil prices falling? Who cares? Tullow declares profits

Tullow Oil has posted  a profit of 600 million dollars for 2015, representing a marginal percentage increase in revenue and profits.

This comes as a surprise to most industry players, given that oil prices on the international market have falling drastically from the $100 a barrel to $35 for December 2015.

According to the company, total revenue was 1.6 bllion dollars whereas  operation cost was 1.0 billion dollars.

Additionally, Tullow expects production for 2015 to exceed the 100 thousand daily target, exceeding the average target of 102, 600 daily crude oil for production. 

 

We are allowed to take deposits- GHAMFIN to Pres. Mahama

In other news, The Ghana Microfinance Institutions Network- GHAMFIN has challenged president Mahama's assertion that Microfinance Companies are not allowed under law to take deposits.

In a meeting with the press to mark his third year in office, President  Mahama touched on the current crisis in the Microfiance industry where some companies have gone bust with the deposits of investors.

Mr. Amponsah sought to allay all fears customers may have after the comments by the president, saying they are operating legally.

 

We go to the currency market now where

 

Currency          Buying                                 Selling

Dollar                 3.79                                        3. 90

Pound Sterling    5.59                                        5.65  gained 5p

Euro                    4.12                                       4.45    gained 3p

 

To updates from the stock exchange today, 

New Gold Issuer Limited were the biggest losers of the day, dropping 20p to close at 38.80p, whereas HFC and GOIL recorded the biggest gain, earning  1.20p to close at 1.45P

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