Muddy Waters says Burford has ‘same illness’ that doomed Enron August 13, 2019 Muddy Waters redoubled its assault on litigation funder Burford Capital today, accusing the company of having the “same illness” that brought Enron down. The activist shortseller accused Burford of “addiction to mark-to-model gains financed by debt”. In mark-to-model or fair value accounting, unrealised gains are included on a company’s balance sheet. Muddy Waters said: “We [...]
Global stock markets spooked by Hong Kong and Argentina August 13, 2019 Global investors are having a nervous morning as unrest in Hong Kong drags down Asian stocks and market turmoil shakes Argentina. Read more: Asian stock markets fall as embattled Hong Kong leader urges calm European stock markets have followed their Asian counterparts downwards. The German Dax index was 0.5 per cent down in early trading, [...]
Recession fears as gold price hits more than six-year high August 13, 2019 The price of gold hit a more than six-year high this morning as investors looked for a safe haven for their money amid protests in Hong Kong and fears of a crash. Spot gold prices were up 1.2 per cent by around 8.30am to $1,523 per ounce. Read more: Gold hits five-year high on dovish [...]
Pre-tax profit at online trader Plus500 plunges over 80 per cent August 13, 2019 Trading website Plus500 saw pre-tax profit plunge by over 80 per cent in the first half of the year compared to a year earlier, which it blamed on a lack of volatility in the markets providing its customers fewer opportunities to make money. Read more: Plus500 shares plummet as revenue collapses but bosses salaries climb [...]
Asian stock markets fall as embattled Hong Kong leader urges calm August 13, 2019 Hong Kong leader Carrie Lam has said the protests that have rocked the city for over two months have caused “severe wounds” and that the recovery will be a long process. Read more: Hong Kong airport cancels flights for Monday amid protests As Lam spoke this morning (afternoon in Hong Kong), Asian stock markets slipped [...]
Ring time: Open outcry trading sessions to be extended by London Metal Exchange August 12, 2019 The London Metal Exchange is set to extend its final open outcry trading sessions, backing its historic method of buying and selling on the floor over a potential shift towards electronic platforms. Frenzied five-minute dealing windows are to be doubled to 10 minutes on the trading floor of the world’s oldest and largest market for [...]
Yen and bonds bullish as trade war fears weigh on global stocks August 12, 2019 Concerns that US-China trade tensions and a no-deal Brexit could spark a recession boosted the yen and bond markets today, while stock markets suffered once again. Early gains for European and Asian stocks soon faded and Wall Street futures were already in the red as traders geared up for another potentially volatile week. Read more: [...]
Tanzania allows Acacia to restart gold exports, but bigger problems remain August 12, 2019 The Tanzanian government today lifted a ban which stopped Acacia Mining from exporting gold from its biggest mine, as a dispute between the two sides continues. The gold miner was slapped with the ban a month ago, facing claims that it had broken mining regulations in the country. Read more: Acacia accepts increased takeover bid [...]
Sterling recovers after tumbling to ten-year low against euro August 12, 2019 The pound has bounced after tumbling to a ten-year low against the euro this morning following a report from the Institute for Government (IfG) think tank that said MPs are unlikely to be able to stop a no-deal Brexit. Sterling dropped to €1.072 shortly after midnight. It fell to its lowest point since the depths [...]
Shares rise as Tullow Oil sees great start to Guyana drilling campaign August 12, 2019 Tullow Oil today hailed an “excellent start” to a South American drilling campaign as the company made a major discovery off the coast of Guyana. The discovery shows that the Jethro-1 well will likely hold over 100m barrels of oil, chief executive PaulMcDade said. The discovery is ahead of expectations. Read more: Tullow facing delays [...]
