Saudi Aramco Indian investment ‘among biggest ever’ August 12, 2019 Saudi Aramco is set to take a 20 per cent stake in the oil to chemicals arm of India’s Reliance Industries, a deal which is being touted as the among the biggest inward investments in Indian history. The deal, which values the business at $75bn (£62bn) including debt, is the third major investment by the [...]
Lower oil prices hit Saudi Aramco earnings August 12, 2019 Saudi Aramco is still the world’s most profitable company, it revealed today, despite a drop in revenue brought on by lower oil prices. The formerly secretive Saudi oil giant said that pre-tax income had fallen during the first half of the year. The results were part of Aramco’s first half-year report. Read more: Oil price [...]
Shortseller Gotham City piles pressure on under-fire Burford Capital with further criticism August 11, 2019 Shortseller Gotham City Research has added to the pressure on litigation funder Burford Capital which it described today as “inappropriately financed”. Burford’s market value fell by nearly half last week before regaining some of those losses after it was savaged in a report by hedge fund Muddy Waters which has taken a short position in [...]
Window slams shut on litigation funder floats after Burford Capital’s terrible week August 11, 2019 The attack by shortseller Muddy Waters on Burford Capital last week has slammed shut the window on other litigation funders looking to go public. Muddy Waters criticised Burford’s use of fair value accounting – the inclusion of unrealised gains – and accused the funder of “aggressively marking” the value of the cases on its books, something Burford denied. The Aim darling-turned-lame-duck lost [...]
US stock markets fall with Donald Trump ‘not ready’ for deal with China August 9, 2019 US stock markets have fallen today after President Donald Trump said his administration was “not ready to make a deal” with China. Read more: Italian markets in turmoil as government edges closer to collapse The tech-heavy Nasdaq stock index had fallen 1.2 per cent, the S&P 500 had dropped one per cent, and the Dow [...]
Cable drops as UK economy contracts August 9, 2019 | City Talk The UK economy contracted by 0.2 per cent in the second quarter of the year, its worst performance since 2012. Figures from the Office for National Statistics showed the surprise contraction, which was significantly lower than the flatline economists expected. It also follows strong growth of 1.8 per cent seen in Q1. “PMI data had [...]
Sterling spirals to near $1.20 as UK economy comes close to recession August 9, 2019 Sterling has tumbled to fresh two-year lows after official figures showed Britain’s economy contracted in the second quarter, raising fears of a recession and adding to no-deal Brexit worries. Read more: Sterling to tumble further as no-deal Brexit worries intensify The pound had fallen 0.6 per cent against the dollar by 1.45pm to buy $1.207, [...]
Navigating the “Recession Moment” August 9, 2019 | City Talk “When is a recession going to come?” That’s the question Geraldine Sundstrom keeps getting from clients as a managing director and portfolio manager at PIMCO. But Sundstrom, who focuses on asset allocation strategies, doesn’t believe we are at the end of the economic cycle just yet. We are late in the game though, she explained at the 72nd CFA [...]
Italy’s political crisis triggers bond sell-off and shakes European markets August 9, 2019 Traders have sold off Italian government bonds and European stock markets are in the red after League party leader Matteo Salvini called for a snap election, saying his ruling coalition was unworkable. Read more: Investor confidence in Eurozone hits five-year low Yields on two-year Italian government had risen 18 basis points (0.18 percentage points) to [...]
Trump: Fed interest rates harming US exporters August 8, 2019 US President lashed out at the Federal Reserve today, saying a high dollar, which he blames on Fed policy, is hitting US exporting giants. The President, not a stranger to Fed-bashing said that he was not “thrilled” by the strength of the currency. Read more: A belligerent President has an effect on us all “The [...]
