Saudi Aramco leapfrogs Apple to claim title as world’s most profitable company April 1, 2019 Ol giant Saudi Aramco was today confirmed as the world’s biggest profit machine, making as much as Apple, ExxonMobil and Google put together last year. The Saudi state oil company showed net income hitting $111.1bn, considerably ahead of second-place Apple on $59.4bn. Aramco revealed the impressive state of its finances for the first time as [...]
Veteran investor Michael Spencer in funding boost for femtech startup Elvie March 31, 2019 Former Conservative Party treasurer Michael Spencer is reportedly leading a funding round for female health start-up Elvie. Spencer’s private investment vehicle IPGL is backing the company with an investment worth around £20m, Sky reported this evening. Read more: Nex Group founder to invest millions in blood testing startup Elvie, which last year partnered with the [...]
Lyft IPO sets wheels in motion for Uber, Pinterest and Slack floats in coming months March 31, 2019 The runaway success of ride hailing app Lyft’s initial public offering (IPO) last Friday has paved the way for a long queue of tech firms all hoping to emulate its market debut in the coming months. On Lyft’s first day of trading its value soared 8.7 per cent, from an initial valuation of $72 (£55.20) [...]
Miner Churchill faces administration after losing court battle with Indonesia March 31, 2019 A London-listed miner looks set to enter administration after it lost a battle with the Indonesian government. Churchill Mining has told a court that it intends to appoint administrators, with RSM ready to step in, the Sunday Times reported. Read more: London obvious choice for float says boss of Kazakh miner The firm had been [...]
Petra Diamonds finds its second largest diamond at mine which produced crown jewel stones March 31, 2019 Petra Diamonds found the second largest diamond in its history last week in the South African mine where the world’s biggest stone was found over a century ago. The 425.1 carat diamond is a type II – the most collectable form which only makes up a fraction of global stocks. It is also completely colourless. [...]
Global stocks rise as investors react with optimism to US-China trade talks March 29, 2019 US and European stocks climbed today with the FTSE 100 closing higher as investors reacted optimistically to US-China trade talks. In America, the Dow Jones industrial average rose 0.6 per cent after opening at 1.30pm UK time, while the benchmark S&P 500 stock index rose 0.4 per cent. Read more: EU trade surplus with US grows as deficit with China [...]
Sterling tumbles as MPs reject Brexit deal for third time March 29, 2019 The pound dropped sharply today following British MPs' decision to again vote against Prime Minister Theresa May’s Brexit deal at the third time of asking. The pound briefly fell below the $1.30 mark for the first time in over two weeks, hitting $1.299 before rebounding somewhat to $1.303. Read more: MPs reject Theresa May's Brexit [...]
Financial Conduct Authority confirms ban on sale of binary options to retail consumers March 29, 2019 City watchdog the Financial Conduct Authority (FCA) said today it was banning the sale, marketing or distribution of binary options to retail customers. Binary options are financial instruments that allow traders to speculate on which way a market will move. Read more: The FCA has to show it really means business The FCA said the [...]
14 years of returns: history’s lesson for investors March 29, 2019 | City Talk The temptation among investors is to stick to what you know. That is no bad thing. It is a strategy championed by successful investment pioneers such as Warren Buffett, a famous devotee of stocks. It can work, when the market is rising and you have picked the right asset. However, it’s also important for investors [...]
Numis sees revenues plunge amid Brexit uncertainty and lower share prices March 29, 2019 London-based stockbroker Numis has warned shareholders today that it expects to deliver revenue approximately 26 per cent lower in the first half of 2019 than it did in the same period a year before. Read more: Numis warns of Brexit hit to trading performance In a trading statement released this morning the company, which is [...]
