Boris Johnson’s Article 50 comments send sterling sliding September 23, 2016 Sterling has drifted against the euro and the dollar today, as currency analysts blamed foreign secretary Boris Johnson for spilling the beans on the government's latest Brexit plans. The pound was down 0.9 per cent against the US dollar at $1.2961 at lunchtime, below the crucial $1.30 mark which the currency has settled around in recent weeks. [...]
Anglo American nabs new finance director from Fortescue Metals September 23, 2016 Anglo American said today it has nabbed its new finance director from Australian rival Fortescue Metals. Stephen Pearce will join the miner as finance director next year, replacing current finance director René Médori, who announced his decision to retire in April. Pearce will join Anglo's management committee on 30 January, before joining the board and taking over as finance director with effect [...]
Shell’s North Sea assets eyed by Maersk Oil ahead of split September 23, 2016 Maersk is reportedly in talks to buy Royal Dutch Shell's portfolio of North Sea assets as the Copenhagen-based shipping giant mulls splitting itself in two. The conglomerate said yesterday it will split its energy and transport divisions, enabling them to focus on their respective markets. The former has suffered amid a two-year oil price rout, while transport [...]
City hopeful of IPO recovery, but figures highlight 2016 struggles September 22, 2016 The City is feeling increasingly optimistic about the London flotation market, with Hollywood Bowl listing this week and other high-profile companies expected to follow. But, with EU referendum and then Brexit vote uncertainty, 2016 has been a slow year. Read more: Hollywood Bowl float set to kick off strong period for London IPO market Dealogic figures [...]
Before the bell: What you need to know before the US market open September 22, 2016 A divided Federal Reserve has voted to leave interest rates on hold, queuing up a hike before the end of 2016 and markets couldn't be happier. Here's what you need to know before the US market open at 2:30pm London time. Markets climbed yesterday following the Fed announcement and Janet Yellen's frank press conference. The S&P is [...]
Fed interest rate decision adds sheen to London-listed miners September 22, 2016 The US Federal Reserve's decision to hold interest rates proved to be a boon for London-listed miners which raced to the top of the FTSE today. While Fed chair Janet Yellen suggested US borrowing costs could rise this year, policymakers cut the number of rate increases they expect this year to one from two and projected a [...]
Should global stock markets expect a correction by the end of the year? September 22, 2016 Adrian Lowcock, investment director at Architas, says Yes. Markets have been stable for months and have been able to shrug off the surprise Brexit vote, weak economic growth and concerns over the Italian banking system. Investors seem to think that markets can handle anything, but they are far too sanguine. This is the perfect environment for [...]
Postal Savings Bank of China in world’s biggest IPO in two years September 21, 2016 China's sixth-largest lender by assets has raised $7.4bn (£5.6bn) in the world’s biggest initial public offering since Chinese ecommerce retailer Alibaba’s 2014 float. The state-owned Postal Savings Bank of China (PSBC) was priced at the lower end of expectations in Hong Kong and was heavily reliant on cornerstone investors – big buyers that get priority [...]
First crude shipment in two years leaves major Libyan port September 21, 2016 A tanker set sail from the Libyan port of Ras Lanuf to Italy today, marking the first shipment from one of its key oil terminals since the civil war froze activity there two years ago. The port manager told Reuters that a second tanker is preparing to load at the terminal, stoking hopes that it will bring Libya a [...]
The UK is second in the world for tech startup exits September 21, 2016 More tech startups in the UK went public or were acquired than in any other country in the world behind only the US at the start of the year, new research reveals. The high-profile acquisitions of Swiftkey by Microsoft and Magic Pony by Twitter helped send tech merger and acquisition (M&A) surging across Europe. Read more: Why companies like [...]
