New York attorney general launches investigation into Exxon Mobil’s accounting practices September 16, 2016 New York attorney general Eric Schneiderman is reportedly probing why Exxon Mobil has not written down the value of its assets, despite the prolonged oil price slump which has riled the industry. The Wall Street Journal reported that Schneiderman's office has launched an investigation into the firm's accounting practices. It's already looking into whether Exxon misled investors over the [...]
Hollywood Bowl Group aims for a strike as it announces IPO price September 16, 2016 Hollywood Bowl Group announced an IPO price of 160p per share, which would give it a market capitalisation of £240m. The company said today that it has placed 113,283,274 shares in an offer which is expected to raise £181.3m. Dealing is expected to start on 21 September, it added. City PM revealed yesterday that the group was [...]
I want to build a national consensus on Britain’s bright post-Brexit future September 15, 2016 Napoleon is said to have once described Britain as a nation of shopkeepers. It was not meant as a compliment, but it highlighted one of our country’s biggest and most enduring strengths. We are one of the great trading nations of the world and the decision taken by the people to leave the EU will [...]
Autumn Statement 2016: Businesses tell Philip Hammond to cut national insurance September 15, 2016 Business leaders want Philip Hammond to cut the cost of employment in his first Autumn Statement as chancellor, rather than indulge in headline-grabbing measures like slashing corporation tax. Accountants EY found 64 per cent of top decision makers at both UK firms and multinationals with a big presence here said reducing the cost of national insurance [...]
The next Singapore: Britain must seize this opportunity to slash tax and regulation September 15, 2016 I have always been torn over Britain’s relationship with Europe. While I share the loathing of the most passionate Brexiteer for the arrogance of the Brussels elite and their job-destroying regulations, I also fear the largely unintended consequences of what EU withdrawal will mean both for Britain in terms of prosperity and influence, and for [...]
As the Bank of England holds interest rates, is ultra-loose monetary policy a danger to financial stability? September 15, 2016 Baroness Altmann, a former pensions minister, says Yes. The Bank’s monetary policy is not only a potentially serious danger to financial stability, it also has damaging side effects that call into question the extent of easing it actually represents. The fallout from years of pushing both short and long rates lower is that capital markets and [...]
Critics round on Carney as ultra-low interest rates to last 13 years September 15, 2016 Mark Carney faced growing disquiet from the financial community today, as critics of his post-referendum stimulus package sharpened their attacks on the Bank of England governor. As the Bank's monetary policy committee (MPC) voted unanimously to hold interest rates at their record low of 0.25 per cent, a string of robust post-referendum data has led [...]
It’s eight years since the Lehman Brothers collapse. What’s changed? September 15, 2016 Eight years ago today US banking giant Lehman Brothers filed for bankruptcy. This was an unprecedented event in the modern financial world and it sent shock waves through global markets. We're still recovering from some of them. The bank's collapse has now entered the vocabulary as a term for when an industry has a potentially catastrophic moment. It is used again. And again. And again. And again (maybe it [...]
US interest rates: Weak data boosts case for another delay from the Fed September 15, 2016 The US has posted another uninspiring set of economic data, suggesting the slowdown in the world's most important economy is set to continue. Official figures on the manufacturing sector, retail sales and factory prices all came in below expectations this afternoon, just days before the US Federal Reserve is scheduled to vote on whether to [...]
Another London Stock Exchange strike: Hollywood Bowl’s IPO is imminent September 15, 2016 Hollywood Bowl is set to price its initial public offering (IPO) on the London Stock Exchange as early as tomorrow, City PM understands. Hollywood Bowl first announced its intention to float, in a move that could raise £280m, shortly before the EU referendum in June, with admission onto the LSE expected in July. However, these plans were [...]
