The biggest tech IPO of the year is here – and Line popped July 14, 2016 The biggest tech IPO of the year is here, as Line goes public in a dual listing on the Tokyo and New York stock exchanges. The Japanese messaging firm is the sixth most used messaging app in the world, boasting 218m users. Priced at $32.84, shares popped nearly 30 per cent, opening at $42 per share [...]
Gulf Keystone shares plummet as shareholders effectively wiped out July 14, 2016 Kurdish oil producer Gulf Keystone tumbled today after a desperately-needed funding agreement left shareholders with next to nothing. They will hold on to just five per cent of the company, with bondholders owning a majority stake. Read more: North Sea oil workers back strike action as tensions mount Its shares tanked as much as 44.04 per cent to [...]
Circle Oil secures breathing space as debt repayments loom July 14, 2016 Circle Oil was thrown a lifeline today, as it struggles with an increasingly uncertain financial situation. The oil explorer, which recently halted trading of its shares, said that the World Bank's International Finance Corporation (IFC) kicked back a revaluation of its current borrowing agreement. It also delayed any repayments due under that arrangement to 5 August. Read more: Circle Oil shares tumbles as it announces [...]
Before the bell: What you need to know before the US market open July 14, 2016 The Bank of England has kept interest rates on hold, stunning the market and sending the pound sharply upwards. Here's what you need to know ahead of the US market open at 2:30pm London time. US futures are pointing higher, signalling what could be another day of broken all-time-highs for indices. The S&P is up [...]
BlackRock falls short of expectations due to low pound and wary investors July 14, 2016 The world’s largest asset manager BlackRock has missed expectations in its second quarter. Revenue is down three per cent to $2.8bn (£2bn), net income declined four per cent to $789m, while assets under management also fell four per cent on last year to $4.89 trillion. BlackRock’s adjusted earnings per share for the quarter were $4.78, falling short of an analyst consensus of $4.81. The New York [...]
Pound surges as Bank of England monetary policy committee maintains interest rates – despite Brexit panic July 14, 2016 The pound jumped nearly two per cent against the dollar after the Bank of England failed to cut UK interest rates, despite widely-held speculation it would move to calm fears over the impact of Brexit. The pound was up 1.76 per cent against the dollar, at $1.3378, after it emerged the Bank's monetary policy committee (MPC) [...]
US shale lowest-cost option for future oil production July 14, 2016 The large underground deposits of shale gas in the US are the lowest-cost option for future oil output. About 60 per cent of production that's cost-effective with crude at $60 per barrel is in US shale, compared to about 20 per cent accessible by deep well drilling, according to energy consultancy Wood Mackenzie. Read more: North Sea oil [...]
Safe pair of hands: The pound has jumped more than a cent against the dollar since Theresa May’s appointment July 14, 2016 It's been a pretty diabolical couple of weeks for currency traders, but as new Prime Minister Theresa May curtseyed to the Queen yesterday, something happened on the markets: things started to look up – suggesting May's reputation as a "safe pair of hands" may be more than just speculation… The pound, which yesterday traded as low as $1.3106, [...]
New chancellor Philip Hammond says no need for emergency budget July 14, 2016 The recently appointed chancellor, Philip Hammond, has assured that there was no need for an emergency Budget. His predecessor, George Osborne, had warned he would be forced to slash public spending and increase taxes to fill a £30bn "black hole" following a Brexit vote. Read more: What to expect from chancellor Philip Hammond Speaking to Sky News [...]
May and the three Brexiteers lead Britain July 14, 2016 If there were any doubts that the new Prime Minister really meant it when she said “Brexit means Brexit” they were put to bed last night as she appointed three senior Leave campaigners to oversee the process of the UK's departure from the EU, the forging of new global trade deals and the creation of [...]
