Saudi may resume swing producer status once the oil market recovers June 22, 2016 Saudi Arabia could resume its mantle as the world's major swing producer, with the ability to determine oil prices, once the battered global market has recovered. The de facto Organisation of Petroleum Exporting Countries (Opec) leader effectively abandoned this role in 2014, as it kept production steady despite tumbling crude prices to crush the emergent US shale [...]
These money transfer startups are restricting services on referendum day June 22, 2016 Several of the UK's fast growing online money transfer companies have said they will restrict their services on the day of the EU referendum. The unprecedented step is due to the potential volatility of currency markets on Friday. Startup Azimo has said it will temporarily suspend money transfers from 6am on Thursday morning when polls open, until "things have settled [...]
EU referendum: Financial markets are looking calm – for now June 22, 2016 This time tomorrow, polls will be open, voters will be dripping into town halls, churches and school gyms to conduct their civic duty by putting a tiny mark next to a few words on a bit of paper and dropping it into a crusty old wooden box. That moment of calm – behind the curtain [...]
Before the bell: What you need to know before the US market open June 22, 2016 It's the calm before the storm as investors await a second round of testimony from Federal Reserve chair Janet Yellen and the UK Brexit referendum approaches. Here's what you need to know before the US market open at 14:30 London time. In the pre-market US futures are up, albeit barely. The S&P is up by 0.05 per cent. [...]
EU referendum: UBS roadmap for day after vote points to FTSE falling below 5,000 if Brexit happens June 22, 2016 The blue-chip FTSE 100 index could fall to lows not seen since 2011 if the UK votes to quit the EU, UBS analysts have warned. In a note to clients this morning UBS cautioned the FTSE 100 could slip under 5,000 points post Brexit, though could rise to up 6,800 if the country votes to remain. The polls are currently [...]
Lord Heseltine says that Britain will eventually join the euro ahead of the EU referendum June 21, 2016 Lord Heseltine has said he believes that the UK will eventually join the euro, as Brits prepare to vote in the EU referendum later this week. Speaking during a lively debate with Ukip leader Nigel Farage on LBC this afternoon, the former deputy prime minister and In campaign spokesperson, Lord Heseltine, said: "I think that there will come [...]
Rio Tinto shakes up management board, whittles down debt June 21, 2016 Rio Tinto's incoming chief exec reached deeper into the miner's arsenal of tools today, as it battles a prolonged price slump. Deputy chief exec, Jean-Sébastien Jacques, who will take the top spot on 2 July, appointed Chris Salisbury to run the FTSE 100-listed firm's core iron-ore operations. Read more: Rio Tinto says Lithium project has proven "an attractive investment" Salisbury is currently acting [...]
Almost nine out of 10 EU countries have cheaper petrol than the UK, latest figures show June 21, 2016 Remain campaigners have warned that a Brexit could cause a surge in fuel prices, but fresh figures show the UK’s petrol is already premium. Almost nine in ten European nations have cheaper petrol prices than the UK, according to new research. The latest figures show a petrol price of 112p per litre in England, making it [...]
Irish oil explorer Providence Resources shares to restart trading as it eyes $74m rights issue June 21, 2016 Providence Resources is seeking to raise more than twice its market cap, and the Irish oil and gas explorer has also applied for its shares to restart trading tomorrow morning. The firm wants to raise $74m (£50.5m) from a rights issue to new and existing investors, more than two times its market cap of £19.26m. The cash [...]
At the close: Calm before the storm for FTSE 100 and sterling June 21, 2016 Referendum news was – unsurprisingly – talk of the town today, though there was no repeat of the violent volatility witnessed on the financial markets in recent days. The FTSE 100 extended its winning run, shaking off losses at the start of the session to close up 0.4 per cent at 6,226. Meanwhile, after a [...]
