Hedge fund legend Ray ‘cash is trash’ Dalio ditches bonds for Bitcoin as losses hit $12bn May 25, 2021 “I have some Bitcoin, and I have a very particular set of skills”. Ok, US billionaire Ray Dalio didn’t say the second bit, but it would have been good if he did. “The guy hates cash; we know this, but now he hates bonds too,” commented Neil Wilson, chief market analyst at Markets, this morning. “For [...]
London markets dip as stronger pound limits gains and Amigo sinks May 25, 2021 The FTSE 100 slipped today as a stronger pound weighed on large dollar-earning consumer staples companies. Wall Street followed suit, sliding after the open despite a strong rebound in tech stocks yesterday. London’s blue-chip index dipped 0.2 per cent over the day, with delivery firm Just Eat Takeaway leading the way with a 4.4 per [...]
Wave of dealmaking sees 123 UK firms taken over by private equity during pandemic May 25, 2021 The pandemic has acted as a catalyst for a wave of private equity takeovers of UK firms, with their value reaching their highest level since the financial crisis. While coronavirus initially triggered a slowdown in dealmaking, private equity houses gained momentum by the autumn with a string of high-profile and high-value deals. Some 123 UK [...]
Hurricane Energy posts $625m loss as it seeks financial restructuring May 25, 2021 Hurricane Energy has sunk to losses of $625.3m as it undergoes a financial restructuring following a challenging year for the West Shetland operator. The company said the events of the last 12 months, including a writedown in reserves, had caused “upheaval and frustration” and had been “profoundly challenging”. The losses for the year ended 31 [...]
Oil prices bounce back despite ongoing Iran talks May 24, 2021 Oil prices rose sharply today as economists predicted that the surge in demand due to the lifting of Covid-19 restrictions would offset any supply bump should sanctions against Iran’s oil be waived. In recent days prices have been trending downwards on the news that talks between Iran and the US on reinstating the former nuclear [...]
FTSE 100 closes higher as tech stocks boost Wall Street May 24, 2021 London’s FTSE 100 closed higher this afternoon after posting its second straight weekly drop, as oil majors provided the biggest boosts to the index. Wall Street also opened higher as tech stocks showed signs of bouncing back from a poor month. The blue-chip index advanced 0.5 per cent over the dat’s trading, buoyed by gains [...]
Hochschild Mining braces for investor revolt as proxy advisers continue to flex their muscles May 24, 2021 Aston Martin Lagonda and Hochschild Mining are the latest companies to face shareholder rebellions over pay and diversity as activist investors continue to flex their muscles. Hochschild is bracing for a rebellion after shareholder advisory service Glass Lewis told clients to reject its pay report later this week, the Times reported. It’s said to be [...]
City A.M. TV: A Market Snapshot May 24, 2021 Are markets resilient or rolling? That’s a key question currently on investors’ minds. That’s especially so given the concerns about the recent high US core CPI inflation print as well as the troubling price action in Bitcoin. In this clip, we stand back from the market noise and look at what the price action is [...]
Wholesaler Kitwave raises £64m on London debut May 24, 2021 Food wholesaler Kitwave has today raised £64m after listing on the AIM market of the London Stock Exchange (LSE). Each of the firm’s selling shareholders earned £17.6m from the IPO, the firm said in a statement. Based on a placing price of 150p per share, the firm has a valuation of £105m, it added. Chief executive [...]
Can companies really balance the needs of all stakeholders? May 24, 2021 | City Talk The question of whether companies can combine profits with purpose continues to be a thorny one. In March, management change at French food producer Danone underlined the difficulties some companies face in trying to become more sustainable businesses. The CEO-chairman, who had made a powerful statement of intent by formally turning Danone into a “purpose-driven [...]