BP to sell aromatics and acetyls arms to Ineos for $5bn June 29, 2020 Oil giant BP has today agreed to sell its petrochemicals business to Sir Jim Ratcliffe’s Ineos for $5bn (£4.05bn). Under the deal, Ineos will acquire the supermajor’s aromatics and acetyls operations, which produce a combined 9.7bn of petrochemical products per year at 14 facilities around the world. Ineos will pay a $400m deposit for the [...]
Sterling slips against euro and dollar amid worries over UK spending plan June 29, 2020 Sterling fell against the euro and dollar on Monday amid concerns from investors over how the British government will finance its planned infrastructure programme, with Brexit-related risks helping to keep pressure on the pound. Prime Minister Boris Johnson said this morning that he would ramp up government spending in a bid to mitigate the economic [...]
UK debt office plans record bond sales to help struggling economy recover June 29, 2020 The UK will sell a record amount of government debt this year, testing the level of demand for gilts as Britain grapples with the economic fallout from the coronavirus pandemic. The UK’s Debt Management Office (DMO) this morning announced plans to sell a further £50bn of bonds by the end of August, bringing its issuance [...]
Gloomy start for Asian stocks amid second wave fears June 29, 2020 Asian stocks opened the week under a cloud as investors adopted a more defensive stance amid fears over the continuing spread of the coronavirus pandemic. Japan’s Nikkei fell 2.1 per cent, while the Hang Seng dropped 1.3 per cent and the SSE Composite shed 0.8 per cent in a cautious start to the new week’s [...]
Dwindling number of female chiefs as Card Factory boss leaves June 26, 2020 Karen Hubbard’s departure from Card Factory leaves no women at the top of any FTSE retailer. Hubbard claimed the status as the only female boss after a considerable drop in the number of women at the top of FTSE firms. This is despite around 60 per cent of the retail workforce are women while approximately [...]
Markets live: FTSE 100 gains on Sunak’s hints of additional fiscal stimulus June 26, 2020 The FTSE 100 clawed back some of the week’s losses as investors took comfort in Rishi Sunak’s hints at potential additional stimulus. The blue-chip index opened 1.07 per cent higher before climbing to trade up 1.5 per cent by 1.50pm. However, the FTSE 100 is on track for a two per cent loss across the [...]
Aston Martin seeks to raise £152m to bolster finances June 26, 2020 Aston Martin today said it will ask investors to snap up £152m of new shares to help it become roadworthy once more amid sinking sales and the coronavirus pandemic. Britain’s luxury car manufacturer said the equity raise, planned for the end of June, would be equivalent to around 20 per cent of its existing issued [...]
Global stocks claw back losses despite second wave fears June 25, 2020 The FTSE 100 clawed back some of its losses and swung positive on Thursday, despite concerns that a resurgence of coronavirus cases in the US could stall the global economic recovery. London’s blue-chip index closed 0.38 per cent higher at 6,147 points, after a volatile day of trading which saw it drop 0.57 per cent [...]
Ofgem to bring in new checks on energy suppliers June 25, 2020 The UK’s energy watchdog will put in place more stringent checks on the country’s energy suppliers after a spate of collapses over the last two years. Ofgem today laid out a new set of proposals to increase scrutiny on the domestic market, having already set out tougher regulations for new entrants to the sector. A [...]
Three behavioural biases to watch out for during a crisis June 25, 2020 | City Talk Nick Kirrage walks us through the most common behavioural biases investors suffer from and how to overcome them. At the best of times, investors are at risk of succumbing to certain behavioural biases that can cloud judgment and impair decision-making. In highly stressful and unpredictable times like the Covid-19 crisis, there is a greater propensity [...]