Ashmore shares rise after interim profit jumps February 6, 2020 Shares in emerging markets asset manager Ashmore jumped this morning after it announced profit had surged at the half-year stage. Profit before tax jumped 42 per cent on strong inflows to hit £132.4m for the six months to 31 December. Ashmore said assets under management increased 28 per cent year-on-year to $98.4bn (£76bn). The company [...]
Equinor beats expectations as oil firm unveils new climate programme February 6, 2020 Norway’s Equinor trumped analyst expectations today by posting a smaller than expected drop in profits in the final quarter, as it unveiled a raft of new climate commitments. Profit before tax at the state-owned firm fell to $3.5bn (£2.7bn), down from $4.4bn for the same period last year, but ahead of forecasts of $3.3bn. The [...]
Total chief warns of coronavirus impact as annual income falls February 6, 2020 The chief executive of French oil firm Total today warned that coronavirus would have a significant impact on oil demand as the company reported a 13 per cent fall in annual income. Patrick Pouyanne said that the outbreak, which has killed 563 people thus far and knocked oil prices by about $10, said the impact [...]
Asian stocks soar after China halves US tariffs February 6, 2020 Asian stocks surged overnight after China announced it would halve tariffs on about 1,700 US goods in a bid to boost market sentiment amid the coronavirus outbreak. China’s Shanghai composite index finished 1.7 per cent higher, Japan’s Nikkei jumped 2.4 per cent, and Hong Kong’s Hang Seng rose 2.5 per cent. Beijing’s finance ministry said [...]
Ministers commission review of markets competition February 5, 2020 Ministers have launched a review into the effectiveness of competition in the British economy. Chancellor Sajid Javid and business secretary Andrea Leadsom have commissioned the Competition and Markets Authority (CMA) to provide evidence on areas where competition is failing. In a letter to the competition regulator’s chief executive Andrea Coscelli, the ministers said the current [...]
Nightmare: Casper Sleep slashes IPO valuation again February 5, 2020 Casper Sleep slashed the valuation it is seeking in its initial public offering again today, as the money-losing online mattress retailer tries to lure investors in a tepid market for start-up IPOs following Wework’s debacle last year. The price cut underscores the recent mismatch between the valuations start-ups are able to achieve in private fundraising [...]
EU ‘could weaken’ the City after Brexit with Mifid II changes February 5, 2020 Eyebrows were raised in the City this afternoon following reports that European authorities are launching an offensive in a bid to weaken the City of London following the UK’s departure from the European Union. Officials in Brussels, Berlin and Paris are looking to amend the bloc’s Mifid II financial regulations by walking away from concessions [...]
Vanguard partners with HarbourVest to enter private equity industry February 5, 2020 Vanguard and HarbourVest have today announced a strategic partnership to provide investors with access to private equity. A move into the private equity industry could see Vanguard earn higher returns and achieve increased diversification. “We are entering the private equity market the Vanguard way—partnering with a world-class advisor to provide a high-quality offer,” said Vanguard [...]
Oil prices soar as coronavirus cure rumours fuel optimism February 5, 2020 Oil prices broke three weeks of consistent falls today, soaring four per cent as markets reacted wildly optimistically to reports that a breakthrough had been made in the search for a coronavirus cure. Global benchmark Brent crude gained almost $2 to reach $55.91, an increase of 3.6 per cent. West Texas Intermediate shot up 3.5 [...]
FTSE 100 and oil prices gain on reports of coronavirus vaccine ‘breakthrough’ February 5, 2020 The FTSE 100 and European stocks have staged a comeback after opening in the red, following reports that scientists may have found a breakthrough in developing a possible coronavirus treatment. Europe’s abrupt about-turn followed an overnight rise in Asian markets, where traders were buoyed by the prospect of additional stimulus from the Chinese government. Britain’s [...]